Do You Still Need a Will if You Have a Living Trust?
As previously noted, you should transfer all, or substantially all, of your property to the living trust. Actual deeds, assignments, transfer documents, etc. should be prepared to give yourself as trustee title to all of the assets prior to your death. If an asset is overlooked, e.g., not owned by you as trustee or naming the trustee as beneficiary, a probate proceeding still may be required. It is this risk that causes careful lawyers to recommend a “pour-over” will to complement the trust. A pour-over will provides for any assets passing through probate to be distributed or “poured over” into the trust for ultimate disposition. The bottom line is that you will need to have a will prepared as well as a living trust. It will cost you more to have a living trust and a will but this is something that cannot be avoided.
Leave your response!