Living Trust Vs Will In California

A living trust only can control those assets that have been placed into it.

Living trust vs will in california.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. However the two estate planning options diverge in their execution. The funding process is necessary but can be tedious. An overview you can t take it with you when you go while this familiar statement is true you can and should do your best to control your assets from beyond the grave.

What are the differences. Living documents furthermore every revocable trust created during a settlor s lifetime is referred to as an inter vivos trust meaning it was created during lifetime as opposed to being created at death the way a will is created. But in a trust based estate plan the will merely supplements and supports the trust but it s the trust that s the star of the show. A living trust goes into effect immediately while a will takes effect only after someone dies.

One benefit of using both is that the will allows you to name your executor and a guardian which the trust does not do but the trust allows you to pass your property directly to your beneficiaries without going through probate which the will does not do. California does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid california s complex probate process. A living trust enables you to place certain assets under the management of a trustee. There are additional things to consider when thinking about a will vs.

Last will by cindy deruyter j d. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. With a trust you initially serve as trustee and manage the property. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes.

California living trust vs. If you become. In your living trust you name a successor trustee who will manage just the property left through the trust. Because most estates will need an executor to some extent it makes sense to make a will and name an executor even when you leave most of your property through a trust.

There are some key differences between trusts and wills and understanding those nuances may help you determine which option. California law allows residents to use both a will and a living trust together if they so choose according to the california state bar. In most cases it also makes sense to name the same person for both.