Living Trust Vs Will In California

With a trust you initially serve as trustee and manage the property.

Living trust vs will in california.

A living trust at least theoretically provides for a smoother transition of management and ownership of 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. While both wills and living trusts establish procedures to manage and eventually distribute your assets to beneficiaries after your death. 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.

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 only can control those assets that have been placed into it. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. A living trust goes into effect immediately while a will takes effect only after someone dies.

California living trust vs. Most importantly however a living trust is useless unless it is funded. If you become. A living trust enables you to place certain assets under the management of a trustee.

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. There are additional things to consider when thinking about a will vs. 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. In most cases it also makes sense to name the same person for both.

What are the differences. However the two estate planning options diverge in their execution. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes. 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.

Last will by cindy deruyter j d. The funding process is necessary but can be tedious. There are some key differences between trusts and wills and understanding those nuances may help you determine which option.