How Are Living Trusts Different from Living Wills?

What’s the Difference Between a Living Trust and a Living Will?

Picture of estate planning materials

During your estate planning process, you might come across a few new terms that you had previously never heard of. Two options that your attorney might present to you during the estate planning process are living wills and living trusts. There are key differences between these two choices, and it’s important that you know these differences in order to make the right decision for your estate plans.

How Are Living Trusts and Wills Different?

Living trusts and wills both allow you to name the beneficiaries for your property and belongings, but other than this similarity, they are used for very different reasons. A living trust is the number one way to avoid probate after your death, which is a big advantage because your beneficiary can transfer property quicker to the inheritors, all without involving the probate court. For many people, living trusts are a good option if you want to save your family time and money; however, not everyone needs a living trust, and that will depend on how wealthy you are, if you’re married, your age, etc. A living will might be a good option for you if you’d like a simpler method, and if you want some additional advantages. For example, a living trust might help you avoid probate, but it won’t allow you to name an executor or the guardians for your children like a will permits. Living wills generally give you more freedom and will help you be more detailed in your plan; even though it has to go through the probate court, you’ll know that everything you want to happen will be properly addressed.

How Do I Know Which to Choose?

First, weigh the pros and cons of each option, and depending on your personal and financial circumstances, make the right decision for you and your family. Our San Luis Obispo lawyers can help you through this entire process, and we will advise you on the right decision for your specific estate planning. Contact us today for a free consultation with our estate planning attorney.

400 + 5 Star Reviews!

Kristopher R.

Chances are you’re here because you or someone close to you has been hurt. Your life has been turned upside down. The “it’ll never happen to me” mentality gets thrown out the window- No pun intended. And chances are you know someone who knows some lawyer who did a thing and blah blah blah. [READ MORE]

Jamie Lee

They handled my case involving a car accident. They’re extremely polite and professional. Any questions I had they addressed them immediately, I never had to wait for a reply. Everything about my experience with this firm has been the absolute best. I without a doubt recommend them [READ MORE]

Charlie Criner

5 Stars! Outstanding firm dedicated to “righting wrongs” for people in need! So glad I contacted [READ MORE]

Hilary H

I am so pleased with James Mckiernan and associates! We had the pleasure of Robert Bell, and he was amazing!! He helped us out tremendously, and would highly recommend him again. Thank you so [READ MORE]

Howard Harvey

Mr. John Hayes had assisted my wife in a settlement and help take good care of her accident claim. He helped to ensure that she receive full compensation through recourse of mediation and gave her security that she was being led in a rightful [READ MORE]

Marcos Meraz

Yes they are very good use them a lot also recommended them they are very good and [READ MORE]

Google Analytics Alternative