So life right now involves raising young children, balancing careers, and juggling school schedules, sports games, and time for family dinners. You're working hard to build a secure future—so the idea of protecting it with an estate plan is on your mind. But what exactly does your family need? A will? A trust? Both?
At Mark Ignacio Law, our San Diego estate planning lawyer helps families make wise, informed decisions that reflect their values and protect their loved ones. If you're not sure whether to create a will or a trust, keep reading. This guide explains the key differences and what each document means for your future security.
What’s the Difference Between a Will and a Trust?
Both a will and a trust help you control what happens to your assets, but they serve separate purposes.
- A will is a legal document that outlines how your property should be distributed, names guardians for your children, and appoints someone to manage your estate.
- A trust lets you transfer assets to a trustee to manage on behalf of your beneficiaries.
Key Points to Remember
- Probate. Wills go through probate; trusts generally don’t. This means trusts usually avoid court delays and legal fees.
- Privacy. A will becomes public record in probate. A trust remains private if structured properly.
- Timing. Wills take effect at death. A living trust is effective immediately and can also be a useful tool to manage your affairs if you become incapacitated.
How Do Wills and Trusts Help Parents With Minor Children?
If you have young children, both documents play important roles—but in different ways.
- Wills let you name a guardian. As mentioned previously, if something happens to you and your spouse, the court looks to your will to see who you chose to raise your children. Without a will, the court decides for you—and this decision might not be in your child’s best interests.
- Trusts protect your child’s inheritance. A trust allows you to control when and how your children receive money. Instead of getting a lump sum at 18, you can set milestones—such as releasing funds at ages 25, 30, and 35. A trust can also designate money to be used for education, housing, or medical expenses.
Here’s an example of when both documents provide important directives:
- A couple with two children under 10 might use a will to name a trusted aunt as guardian.
- They could also use a trust to manage their life insurance payout, ensuring it supports the children until they reach adulthood.
As a skilled trust administrator, Mark Ignacio will counsel you on how to properly fund your trust and bypass probate, saving your family time, money, and stress.
Many of our clients find that establishing both a will and a trust offers maximum protection for their families.
What About Probate Costs and Delays?
Probate in California can be expensive and time-consuming. Even simple estates often take 9–18 months to resolve, and the process involves:
- Court filing fees
- Attorney’s fees
- Executor compensation
- Appraisal costs
These costs are based on the gross value of your estate, not your equity. That means a $700,000 home with a $500,000 mortgage is still treated as a $700,000 asset in probate.
How to Choose the Right Option for Your Estate Plan
Deciding between a will and a trust doesn’t have to be overwhelming—but it does require understanding what matters most. Are you looking for simplicity? Flexibility? Privacy? Probate avoidance? Each tool offers different advantages. Here’s how our San Diego estate planning lawyer encourages families to think through their options:
- Choose a will if simplicity is your top priority. A basic will is easier and less expensive to draft. It allows you to name guardians for minor children and specify who should receive your assets, but it won’t avoid probate.
- Choose a trust if you want privacy and faster access to assets. It might cost a little more now to set up, but it keeps your eventual estate out of court, minimizes delays, and lets you control how and when your beneficiaries receive their inheritance.
- Consider your stage of life. Younger parents often start with a will to name guardians. As wealth builds or family needs change, adding a trust becomes more valuable.
- Ask about long-term costs, not just today’s legal fees. With professional guidance, your estate plan should simplify management and execution over the long term.
A common strategy is to set up a revocable living trust to manage and distribute major assets—such as your home or investment accounts—and also create a pour-over will to catch anything that isn’t transferred into the trust. This ensures all your assets follow your wishes, even if something was overlooked or acquired later. At Mark Ignacio Law, we’re eager to help you follow through on estate planning decisions that reflect your family’s needs at every stage of growth.
