Will, Trust, or Both? Exploring Your Options With a La Mesa Estate Planning Lawyer
Both wills and trusts are legal documents commonly used for estate planning in California. What’s the difference between them? Which one do you need?
Part of Mark Ignacio Law’s commitment to comprehensive estate planning is ensuring that families understand all their options. In addition to offering free estate planning seminars, it’s our goal to provide clients with simple answers to questions about the tools they can use to plan for the future of their assets.
Why Estate Planning Matters in California
In California, not having a plan for what happens to your assets if you pass away could tear your family apart. Without a will or trust, the distribution of your wealth may fall to the state in a complicated process. Instead of bringing bereaved loved ones together to share their grief, this process can put a strain on the relationships that matter the most to you.
No one is eager to think about their own mortality, but what sets Mark Ignacio Law apart is founding attorney Mark Ignacio’s approach to estate planning as an act of love. When you turn to us for help creating a will, trust, or both, we make a commitment to preserving the family bonds that so often become strained while sorting out assets.
Will vs. Living Trust in California
Mark Ignacio Law’s idea of estate planning isn’t just writing a document but rather putting together a blueprint for the future of your assets and your family. Wills and trusts are simply tools we use to create these plans.
How Wills Work
A will is a legal document that expresses in writing your wishes for how your assets should be distributed after death. In your will, you can leave instructions regarding who should receive specific assets or items of financial or sentimental value. If you're a parent, your will also names a guardian for your children.
When you create a will, you should name someone you trust to uphold your wishes as the “executor” of your will. This individual is the one responsible for following the instructions written in your will and distributing your assets.
A will may seem like it covers your estate planning needs, but the process of executing a will isn’t always simple. Per the California Courts, the executor may have to go Probate Court. Probate is a lengthy and potentially costly legal process. Of all the things you may want to leave to your loved ones after you die, this stress certainly isn’t among them.
Why a Trust Is Better Than a Will (in Some Cases)
A trust is a more complex type of legal document used in estate planning. Like a will, a trust designates a specific person to distribute your assets to your intended beneficiaries per your wishes. However, a living trust is effective immediately and funded by your assets while you’re still alive.
In revocable living trusts, the kind of trust most commonly used in estate planning, you still control the assets that you have placed in the trust during your lifetime. However, you have a trustee assigned to manage the assets placed in the trust upon your death.
The major advantage of a living trust in California is that it does not require probate, as a will often does. Establishing a living trust means you’re sparing your grieving loved ones the stress of having to go to Probate Court when you die and endure a legal ordeal that can last over a year.
Consider Making Both a Will and a Living Trust
Wills and living trusts complement each other. Used together, they can offer complete peace of mind when you want to ensure your family is taken care of after you’re gone.
It’s generally recommended that grantors of living trusts also create a will. Having a will allows you to express your wishes pertaining to any assets that aren’t placed in the trust, such as active bank accounts (checking, savings, or both) that you use for day-to-day transactions and your vehicle (assuming it’s not a collectible vehicle and just a form of transportation).
Let Mark Ignacio Law Assist You With Wills, Trusts, and California Estate Planning Strategy
You don’t have to be an expert on California estate law to figure out what’s right for your family. All you need is professional guidance you can trust from an estate planning lawyer who takes the time to really listen to your needs. As a faith-based attorney, Mark Ignacio is committed to approaching every estate plan he creates from the responsibility of stewardship as well as deeply caring about his clients and their families as individuals.
Emiliana Emery, who had no idea what the process of setting up a trust with her husband would entail, praised Mark for “creating a safe space for us in our most difficult year as a family” and “putting everything into terms we could understand with certainty.”
Frank P. said, “I knew very little about creating a Living Trust and admittedly I was very overwhelmed by the process. Mark always made me feel comfortable and got me through it quite easily. I'm so glad I chose Mark as my estate attorney.”
To learn more about how we’ve helped people just like you with their estate planning concerns, check our testimonials and our five-star Google reviews from past clients.