Estate planning is one of the most important things you can do to protect your loved ones after you die to make sure your wishes are honored. You’ve probably heard about wills and trusts, but do you know the difference? More importantly, do you know which one is right for you?
As an estate planning attorney, we’re breaking down the key differences between a will and a trust, when you might need one (or both), and providing California-specific tips to keep your estate plan legally sound and out of probate court.
What is a Will?
A will (officially called a “last will and testament”) is a legal document that outlines how you want your assets distributed after you pass away. It also allows you to name a guardian for minor children and specify final arrangements (such as a surviving spouse, nephew, or friend).
Key Features of a Will:
✔ Takes Effect After Death – A will only becomes active upon your passing.
✔ Probate Required – Estates under a certain size may go through the probate process.
✔ Names an Executor – You appoint someone (executor) to handle your estate after your death.
✔ Covers Guardianship for Minors – A will allows you to name a legal guardian for your children.
Pros of a Will:
1. Simpler and less expensive to create than a trust.
2. Allows you to name guardians for minor children.
3. Provides a clear roadmap for transferring assets.
Cons of a Will:
1. Becomes a public record, meaning anyone can see your estate details.
2. Only applies after death, so it doesn’t help manage a person’s assets if they become incapacitated.
What is a Trust?
A trust is a legal arrangement to manage and protect assets (personal property, financial accounts) while you’re alive, and after your passing. The most common type of trust used for estate planning is an irrevocable living trust, which allows you to maintain control over your assets during your lifetime, while distributing assets easily to your heirs.
An irrevocable trust cannot be altered or revoked and is primarily used for estates tax benefits and asset protection.
Key Features of a Trust:
✔ Takes Effect Immediately – A trust is active as soon as it’s created, unlike a will, which only comes into play after death.
✔ Avoids Probate – Assets in a properly funded trust can bypass probate court.
✔ Names a Trustee – You appoint a successor trustee to manage your estate after you pass, or if you become incapacitated.
✔ Offers More Control – You can dictate how and when your assets are distributed.
Pros of a Living Trust:
1. Can avoid probate, saving time and money.
2. Keeps your estate matters private.
3. Helps manage your assets and financial accounts if you become incapacitated.
4. Offers flexibility and control over how assets are distributed.
Cons of a Living Trust:
1. More expensive and complex to set up than a will.
2. Requires active management.
Will vs. Trust: A Side-by-Side Comparison
| Will | Trust | |
| When It Takes Effect | After death | Immediately |
| Avoids Probate? | ❌ No | ✅ Yes |
| Covers Incapacity? | ❌ No | ✅ Yes |
| Privacy? | ❌ Public record | ✅ Private |
| Guardian for Minors? | ✅ Yes | ❌ No (but can work with a will) |
| Cost to Set Up | 💲 Less expensive | 💰 More expensive |
Which One is Right for You?
The choice between a will and a trust depends on your financial situation, family dynamics, and personal preferences. When in doubt, use both. With the help of legal counsel, like the estate lawyer team at Best Coast Estate Law, PC, many Californians use both a will AND a trust to cover all their bases. Our primary estate lawyer, Brittany Britton, can help you map out a comprehensive estate plan.
California-Specific Estate Planning Tips
Probate is Expensive and Lengthy in California – If your estate exceeds $184,500 (as of 2024), probate is required. A living trust helps you avoid this.
Community Property Rules Apply – If you’re married, California’s community property laws impact how your assets are distributed. A trust can help clarify ownership.
Name a Durable Power of Attorney – A living trust helps manage financial affairs, but you’ll still need a durable power of attorney for non-trust assets (e.g., retirement accounts).
Review Your Estate Plan Regularly – Major life events (marriage, divorce, children, home purchases) may require updates to your trust or will.
Plan Now, Avoid Headaches Later
Estate planning may seem daunting, but having a solid plan in place can make life much easier for your loved ones. Whether you choose a will, a trust, or both, the most important thing is to take action.
If you’re unsure where to start, Best Coast Estate Law, P.C. can help tailor a plan that fits your needs and ensures your wishes are legally protected. Reach out today and take the first step toward peace of mind!
Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Brittany Britton is licensed to practice law in the state of California only
