Living Trust vs. will is a frequent estate planning question that haunts every other individual who is planning to manage his estates. Both the living trust and the will perform the exact same job which is to move your assets after your death but in slightly different manners.
WILL: A will is a legal document which states who receives your probate property after your death. The probate property is the one that is owned by the person at the time of his death with no beneficiary or co-owner.
LIVING TRUST: A living trust attorney Orange County can charge up to 3-4percent of your estate but a living trust has a lot of benefits over a will. A living trust avoids probate. It helps to keep your family and property from the court. The living trust is created by the grantor and it’s the title of the main beneficiary which can be your spouse or your child.
The gap between the two also lies in their proceedings. In the event of a will, what’s done after departure? The creator signs and keeps it in a safe location. After his death, his family meets a lawyer who then carries out the proceedings. It could take up to a year too.
In case of a living trust, the work is completed before the grantor’s death. After the grantor signs the trust, the funds it. The entire property including the probate property is transferred to the living trust in California. The names of beneficiaries are also mentioned in the trust.
That’s all, now after the death of the grantor, the probate procedure is avoided as he doesn’t own any probate property. So, the method becomes much quicker. The following set of trustees continues to manage the property.
In case you become incapable of your life, and you have a living trust set up, your trustee can manage your property and your invoices but the will does nothing for you while you’re alive. Therefore, while deciding between the two, a living trust is a great choice. You can also visit this website to get detailed information about the wills.