what is the difference between a will and a living trust in california?
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One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes.
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In California, a person who dies without a will dies “intestate”. Thus, California laws of intestate succession determine who of the decedent's surviving relatives will inherit their estate. Determining heirs and their inheritance involves answering a series of questions about the decedent.
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“Probate” is simply the act of making a will or trust official and enforceable in court. “Estate planning” is the act of putting together a financial plan that will constitute a document like a will and manage your estate after your death or incapacitation.
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A last will controls property directly under control of the individual, not jointly owned assets; whereas a living trust controls all assets and property placed into the trust but does not allow for allocation of assets or property to individuals not specifically named in the trust originally.
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Wills and trusts each have their advantages and disadvantages. For example, a will allows you to name a guardian for children and to specify funeral arrangements, while a trust does not. On the other hand, a trust can be used to plan for disability or to provide savings on taxes.
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A land trust is a type of living trust. However, unlike a living trust, which holds any type of asset, a land trust can only hold real estate or related assets. ... This includes the right to freely develop, rent or sell the property contained in the land trust. Land trusts are typically considered to be revocable trusts.
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Irrevocable Trust: An Overview. A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the consent of the beneficiaries.
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Dying Without a Will in California. If a California resident dies without a will or trust, they die "intestate" and the laws of intestate succession are used to determine who will inherit the estate. ... The first question is whether the decedent (the person who died) was married.
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A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the consent of the beneficiaries.
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Also, all documents that go through probate, including wills, become public record. But since living trusts don't go through probate, they never become a matter of public record. ... All of the property transferred according to the living trust avoids probate, however.
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Inter vivos (living) trusts are created while an individual is still alive in order to name the beneficiaries of property and assets upon death while avoiding probate. ... Testamentary (will) trusts are established when an individual dies and the trust is detailed in their last will and testament.
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The difference between a will and a trust is when they kick into action. A will lays out your wishes for after you die. A living revocable trust becomes effective immediately. While you are alive you can be in full charge of your trust.
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In most cases, a Trustee can be changed after a California Trust becomes irrevocable. ... Some Trusts allow the Trust beneficiaries to make this change, some Trusts allow another person who is not a beneficiary to make this change, and some Trusts only allow a change where the Trustee voluntarily resigns from office.
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A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. Most importantly, however, a living trust is useless unless it is funded. A living trust only can control those assets that have been placed into it.
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As you can tell from above, the main difference between living wills and last wills is their function. While a last will directs the distribution of assets after a person's death, a living will gives directions regarding the medical care of someone who is still alive although unable to communicate her wishes herself.
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A Power of Attorney is a legal document in which you name a specific person to act on your behalf. On the other hand, a “living will” just addresses your wishes for end-of-life medical care and does not need to name anyone or be drafted in a particular way.
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A Power of Attorney is valid only while the Donor is alive. Once a person has passed away then the document that deals with the deceased person's estate is the Will.