Wills & Trusts Attorneys in Corona

What Is The Difference Between a Will and a Trust?

Although people do not like to think about dying, putting estate matters in order is a great way to gain peace of mind about the future of your family. Wills and trusts are two of the most common tools people use to express their wishes and preserve wealth for their descendants. At Holstrom, Block & Parke, APLC, we understand our clients’ wishes regarding their estates, and we carefully draft wills and trust instruments designed to address each of their specific goals.

Wills

Wills and living wills may can vary in degree of detail. Generally speaking, wills dictate who will receive specific property (the “devisees”), how minor children should be cared for, charitable bequests, and a great deal more. Though many people believe that the establishment of trusts alone can be used to transfer assets, avoid probate court, and ensure a smooth transfer of wealth with minimal tax liability, our lawyers advise everyone to have a will as well.

Trusts & Living Trust Attorneys

Because trusts come in an almost unlimited variety, we won’t try to describe every type here. Suffice it to say that there are two general types: revocable and irrevocable—each category covers a variety of specific types.

Some of the more common specific types our firm has created for families and individuals:

• Special needs trusts
• Living trusts
• Life insurance trusts
• Real estate trusts