Living Trust Vs Will In California

There are some key differences between trusts and wills and understanding those nuances may help you determine which option.

Living trust vs will in california.

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. What are the differences. A living trust at least theoretically provides for a smoother transition of management and ownership of property. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes.

However the two estate planning options diverge in their execution. California law allows residents to use both a will and a living trust together if they so choose according to the california state bar. A living trust goes into effect immediately while a will takes effect only after someone dies. There are additional things to consider when thinking about a will vs.

California residents who want to plan for how their assets will be managed and distributed after their deaths can use revocable living trusts wills or both. 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. 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.

California living trust vs. In your living trust you name a successor trustee who will manage just the property left through the trust. Most importantly however a living trust is useless unless it is funded. 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.

The funding process is necessary but can be tedious. 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. While both wills and living trusts establish procedures to manage and eventually distribute your assets to beneficiaries after your death. With a trust you initially serve as trustee and manage the property.

If you become. 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 only can control those assets that have been placed into it.