What’s the difference between a will and a trust?
A will and a trust are both estate planning documents that can be used to distribute assets to beneficiaries after the owner’s death, but they differ in some key ways.
A will is a legal document that outlines how a person’s assets should be distributed after their death. It can also name guardians for minor children and designate an executor to manage the distribution of assets. A will only goes into effect after the person’s death and must go through the probate process.
A trust, on the other hand, is a legal arrangement where a person (the grantor) transfers assets to a trustee to manage and distribute to beneficiaries according to the terms of the trust. A trust can be revocable, meaning the grantor can make changes to it during their lifetime, or irrevocable, meaning it cannot be changed once it is created. A trust can help avoid probate and provide more flexibility in distributing assets to beneficiaries. It can also provide benefits such as asset protection and tax advantages.
Overall, a will is a simpler and less expensive option for basic estate planning, while a trust can provide more benefits and flexibility for more complex situations. It’s important to consult with an estate planning attorney to determine the best option for your individual needs.
Will Paralegal
1706 Chester Avenue, Suite 314
Bakersfield, CA 93301
(661) 516-1981
Estate Planning Document Preparation in California
We help customers in California handle the paperwork and practical steps involved in estate planning document
preparation. Our process begins with a review of the customer’s goals and available information, followed by clear instructions about documents, fees, scheduling, and next steps. We are not a law firm and do not provide legal
advice. Documents are prepared only at the customer’s direction or under instructions from an attorney or
authorized self-help resource. Every matter is handled with attention to accuracy, privacy, and prompt
communication. Contact us for current pricing and to learn what information is needed to begin.