Santa Clarita Estate Planning - Law Office of David Piotrowski

There are big differences between a living trust and a will. ?If you are in the Santa Clarita Valley and are considering an estate planning package that consists of a will or a living trust, contact the Law Office of David Piotrowski today.

Valencia / Santa Clarita estate planning typically centers around a will or a living trust. ?Many Valencia / Santa Clarita estate planning packages will contain both a will and a living trust. ?This blog post will briefly compare living trusts to wills.

Wills

• Leads directly to probate (public, time consuming, formal, and expensive)
• Generally fairly simply and straight forward
• Cheaper to create than a living trust
• Becomes effective after death
• Typically adequate for small estates if the client does not want to exercise a lot of control over assets

Living Trusts

• Generally avoids probate (private and faster)
• Can be complex and difficult to understand
• Allows for greater control of assets
• Effective during your lifetime and may continue after death
• The trustee of a living trust is a fiduciary with a duty to the beneficiary

Source: http://www.attorneydavid.com/blog/valencia-santa-clarita-living-trusts-compared-to-wills/

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