Revocable Trust Comparison: Simple vs. Dynasty
Trust Comparison
The Estate Planning Group of Durfee Law Group offers two levels of Revocable Living Trusts: Simple and Dynasty. This Chart provides a way to make a meaningful Trust Comparison between Simple vs. Dynasty.
The Simple Revocable Trust is a smaller lower cost alternative that may be appropriate for very simple and small estates. The Revocable Living Dynasty Trust follows the “full tool box” approach and is much more comprehensive. It is better for estates that are focused on long range planning, or that are larger, more complex, own businesses, have a risk of family disfunction, or have other particular needs.
It is important to match the right Trust to your needs and budget. Which Trust is appropriate for your situation should be determined in consultation with legal counsel.
This chart compares some (not all) of the major differences between the Simple Revocable Trust and the Revocable Living Dynasty Trust. This chart only applies to Trusts offered by Durfee Law Group. It does not compare Trusts prepared by third parties, which may vary significantly. For a more in depth review of Trusts generally, contact us to request a free copy of our white paper “Why All Trusts Are NOT Created Equal.”
| FEATURE | Simple Trust | Dynasty Trust |
| Avoid Probate to the Extent Funded |  |
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| Avoids Guardianship/Conservatorship | |
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| Trust Schedules | |
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| Schedule of Assets | |
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| Schedule of Tangible Personal Property | |
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| Special Beneficiaries (Off The Top) | |
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| Primary Beneficiaries (Typically Children) | |
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| Secondary Beneficiaries (Typically Grandchildren) | |
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| Certificate of Trust (Power & Authority) | 1 | 2 |
| Portable & Jurisdiction Independent | |
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| Marital Exception Tax Planning (A/B/Q/D Provisions) | |
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| Loans to Beneficiaries | |
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| Beneficiary Use of Undistributed Assets | |
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| Employment of Beneficiaries | |
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| Special Needs Beneficiary Planning | |
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| Pet Trust | |
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| Definitions & Other Advanced Features | |
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| Schedule of Advisors | |
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| Schedule & Statements of Wishes | |
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| Special Purpose Sub-Trusts | |
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| Qualified Sub-Chapter S Trust (QSST) | |
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| “Beneficiary Defective” Tax Planning | |
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| Protection Against Substance Abuse | |
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| Non-US Citizen beneficiary planning | |
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| Life Insurance Provisions | |
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| Retirement Account Provisions | |
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| “Dynasty” Provisions – Multi-Generational | |
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| Generation Skip Tax Planning | |
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| Rule Against Perpetuity Planning | |
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| Trust Protector | |
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| Mandatory Alternative Dispute Resolution (Integrity Agreement) | |
This chart compares certain specific trust features. This Simple Trust is not the same as the IRS definition of a “Simple Trust” for tax reporting purposes. Other services such as business entities, a Family Office, Family Bank, Family Foundation, and/or funding instruments such as Deeds or other conveyances to Trust are separate items from the Trust, and not included in this comparison chart.
Trust Comparison: The Real Costs
There are many “costs” to establishing a Trust: the set up cost, the funding cost, the complexity cost, the operational cost, the impact on your family cost. There are times when “price” matters and other times when it is not the biggest cost or the most important factor. In addition to seeking legal counsel, which Trust is right for you may be something to consider in a Family Council. Our goal is to help you match the right Trust to your particular needs, circumstances, and budget.