Do you need a trust, a will or both?

Estate planning can help you protect your family, manage your property and make important decisions about your future. If you live in Bakersfield or Delano, you may wonder whether you need a will, a trust or both. The right choice depends on your assets, family circumstances and goals.

What does a will do?

A will allows you to explain how you want certain property distributed after your death. It can also name an executor to handle your estate and designate a guardian for minor children.

A will can help you:

• Name beneficiaries for assets that pass through your estate
• Nominate a guardian for minor children
• Identify an executor for your estate
• Provide instructions for personal property

However, a will generally does not avoid probate. If your assets must pass through probate, the court oversees the process of administering your estate and distributing qualifying property.

What does a trust do?

A trust allows you to place assets under the management of a trustee for designated beneficiaries. A revocable living trust is a common estate planning tool because it can help certain assets pass to beneficiaries without going through probate.

A trust may also help you:

• Manage assets if you become incapacitated
• Provide for beneficiaries over time
• Maintain greater privacy than a probate proceeding
• Establish instructions for managing certain property

Creating a trust, however, is only part of the process. You generally need to properly transfer appropriate assets into the trust for it to accomplish its intended purpose.

Should you have both?

For many California families, a comprehensive estate plan includes both a trust and a will because the documents serve different purposes.

For example, a trust may hold assets you want managed or distributed according to specific instructions, while a “pour-over” will can address assets that remain outside the trust when you die. A will can also nominate guardians for minor children.

The right approach may depend on factors such as:

• The value and type of your assets
• Whether you own real estate
• Your family structure
• Whether you have minor children
• Your goals for managing and distributing your property

Create a plan that fits your family

There is no one-size-fits-all estate plan. A properly prepared plan can give you greater control over your property and provide clearer instructions for your loved ones.

If you live in Bakersfield, Delano or the surrounding area, an experienced California estate planning attorney can review your circumstances and explain whether a will, trust or combination of both makes sense for you. Taking the time to create an estate plan now can help reduce uncertainty for your family later.