Santa Clarita Estate Planning – Living Trusts Compared to Wills

 

There are big differences between a living trust and a will.  If you are in the Santa Clarita Valley and are considering an estate planning package that consists of a will or a living trust, contact the Law Office of David Piotrowski today.

Valencia / Santa Clarita estate planning typically centers around a will or a living trust.  Many Valencia / Santa Clarita estate planning packages will contain both a will and a living trust.  This blog post will briefly compare living trusts to wills.

Wills

  • Leads directly to probate (public, time consuming, formal, and expensive)
  • Generally fairly simply and straight forward
  • Cheaper to create than a living trust
  • Becomes effective after death
  • Typically adequate for small estates if the client does not want to exercise a lot of control over assets

Living Trusts

  • Generally avoids probate (private and faster)
  • Can be complex and difficult to understand
  • Allows for greater control of assets
  • Effective during your lifetime and may continue after death
  • The trustee of a living trust is a fiduciary with a duty to the beneficiary
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