Almost every California family that comes to us asks the same question: do I need a living trust, or is a will enough? The honest answer is that it depends on your situation, but for most homeowners in the Conejo Valley, a revocable living trust is the better foundation.
Here is why. When an estate passes through a will alone, it generally goes through probate, the court process for settling an estate. In California probate is public, often takes many months to more than a year, and the statutory fees are based on the gross value of the estate, which in our area is driven up quickly by home values. A living trust lets your estate avoid that process entirely.
A will still has a role. We usually pair the trust with a pour-over will, which acts as a backstop for anything not titled in the trust, along with powers of attorney and a health care directive. Together these documents cover both what happens after you pass and who can act for you if you cannot act for yourself.
The most common and costly mistake we see is a trust that was never funded: the documents were signed, but the home and accounts were never actually transferred into the trust, so the family ends up in probate anyway. Part of our job is making sure your plan is funded and stays current as your life changes.
If you are not sure which documents you need, that is exactly what a first consultation is for. There is no charge and no obligation.
This article is general information, not legal advice, and does not create an attorney-client relationship. Estate and business law change and depend on your specific situation. Speak with Donald W. Flaig before acting.