Wills vs. Living Trusts: Choosing the Right Path for Your California Legacy

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.

What is a Will? (Last Will and Testament)

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:

Features of a Will

• Effective Only After Death: Your will comes into play only once you pass away.
• Goes Through Probate: This means a court oversees the process to ensure your wishes are followed. Probate can sometimes be slow, expensive, and open to public records.
• Names an Executor: An executor is a person who makes sure your wishes are carried out—paying debts and distributing assets as you stated.
• Nominates Guardians for Minor Children: If you have minor children, your will lets you name a guardian to care for them.
• States Funeral and Burial Wishes: You can include details about your final arrangements, which is a unique benefit of a will.
• Simple and Low-Cost to Create: Generally, wills are easier and less expensive to put together at first.

Best For

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.

What is a Living Trust (Revocable Living Trust)?

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.

Features of a Living Trust

• Takes Effect Immediately: Unlike a will, a living trust is active once it’s created and funded.
• Avoids Probate: Assets in a living trust typically bypass the court-supervised process, which means faster distribution, more privacy, and often lower overall costs.
• Names a Trustee and Successor Trustee: A trustee manages the assets according to your instructions. If you become unable to handle your affairs or pass away, a successor trustee steps in.
• Provides for Incapacity: One major advantage is that it covers you if you become unable to manage your finances.
• Offers More Control Over Asset Distribution: You can set conditions or stagger the distribution of your assets, giving you more say in how and when your beneficiaries receive their share.
• More Complex and Costly to Set Up: Generally, establishing a living trust requires more work and a higher initial cost.

Best For

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.

Types of Living Trusts

Living trusts can come in a few different forms. The most common types include:

Single Living Trust

This is created by one person and holds assets that belong solely to that person.

Joint Living Trust

Often set up by couples, a joint trust holds assets for both partners and can simplify planning for shared assets.

Head-to-Head Comparison

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

Beyond the Basics: Other Considerations

When planning your estate, there are extra factors that might affect your decision.

Irrevocable Trusts

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.

Pour-Over Will

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.

Funding the Trust

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.

Regular Review

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.

Tax Implications

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.

Choosing a Trustee

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.

Plan Your California Future: Contact Blacksburg Law Today

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.