will versus trust

[daniele]

california. if a will and trust are drawn up the same day with the same executor and successor trustee and the trust is later amended with the name of a new successor trustee but the executor of the will remains the same, what happens when the will and trust are to be executed?

 

[advisor10]

12-27-2001

DEAR DANIELE:

The will and the trust are 2 separate documents that are executed separately, and each one can be revised or updated separately. But both are processed after the person dies. The will is processed in court, whereas the trust is usually managed by a bank.

Generally speaking, most of the major financial assets are placed in the trust so that ownership goes directly and immediately to the named trust beneficiaries, without otherwise having to wait for a few months or so to go through probate. Trust information is private and confidential usually amongst only the trustee and beneficiaries.

It is possible for a person to have both a will and a trust. Any assts that have not been put in the trust are usually mentioned in the will and are then distributed to the heirs named in the will. Information about the will is public record and can be viewed by anyone who wishes to look at the file.

When doing estate planning, it is wise to compare the will with the trust to make sure everything has been covered, but many times this has been overlooked, without major consequences.