The Difference between a Will and a Trust
As part of the estate planning process you may consider having both a will and a trust. Generally a pour over will works in conjunction with setting up a trust. Some trusts are created by will, these are called testamentary trusts. Please note that a will is not needed to create a trust since a will and a trust are two differing legal instruments.
A trust is a legal relationship between three parties, the trustor, beneficiary and trustee. The trustor is the person who drafts the trust. The beneficiary is the person who benefits from the assets held in trust. The trustee is the fiduciary who administers the trusts. A trust is usually drafted during the lifetime of the trustor or by will upon death of the trustor. In order to learn more about drafting a valid will or trust in California you should consult with an experienced Los Angeles Estate Planning attorney to learn more about drafting your will.