Home » Living (Revocable) Trusts

Do You Still Need a Will if You Have a Living Trust?

21 September 2017 No Comment

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!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.