Difference between Living Wills,Living Trusts and Wills My husband & I are…

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Difference between Living Wills,Living Trusts and Wills
My husband & I are trying to decide which is better for us in regards to planning. We own a home worth $400,000.00
it is not paid off. I have $200,000 in life insurance, he has $100,000 (I earn more) plus our 401K’s. I will inherite Real Estate, cash and jewelry worth $500,000 in the future. My question is which would protect us the most the Living Trust, Living Will or a Will? Our main concern is making sure the other one is protected for the rest of their life.

Thank you for your time,
Cyndi–name removed–

4 thoughts on “Difference between Living Wills,Living Trusts and Wills My husband & I are…”

  1. Re: Difference between Living Wills,Living Trusts and Wills
    Dear Cyndi:

    A living will is another name for a durable power of attorney for health care, or as it is now called Advanced Health Care Directive.

    In choosing between a will or a trust, in most situations where a couple’s estate is as large as yours, a trust is the better vehicle to distribute ones assets.

    I suggest that you contact an attorney who has his/her office close to where you live. If I am sufficiently close by, please do not hesitate to contact me.

    Sincerely,

    Kai H. Wessels, Esq. (408) 268-2580

    Kai H. Wessels
    Law Offices of Kai H. Wessels
    333 West Santa Clara Street, Suite 805
    San Jose, CA 95113

  2. Re: Difference between Living Wills,Living Trusts and Wills
    A Trust.

    Mina Sirkin
    Sirkin & Sirkin
    20750 Ventura Blvd, Suite 201
    Woodland Hills, CA 91364

  3. Re: Difference between Living Wills,Living Trusts and Wills
    A living will has more to do with health care. A will goes into affect after the death of the person making the will. The will can direct where you want your estate to go, but it will still require a probate in most instances, which is public, time consuming and expensive.

    A living trust is almost always the correct method of estate planning because the trust is like a corporation; it is in effect while everyone is alive, and doesn’t end one one person dies.

    I have a brochure that explains the differences in more detail. Call my office for a copy.

    Ken Koenen
    925-924-0100

    Ken Koenen
    Koenen & Tokunaga, P.C.
    5776 Stoneridge Mall Rd., Suite 350
    Pleasanton, CA 94588

  4. Re: Difference between Living Wills,Living Trusts and Wills
    A living will only deals with health care issues. A will is essentially instructions to the probate court on what you would like done with your non-probate property (i.e. property held in joint tenancy) after your death.

    In my opinion, for most people a good estate plan actually involves all three of these documents (a living trust, will and living will). If you have them prepared together, the cost is much less than preparing them individually. I would be happy to discuss the matter with you further if you contact our offices.

    Best regards,

    Scott Schomer
    Schomer Law Group
    8740 Sepulveda Boulevard, Suite 107
    Los Angeles, 90045

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