A will essentially states who gets what. A trust is much more comprehensive and has many more benefits. In a trust, you make an arrangement in which one person manages assets for the benefit of a beneficiary.
Get the best of both worlds by combining a will and a trust into an estate plan. By doing so, the need for probate is eliminated. Instead of probate, distributions under a living trust are taken care of privately.
It is also important to know that you have the option to create a trust in which you are able to change and modify throughout your lifetime. This is called a revocable living trust. A revocable living trust gives you the freedom to adjust your will and trust according to how your life changes.
Though this may be hard to think about today, it is essential to plan for the future now. Vanguard Legal Group is a professional corporation that specializes in estate planning in California. Attorneys have completed thousands of will and trust packages and we serve over 30 offices throughout northern and southern California.