Expert Attorney from Walters and Ward Explains Wills vs. Trusts
This week Walters explained the difference between having a will vs. having a trust and which one will better secure your assets.
Walters & Ward, A Professional Corporation specializes in estate planning in California. As San Diego estate planning attorneys, they have completed over 11,000 wills and trusts packages in their thirty years of business.
In this clip below, Walters explains that California will allow a resident to write up a handwritten will or fill out a template-form will but simply having a will does not protect your assets from going through the probate process.
What is probate?
Probate is a formal court proceeding that distributes the assets of a person when they have died, including: real property (land, houses etc.), bank accounts, stocks, bonds, mutual funds, furniture, jewelry, etc.
During this process the assets of the probate estate are frozen unless a court allows them to be sold or transferred. In addition, probate proceedings are public. Probate is expensive and can take years and probate fees are determined by the California Probate Code.
The most important reason to have a revocable living trust in California is to avoid probate. Trusts do not require probate or probate proceedings and thereby avoid the expense and inconvenience associated.
Having a trust is also important to avoid conservatorship proceedings if you should become incompetent before your death. Your trust allows you, not a court, to choose who will be in charge of your assets if you become very ill or incompetent.
You can learn more at www.walterstrustinfo.com or at the free workshops they hold about estate planning, probate, wills and trusts. Sign up today by calling 1-877-779-9729 or by visiting their website listed above. The best part — they never charge to speak with an attorney.