CORONAVIRUS UPDATE FOR COMMERCIAL TENANTS

Securing Your Family's Future

A Will Or A Trust

The main purpose of both a will and a trust is to retain control over the distribution of your wealth. Whether to create a will or a trust involves consideration of numerous factors. Most notably, a trust which operates while one is still alive assists in avoiding costly and time consuming probate when you pass away. A trust is usually more expensive to create because it requires more detailed instruction than the typical will. This in turn takes more time and typically involves more forms and legal instruments than a will. The distribution of one’s wealth through probate in California typically takes six months to two years. A will, on the other hand, is simpler and less expensive to prepare, and in many cases people prefer that the distribution of their wealth be overseen by a judge rather than a trustee. Although a trustee is a fiduciary (a person subject to high standards of conduct under California law), many people are more comfortable with the official status held by judges. Because a will operates after one’s death, it will necessarily be distributed through probate.