• Skip to primary navigation
  • Skip to main content

The Hayes Law Firm

Estate and Elder Law Information Center

  • (626) 403-2292
  • Attend a Free Webinar
  • Home
  • Our Firm
    • About Our Firm
    • Virtual Estate Planning
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
    • Multi-Media
    • Reviews
    • College Internship Program (Marketing)
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Taxes: Figures
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ+ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
  • Probate Process
    • CA Probate & Estate Planning Savings Calculator
    • California Probate Process
    • Common Probate Questions
    • Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
    • Why Hire a Probate Attorney?
  • Trust Administration
    • Trust Administration Resources
    • Trust Administration Assistance
  • Resources
    • Feature Articles by The Hayes Law Firm
    • DocuBank
    • COVID-19 Estate Planning Resources
    • Educational Heroes
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Articles
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • FAQ’s for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQ’s
      • Trust Administration & Probate FAQ’s
    • LGBTQ+ Resources
    • Newsletters
    • Special Needs Resources
  • Elder Law
    • Are You A Caregiver for a disabled loved one?
    • Coping With Alzheimer’s
    • Emergency Medi-Cal & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medi-Cal Planning
    • Veteran’s Benefits
  • Seminars and Webinars
  • Contact Us
    • Preparing for Your Initial Consultation
  • Blog

Wills vs. Trusts: What’s the Difference?

William Hayes · Oct 16, 2021 ·

Wills vs. Trusts: What’s the Difference? – A will is a written document expressing your wishes for disposal of your estate and can also name guardians of minor children. It becomes active after your death. A trust is a legal vehicle that holds assets and is managed by a trustee for the benefit of another party. There are several different kinds of trusts.

Wills must go through probate, where they are examined by an authorized court administrator  — a lengthy process. Trusts aren’t required to go through probate.

Let’s take a deeper dive.

Basics of a will: The most common type of will is a testamentary will, which states how you want your affairs handled and assets distributed after you die. You can include a directive about how you want your funeral or memorial held. A will gives insight and direction about the handling of assets to your beneficiaries. You can address how you’d like them to use what you have left them. In most cases, your will becomes public upon your death.

Basics of a trust: You may create a trust for the primary purpose of avoiding probate court. A trust covers only property that has been transferred to the trust and is held in the trust’s name. That means you may still need a will if you have a trust that covers only some of your property.

A revocable living trust transfers property after death to loved ones. It’s called a living trust because it’s created while you are still alive. It’s revocable because it may be changed while you’re living. You maintain ownership of the property held by the trust while you’re alive.

A living trust passes property outside probate court with no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries. A trustee will be named to control the distribution of assets. Your estate remains private and passes directly to your heirs, you have no probate attorney or court costs, and your loved ones may be able to avoid being tied up in probate court.

Trusts tend to be more expensive than wills to create and maintain, leading to a popular misconception that they’re only for the very wealthy. However, even those with smaller estates may find a trust useful and well within their budget.

So what should you choose?

Deciding between a will and a trust is a personal choice. Even though, as noted, a will is typically less expensive and easier to set up than a trust, there are many situations in which you will want both vehicles. Assets you specifically transfer to your trust are subject to its terms. If you leave anything out, your will, if properly drafted, will cover it.

The bottom line? Speak with legal and financial professionals who can help you choose the right estate planning vehicles for your situation.

Did you enjoy reading, Wills vs. Trusts: What’s the Difference?

 Interested in learning more about this subject? Attend our upcoming estate planning webinars!

Have You Properly Protected Your Loved Ones? (FREE Estate Planning Workshop), Trustee and Power of Attorney Training School Webinar, Medi-Cal Webinar, and/or Probate Webinar. Get registered today for our estate planning webinars!

This website is not intended to be a source of solicitation or legal advice. General information is made available for educational purposes only. The information on this blog is not an invitation for an attorney-client relationship, and website should not be used to substitute for obtaining legal advice from a licensed professional attorney in your state. Please call us at (626) 403-2292 if you wish to schedule an appointment for a legal consultation.

For more information about The Hayes Law Firm, visit our Google My Business page.

How Divorce Affects Your Estate Plan
The Hayes Law Firm Offices in South Pasadena, CA
How Divorce Affects Your Estate Plan
Don’t just take it from us. Read why others have rated The Hayes Law Firm, a “5-star” law firm.

Thanks for reading, Wills vs. Trusts: What’s the Difference?

  • Author
  • Recent Posts
William Hayes
William Hayes
As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.
William Hayes
Latest posts by William Hayes (see all)
  • Travel Tips for Senior Citizens - May 23, 2022
  • Trusts for Those With Addiction Problems - May 22, 2022
  • What to Know About Credit Scores - May 9, 2022

Blog Subscription

Sign up for our newsletter and get our news straight to your inbox!

Stay Informed

Where we are

The Hayes Law Firm
729 Mission St. #300
South Pasadena, CA 91030
Phone: (626) 403-2292
Fax: (626) 403-2299
Proud Memberaaepa

Office hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

map
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us