A will and a living trust are legal instruments for an estate plan, but they have some differences. We Help You Legal, the Paso Robles living trust document assistance service, describes the differences between a will and a living trust.
Understanding how these estate planning documents differ:
- Gives you the information you need to protect your estate.
- Be confident that your assets are distributed as you wish after your death.
What is a living trust?
A living trust, also known as a revocable trust, gives you complete control over your assets while you are still alive. Your estate is protected and you can make any changes you want to the trust. The trust protects your estate from the expense and delays of the probate court providing a more efficient and private way of transferring assets to beneficiaries.
What is a will?
A will is a legal document that specifies how your assets are to be distributed after your death. A will alone is not enough to avoid probate. The probate court may not distribute assets as you wish. A will alone is also subject to being contested by creditors or relatives.
What are the benefits?
Knowing the benefits of a will and a living trust is helpful when setting up an estate plan. It’s important to note that individuals often use a combination of a will and a trust in their estate plans. A will that is combined with a living trust has the protections of the trust and is not subject to probate.
If setting up a living trust seems overwhelming, We Help You Legal can assist. With offices in San Luis Obispo and Paso Robles, the living trust document assistance service can help make sure everything is correct and filed appropriately.
Protecting your privacy
- Will—The probate process is a public proceeding, meaning the contents of the will and the estate’s distribution become part of the public record.
- Living trust—Trusts are generally private documents. The distribution of assets through a trust is not part of the public record, offering more confidentiality.
Flexibility
- Will—A will only becomes effective upon your death and the probate process begins at that time. Wills are typically straightforward and may not offer the same level of flexibility as trusts in addressing complex situations.
- Living trust—A living trust can be effective both during the grantor’s lifetime and after their death, providing for the management and distribution of assets without the need for probate. Trusts can be more flexible and can be tailored to the specific needs and desires of the grantor, allowing for more intricate asset distribution and management.
Managing your assets
- Will: A will does not become effective until after your death and does not provide for the management of assets in the event you become incapacitated.
- Living trust: A living trust allows for the management of assets during the grantor’s lifetime and can include provisions for incapacity.
Setting up your estate plan
In addition to a living trust and a will, an estate plan can include:
- Power of attorney (POA) for healthcare management, establishing your wishes for medical care and end-of-life decisions. The healthcare management POA also appoints someone you trust as the agent to carry out your healthcare decisions.
- Power of attorney for financial management appoints a person you trust as the legal authority to manage your finances and property if you become incapacitated.
- Final arrangements establish your choice for the disposition of your remains, such as cremation, burial, or donation, where you would like to be laid to rest, and your preferences for ceremonies.
The benefits of an estate plan not only make your estate easier to manage while you are living, but it also makes things easier for your loved ones by protecting them from the stress of making difficult decisions.
Legal document assistance services
We Help You Legal is a legal document assistance service that helps the public prepare legal documents for a variety of purposes, including estate planning. The legal document assistants at We Help You Legal have been assisting individuals with the documentation for wills and living trusts from their Paso Robles and San Luis Obispo offices since 2001. Along with assisting with estate planning, living trusts, and wills, the service helps with:
- Divorces and annulments.
- Custody matters.
- Name changes.
- Guardianship/conservatorship.
- Landlord/tenant issues.
- And more.
We Help You Legal is a “self-help” legal document assistance company that provides document preparation without the high cost of an attorney. We Help You Legal, Inc. is not a law firm. We cannot represent you in court, advise you about your legal rights or the law, or select forms for you.
