How To Choose Between A Trust Or Will
Video Transcript
Ray Hrdlicka – Host – Attorneys.Media
You mentioned two things in there, a will and a trust.
So let me ask this question.
If somebody is thinking about estate planning and they say, “Wait a minute, I have a will. Do I really need a trust?”
What would you say to them?
Andrew Dósa – Estate Planning Attorney – Tacoma WA and Oakland, CA
The answer is, it depends.
If you have an estate of a certain amount of value in Washington, it’s about $100,000. In California, it’s now about $210,000. And in California, you can avoid having to do probate if your house is worth $750,000.
But if your assets are relatively substantial, then you probably want to consider doing a trust.
What the trust does is it avoids probate with all the expenses, the lack of publicity, and the time that’s involved.
Then you can create the trust that has the distribution plan that you might also put in your will, but it avoids the probate process.
And that’s really a great benefit for everybody.’
Andrew Dósa – Estate Planning Attorney – Tacoma WA and Oakland, CA
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