Wills and Trusts

There's an important difference.

Will vs. Trust in Estate Planning Explained

You will need to understand the difference between a Will-based plan and a Trust-based plan so you can make an educated decision for your family about what is best for you and, ultimately, for them. A Will-based plan is an estate plan that does not include a Living Trust to hold title to your assets. If you work with Pierchoski Estate Law and choose our Family Plan, which is a Will-based plan, your legal documents will include a Health Care Directive, Power of Attorney, a Will and, if you have minor children, a Kids Protection Plan®.

A Trust-based plan is an estate plan that does include a Living Trust to hold title to your assets during your lifetime and to provide for ease of transfer of those assets in the event of your incapacity or death.  If you work with us and choose our Trust Plan or Wealth Plan, your legal documents will include all of the documents included in the Family Plan PLUS one or more Living Trusts.

So, what’s the practical difference? The difference between a Will-based plan and a Trust-based plan is that without a Trust in place your family would have to go to Court to get access to your assets in the event of your incapacity or death. Your Will indicates WHO you want to have access to those assets and how you want them distributed, but it does not keep your family out of the Court process. Going through probate (or guardianship in the event of incapacity) is expensive, time-consuming, totally public and unnecessary. And that’s what happens when you have only a Will in place and not a Trust.

When you have a Trust in place, there is a bit more work for you to do upfront because you need to make sure that all of your assets are owned in the Trust throughout your lifetime (or insurance assets are beneficiary designated to the Trust), but we help you with that or even do it for you.  And, with our regular review process or membership plan, we continue to make sure your assets are owned the right way throughout your lifetime, while also ensuring your plan stays up to date as your life changes, your assets change and even the law changes.

During your Family Wealth Planning Session™ , we will walk you through an assessment of whether a Will-Based Plan or Trust-Based Plan is right for you based on the specifics of your family circumstances, what you own now and where you are going in the future. One thing you can be sure of is that we will help you make the right decisions every step of the way.

Call today for your appointment:  831.363.7222.

Mr. Pierchoski was very clear in his explanation of what needed to be done. He was also right beside us all of the way as we put the trust together to our liking. He answered our questions with patience and made the process very easy and straight forward.

– JoAnne

Subscribe to our mailing list

* indicates required
Online Wills?

Online Wills?

Online Wills? When You Should, When You Shouldn't and Where to Do It   With all of the media about “digital wills” and “online estate planning” it could be tempting to think you can do your estate planning yourself, online. And, maybe you can. But, if you do, you...

read more

False Security

Is Your Will Legally Valid? A last will and testament can ensure your wishes are respected when you die. But if your will isn’t legally valid, those wishes might not actually be carried out, and instead the laws of “intestate succession” would apply, meaning that the...

read more

Special Needs Trust

Families of those with disabilities - physical or mental - are typically concerned with the best way to fund the long-term financial and personal needs of their special needs loved one in a way that will secure a fulfilling life for them. The best vehicle to...

read more

Leaving Without a Plan

Leaving Without a Plan: Prince Didn't Leave a Will & Here's Why You Should Even after death, celebrities are highly publicized for their mistakes, many of which we make ourselves. This time last year, superstar musician Prince died suddenly, leaving no will, and...

read more