The Best Way To Hold Title Is A Living Trust. Here’s Why.April 10, 2017
Is a Living Trust Right for You?June 8, 2017
Is a Last Will and Testament Necessary?
Do you need a Last Will?
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.
A Last Will is where you name a guardian for minor children.
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 Last Will can assign property to the trust that was not included in the trust.
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.”
Are you ready for a Last Will and Testament?
Contact a lawyer if you are looking for a legal opinion or legal advice. Alternatively, if you know what you want, then you could save up to 70% in legal fees by hiring a registered Legal Document Assistant, such as Carol Ramirez of IN TRUST LEGAL. With over 37 years experience, we are here to help you prepare your Last Will and Testament. YOUR MONEY. YOUR CHOICE. YOUR LEGACY.