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
