In California, your life’s work – from your home and savings to a small business or investments – represents a substantial portion of your family’s future.
At Blacksburg Law, we recognize that estate planning extends well beyond mere document preparation. It entails developing a plan that reflects your values and protects your assets. With Michael Blacksburg’s two decades of experience in estate law, wealth management, and family business consulting, our firm offers a comprehensive approach that places your interests first.
Many Californians are uncertain about whether a Will or a Living Trust best suits their needs. This article outlines the distinctions, advantages, and drawbacks of each option, providing a clear comparison to help you determine the most appropriate approach for your estate.
A will is a written statement where you set out how your assets should be shared after you pass away. Here’s what you need to know about a will:
A will work well if you have a straightforward estate, are comfortable with the probate process (or your assets are modest enough that probate isn’t a big worry), and especially if you need to name guardians for your minor children.
A living trust is a legal arrangement that holds and manages your assets while you are alive and after you pass away. This option takes effect as soon as it is created and funded.
A living trust tends to work better than simply having a will for those with more complex estates if you own multiple properties, have significant assets, or simply want to avoid probate and plan for incapacity, this might be the way to go.
Living trusts can come in a few different forms. The most common types include:
This is created by one person and holds assets that belong solely to that person.
Often set up by couples, a joint trust holds assets for both partners and can simplify planning for shared assets.
Below is a clear comparison of wills and living trusts to help you see the differences side by side:
| Feature | Will | Living Trust |
| Probate | Undergoes probate | Typically avoids probate |
| Cost | Lower initial cost; may have higher probate fees | Higher setup cost; minimal ongoing fees |
| Complexity | Simpler to create and amend | More complex to create; requires proper funding |
| Incapacity Planning | No | Yes |
| Privacy | Becomes a public record | Remains private |
| Effective When | Only after death | Immediately after creation and funding |
| Ease of Making Changes | Often simpler to amend | Amendable, but with more complexity |
| Control Over Distribution | Less control | More control with detailed instructions |
| Guardianship for Minors | Yes | No direct provisions |
| Funeral/Burial Wishes | Yes | Not included |
| Contestability | More prone to being contested | Generally less vulnerable to contests |
When planning your estate, there are extra factors that might affect your decision.
These trusts are different from revocable living trusts. Once you create an irrevocable trust, you can’t easily change it. They’re often used for asset protection, reducing estate taxes, or planning for Medi-Cal. They’re not for everyone and usually suit very particular situations.
A pour-over will works with a living trust. It acts like a safety net by directing any assets not already placed in your trust into it upon your death. This helps make sure nothing gets left behind in probate.
A living trust only works as planned if you move your assets into it. This means changing titles on real estate, updating beneficiary designations, and more. Many people miss this step, which can render the trust ineffective.
Life changes—marriage, divorce, the birth or death of a family member, or a big change in your assets, can affect your estate planning. It’s important to review and update your will or trust from time to time to make sure they still fit your situation.
Both wills and living trusts can have tax effects. It’s a good idea to talk with a tax advisor to understand any potential tax consequences before making your final decision.
Selecting the right person to manage your trust is vital. You’ll want someone reliable who will follow your instructions faithfully and keep clear records of how things are handled.
Both wills and living trusts have benefits, but the right option depends on your unique circumstances.
At Blacksburg Law, we do more than prepare documents—we consider your unique situation and design estate plans that reflect your priorities. Michael Blacksburg’s diverse background, from tenants’ rights to wealth management and family business consulting, ensures a balanced perspective on every case.
If you are a California resident seeking a straightforward estate plan that minimizes complications for your loved ones, contact us to review your options and choose the best course. Call 415-508-5600 or visit our contact page to schedule a consultation.
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