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. 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. In most cases it also makes sense to name the same person for both. In your living trust you name a successor trustee who will manage just the property left through the trust.

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. 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. However the two estate planning options diverge in their execution.

While both wills and living trusts establish procedures to manage and eventually distribute your assets to beneficiaries after your death. 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. A living trust only can control those assets that have been placed into it. What are the differences.

With a trust you initially serve as trustee and manage the property. 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. Last will by cindy deruyter j d. Most importantly however a living trust is useless unless it is funded.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. 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. The funding process is necessary but can be tedious. If you become.

California living trust vs. A living trust enables you to place certain assets under the management of a trustee. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes.