Legal Question in Wills and Trusts in California

Re: Trust vs Will!

A living trust is almost always a revocable trust. There is no such thing as an irrevocable will.

Re: Trust vs Will!

Basically a trust avoids Probate where a will does not...but from our site No-Probate.com, here is a more descriptive answer:

Summary of Advantages to Using a Will:

During Life:

Easier and cheaper to prepare.

Avoids the necessity of transferring all your existing and after-acquired property to a Trust.

More convenient:

Has no effect until death;

Avoids Trust management problems; and

You can continue to hold and manage your property just like you always have.

At Death:

A neutral, third-party (a Judge) is available who can supervise the process, ensure that it is proceeding according to law, and resolve any disputes (eg, among your Beneficiaries, between them and the Personal Representative, or regarding title to property or legitimacy of debt).

An objective process is available that extinguishes claims against you and your estate that is quick and fair to debtors, creditors, and your Beneficiaries.

Only a Personal Representative can bring or defend a lawsuit on your behalf.

Summary of Advantages to Using a Revocable Living Trust:

During Life:

Can provide for asset management upon disability, possibly avoiding the appointment of a Guardian for your Estate (although with a Will, that appointment might not be needed through the use of a Durable Power of Attorney for Assets).

Easier to keep spouses' property separate and to maintain its non-community character.

At Death:

Avoids the necessity of a probate proceeding in your home state so long as none of your property remains titled in your name.

Avoids the necessity of a probate proceeding in any other state in which you own real property so long as that property is titled in the name of your Trust.

Quicker and less expensive, especially if you are a resident of a state (eg, California) that provides for:

A more formal probate process,

"Statutory" probate commissions and fees based on the value of the assets in your probate estate,

A Court filing fee also based on the value of the assets in your probate estate.

Your estate plan and the administration of your estate are not made public.

Your Beneficiaries are not entitled to disclosure of your estate plans except as it pertains expressly to them.

Reduced likelihood for a contest over your estate plan, due to increased privacy and expense of a contest.

If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time-sensitive and may result in a loss of rights if you do not obtain an attorney immediately.