Living Trust Vs Will In California

Last will by cindy deruyter j d.

Living trust vs will in california.

In your living trust you name a successor trustee who will manage just the property left through the trust. A living trust enables you to place certain assets under the management of a trustee. 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. Most importantly however a living trust is useless unless it is funded.

California law allows residents to use both a will and a living trust together if they so choose according to the california state bar. 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. A living trust at least theoretically provides for a smoother transition of management and ownership of property. 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.

While both wills and living trusts establish procedures to manage and eventually distribute your assets to beneficiaries after your death. What are the differences. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. 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.

However the two estate planning options diverge in their execution. 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. There are some key differences between trusts and wills and understanding those nuances may help you determine which option. A living trust only can control those assets that have been placed into it.

In most cases it also makes sense to name the same person for both. A living trust goes into effect immediately while a will takes effect only after someone dies. 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. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes.

California living trust vs. The funding process is necessary but can be tedious. If you become.