Trust vs Will ~ There is an important difference!
Don’t catch yourself, or your family, in a sticky situation when your life ends. Protect your assets. Educate yourself now to understand the difference between a trust and a will.
For a Trust: In California, putting real property into a Trust sets up the property to transfer to the beneficiaries (usually the next generation) without probate. The property is owned by the Trust prior to death and the property is owned by the Trust after death. The only thing that changes is the Trustee who controls the Trust. The control transitions from the original owner who made the Trust acting as the Trustee to the Successor Trustee named in the Trust. In California, this is usually the easiest way to transfer property to the next generation. For a married couple, property can move between spouses easily with “Joint Tenant” or “Community Property with right of survivorship” titling, but eventually the property would need to pass to the next generation or other non-spouse beneficiaries, and using a Trust is usually ideal. I highly recommend each person consult a tax, financial or legal professional to review their specific circumstances.
For a Will: In California, the Will directs who inherits the real property, but the property will have to go through probate in order to actually transfer from the estate of the deceased to the beneficiaries (usually the next generation).
If a court has a valid Will or a valid Trust, then the Will and Trust are similar in that they both control who will eventually inherit the property. A Court would recognize either a valid Will or a valid Trust. The biggest difference is that if there is just a Will, then the property must go through probate whereas if there is a Trust, then probate likely is not needed. The other key difference is a Will makes the transfers upon death (no ability to control timing), whereas a Trust allows the inheritance to be given over a number of years or other conditions if that is desired.