For many Malibu families, building wealth is only part of the story. The other part is protecting it and making sure it’s passed on smoothly to the next generation. That’s where estate planning comes in. Two of the most common tools—trusts and wills—serve different purposes, and choosing between them can have a big impact on your family’s future.

As Senior Financial Advisor, I work with families in Malibu and across California who want to understand how these tools fit into their overall financial plan. Let’s break down the key differences, advantages, and examples to help you decide what may work best for your situation.

What Is a Will?

A will is a legal document that outlines how you want your assets distributed after you pass away. It can also name guardians for minor children.

Benefits of a will:

• Simple and less expensive to create.
• Clearly spells out your wishes.
• Works well for families with fewer assets or straightforward situations.

Drawbacks of a will:

• Must go through probate, which is public and can take months or years in California.
• Probate costs can reduce the value passed to heirs.
• Offers no privacy—your estate becomes part of public record.

Example: A Malibu couple with modest assets and two children may use a will to designate guardianship and divide assets equally. While the will ensures clarity, the family’s estate may still go through probate.

What Is a Trust?

A trust is a legal arrangement where a trustee manages assets for beneficiaries. Unlike a will, a trust can take effect during your lifetime and after your passing.

Benefits of a trust:

• Avoids probate, saving time and costs.
• Keeps estate details private.
• Allows greater control—for example, specifying when children receive inheritance.
• Can help with tax planning and asset protection.

Drawbacks of a trust:

• More expensive and complex to set up.
• Requires ongoing management to keep assets properly titled.

Example: A Malibu business owner sets up a living trust to transfer property and investments directly to heirs without probate. The trust also specifies that children will only receive distributions at certain ages, protecting them from inheriting too much too soon.

Key Differences for Malibu Families

Feature	Will	Trust
Probate	Required	Avoided
Privacy	Public record	Private
Cost to create	Lower upfront cost	Higher upfront cost
Control of distribution	Limited	Flexible, ongoing control
Best for	Simpler estates	Larger or complex estates

Which Works Best in Malibu?

For families in Malibu, where property values are high and estates are often complex, trusts tend to be the better choice. Avoiding probate on a $5 million home, for example, can save heirs significant time and legal costs.

That said, wills still play an important role, often alongside trusts. Even with a trust, you may still need a “pour-over will” to handle assets not placed into the trust.

Combining Trusts and Wills

The best approach for many Malibu families isn’t either/or—it’s both.

• Use a trust to manage major assets like homes, businesses, and investment accounts.
• Use a will to cover personal wishes, guardianship, and any assets not titled in the trust.

This combination provides both flexibility and protection.

How Estate Planning Fits Into Wealth Management

Trusts and wills are legal tools, but they’re also part of a bigger financial picture. The right choice depends on your assets, tax situation, and goals for your family.

At Manna Wealth Management, I work closely with clients to integrate estate planning into their overall wealth strategy. You can learn more about my approach and background in my advisor profile.

Final Thoughts

For Malibu families, estate planning is about more than documents—it’s about protecting wealth, reducing stress, and creating a lasting legacy.

• Wills offer simplicity and clarity.
• Trusts provide privacy, flexibility, and efficiency.
• Together, they can give your family confidence and control.

The best estate plan is one that reflects your values, supports your loved ones, and works seamlessly with the rest of your financial plan.