Legal Question in Wills and Trusts in California
What�s the difference between a trust and a will?
I have a friend that has a trust (not living trust) he is putting all is wishes into the trust so after he dies trustees will distribute all the property and any money to everyone he has listed on the trust, like a will. So what�s the difference between a trust and a will?
2 Answers from Attorneys
Re: What�s the difference between a trust and a will?
We explain this in detail on our firm's site No-Probate.com.
What you are describing is a will and not a trust, therefore, it will still require a Probate.
Save the headache and just tell your friend to have it done right the first time, it really will save a lot of hassle for his beneficiaries later.
If you need further assistance or would like to discuss this matter in a private forum, please feel free to contact me at the email provided by LawGuru or through our firm's websites PasadenaEstatePlanning.com and No-Probate.com
Re: What�s the difference between a trust and a will?
There are lots of different kinds of trusts, but the difference betweeen a living trust(which is what you are describing even though you say it is not) is that if a California resident dies with (or without) a will and has an estate of more than $100,000 (less if there is real property included) a probate procedure will be needed to transfer his assets to his heirs (unless they are held in joint tenancy or have valid POD designations). But, if
his assets are held the name of a Trustee of a living trust, the distribution of the estate can be done without court supervision, and the legal fees incurred by the estate will be lower. If you want a more detailed explanation, Nolo Press books are excellent sources for laypersons with legal questions and they are available in many public libraries.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
