You Have a Will, But You Also Need a Trust

A will is simply a testament that defines which heirs will receive what assets. On the other hand, a trust is a property management arrangement in which one person (the trustee) manages assets for the benefit of another person (the beneficiary). When you have a will and a trust, court supervision during probate is eliminated. You no longer have a need for a court Executor to manage your assets for people whom you’ve already named as recipients to your assets. After-death distributions under a living trust are usually implemented privately, and avoid probate. This works because the trust creator, while still living, transferred assets into the name of the trust.

There are also other benefits that may make the process of losing a loved one a little easier. Having a trust eliminates the cost of a second state probate proceeding where there is out of state property. There also will be no automatic court supervision to deal with disputes, and all of your affairs remain private.

It is also important to note that you do have the option to create a trust in which you are able to change and modify throughout your life. This gives you the freedom to change your will and trust according how your life changes.

Though this may be hard to think about now, it is essential to plan for the future now. It’s important to make sure your loved ones are secured in the assets you’re giving them, and trusts give you the security you need.

Walters & Ward, A Professional Corporation specializes in estate planning in California. As San Diego estate planning attorneys, we have completed over 11,000 wills and trusts packages in thirty years of business. Our focus is helping clients avoid probate, reduce taxes, and keep family matters private.