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Will vs. Living Trust?

Some families have a will which may have been drafted years ago and forgotten. For some families, a will is a perfectly good Estate Plan.  HOWEVER, a WILL does not provide the same benefits that a TRUST can provide.  For example, a will does NOT avoid probate, and usually does NOT provide assistance in minimizing estate taxes.

Because of the new estate tax law changes, you should have your will reviewed to make sure it provides the maximum benefits your family will need.

I HAVE HEARD THAT SINCE I DON'T HAVE MUCH PROPERTY, I WON'T NEED TO WORRY ABOUT AN ESTATE PLAN...

Depending on when you got that advice, and who gave it to you, I would advise that you to have it in writing. In California, anyone with more than $100,000 of property must usually have the property probated, even with a will, unless the property has a beneficiary designated, or is in a Living Trust or other non-probate device.  Probate is expensive and time consuming (refer to “Why an Estate Plan” for more information)



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The information contained in this website is a general description of CALIFORNIA LAW ONLY.  If you live in a state OTHER THAN CALIFORNIA, you must contact an attorney licensed to practice law in your state to obtain information pertinent to your needs.  The information contained on this website is for general information purposes only, and is not to be construed as providing specific legal advice to you. Your use of this website, or of any information contained in this website, is to be limited to informational purposes only, and any use is made strictly at your own risk. 

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