Having a Last Will and Testament may still be necessary even if you have a Living Trust. As previously posted in “Do I Need a Living Trust?” a trust will protect your real estate assets from probate. So, is a will also necessary? A living trust does not completely replace a will. Even if you want to use a living trust to pass all of your property to your heirs, there are reasons why a will is still necessary.
You cannot nominate a legal guardian for your young children in a living trust. Telling your best friends you want them to take care of your kids doesn’t work either. A Last Will and Testament will do this legally.
A living trust works to pass to your heirs only property you transfer into the name of the trust. Property you receive after you make the trust won’t be transferred until you add it to the trust at a later date.
For example: If you inherit property that is still tied up in probate, you need a will. If you receive money from the settlement of a lawsuit just prior to your death, you need a will. Because you cannot accurately predict what property you might receive just before death, it makes sense to back up a living trust with a will, commonly known as a “pour over will.”
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