Trusts and Wills
Understanding whether you need a trust, a will, or both can feel overwhelming. This guide explains the differences and can help you determine which planning tools may be right for you and your family.
Not sure whether you need a trust, a will, or both? We can help you determine the best option for your family and goals. Many clients come to us unsure of which documents they need. During your consultation, we'll review your assets, family circumstances, and goals to recommend an estate plan tailored to your situation.
What is a Trust?
There are various types of trusts, but most individuals need a revocable living trust. A revocable living trust is the most common trust used to pass on property to loved ones or charities upon one’s death.
You, the client, will be the trustor/settlor/grantor of a living trust that you create and then fund with your assets. Assets are anything with monetary value.
How you fund your trust depends upon what assets you have and your particular planning goals. During your lifetime, putting property in your living trust does not affect your ability to invest or use those assets, nor does it require a separate tax identification number. The living trust is revocable and amendable during your life.
Following your death, or upon your incapacity, the trust will be administered according to your wishes. Following your death, your trust may remain held for a designated period of time for the benefit of your chosen beneficiaries (which can include individuals, charities, or pets). Alternatively, your trust may be distributed outright to your chosen beneficiaries.
The benefits of a living trust are numerous:
Avoidance of lengthy and potentially expensive probate court proceedings following your death
More difficult to contest
Not public record
Assets are not frozen upon death
Avoidance of Medi-Cal recovery
Manages assets when beneficiaries are under 18 and beyond
Clarity for your beneficiaries
Trust Package Pricing
Trust packages are often a good fit for individuals and couples who own California real estate, have more than $208,850 in assets, or have specific wishes regarding how assets should be managed and distributed after death.
We offer flat-fee pricing for our living trust packages. Trust packages include a living trust, pour-over will, guardianship designation forms, final disposition instructions, and incapacity planning documents.
Individual Trust Package: Starting at $4,000
Couple Trust Package: Starting at $5,000
Most trust packages are completed within 4–6 weeks, depending on client response times and the complexity of the plan.
Wondering whether a trust is right for you? We can review your assets, family situation, and goals to help you make an informed decision.
What is a Will?
A will can be prepared either by itself, or as part of a living trust package.
The key functions of a will are:
Instructions for distributing your assets
A place to name guardians for any minor children
Nominating Executor(s)
Details about your family
Burial preferences
Will Package Pricing
Although it is technically possible to request only a will, this is not our general recommendation. Incapacity planning documents, including a Durable Power of Attorney, Advance Health Care Directive, and HIPAA Release, are crucial if you become unable to manage your financial or medical affairs.
For this reason our will packages include a will, guardianship designation forms, final disposition instructions, Durable Power of Attorney, Advance Health Care Directive, and HIPAA Release.
Will packages are often a good fit for individuals and couples who do not own California real estate, have less than $208,850 in assets, and have relatively straightforward wishes regarding the distribution of their assets.
Individual Will Package: Starting at $3,000
Couple Will Package: Starting at $4,000
Most will packages are completed within 4–6 weeks, depending on client response times and any additional services requested.
Do I need a Trust OR a WILL?
A will may be all you need if:
All your assets are in forms that have joint ownership or beneficiaries designated, and you are comfortable with that arrangement. In this case, the will is only to cover personal items or limited funds. Note that it is likely that if you own real property, you will need a trust.
A will is necessary to lay out your wishes with respect to beneficiaries in case you end up with more than $208,850 in assets in your individual name that are outside a trust and without pay on death beneficiaries or joint owners. The will would need to be submitted to probate court to distribute those assets. See our probate section for more details.
The right answer to the question “do I need a trust or a will?” depends on your assets, family situation, and goals. During a consultation, we can help you determine which planning tools are appropriate for your circumstances.
Do I Need a Specialized Trust?
There are situations when a basic trust does not adequately address your needs. Founding attorney, Renee Spieckermann, has experience in specialized trusts, and holds her LL.M. in taxation. She understands and can educate you on best practices in unique circumstances and on the tax implications of the various planning tools.
Some of these unique circumstances include, but are not limited to:
If you have a child with special needs, you may need a special needs trust.
If you have a large amount of money in retirement accounts, you may need a specialized retirement trust.
If you need an income stream, but plan on giving a large portion of your liquid estate to charity, you may be interested in a charitable remainder trust.
If you need to lower your taxable estate in some way by getting appreciating property out of your estate, you may need an advanced trust.
Specialized Trust Pricing
Certain family, tax, charitable, and special needs planning situations may require more advanced trust structures than a standard revocable living trust. When included as part of a trust package, specialized trusts generally start at an additional $2,500.
Standalone special needs trusts start at $5,000.
Standalone Services and Documents
Living Will: Standalone Wills that are not part of a Will Package or Trust Package with the original and one copy provided are a $1,000 flat fee.
Modification/Revision of Trust: Modifications or revisions to trusts created by Renee Spieckermann are $400 per hour. Modifications or revisions to trusts completed by outside firms are $500 per hour or a flat fee, depending on needs.
Transfer Deed: Each of our trust packages includes the preparation of deed(s) & Preliminary Change in Ownership form(s) (PCOR) necessary to transfer one property to the trust. Any additional deeds and accompanying PCORs are $500 per real property. This fee includes preparing and submitting the deed, client pays the applicable county recording fees.
Certification of Trust: $500
Spousal Property Petition: The court proceeding to transfer property to the deceased spouse to the remaining living spouse. A Spousal Petition is $500/hour which includes court related costs.
Heggstad Petition: The court petition to transfer individual assets that were forgotten or not included in a trust. This petition is filed in an attempt to avoid a full probate proceeding. A Heggstad Petition is $500/hour plus court costs.
Durable Power of Attorney (Financial): Allows a trusted person to handle financial and legal matters on your behalf if you become unable to do so yourself. Starting at $750
Advance Health Care Directive: Allows you to designate someone to make health care decisions on your behalf and document your medical wishes. Starting at $500
HIPAA Authorization: Allows designated individuals access to your medical information and the ability to communicate with health care providers. Starting at $250
Ready to Create or Update Your Estate Plan?
Whether you're creating your first estate plan, updating an existing trust, or simply trying to understand your options, we're here to help.
We work with individuals, couples, parents of young children, retirees, and families with unique planning needs. During your consultation, we'll discuss your goals, answer your questions, and recommend an estate planning strategy that fits your circumstances.
