Legal Question in Wills and Trusts in California

Re: What is the difference between a will and a trust?

Thee are many differences in trusts and wills. For starters, the decendent's trust that is created at the death of the first spouse received tremendous tax savings. Perhaps you should consider to whom you DO plan to leave you assets when you both pass away.

Some information about trusts and the differences between trusts and wills is available on our firm's site (free of cost, of course) at the web address: http://www.NO-PROBATE.com

Please feel free to review the information provided there and if you have any additional questions, please feel free to contact me through that site or directly at [email protected].

Regards,

Scott

Re: What is the difference between a will and a trust?

If one joint tenant dies, the surviving joint tenant can take sole title to property by filling out a simple form and recording it at the county recorders office. This can be done without the need for probate. However, there are still reasons to have a living trust under the facts you describe.

First, inheriting a house through a living trust vs. being a surviving joint tenant is almost always better from the standpoint of potential capital gains tax. Second, you need to decide who gets the house and other property when the second spouse dies. Probate can costs thousands of dollars than can be avoided with a properly drafted living trust.