Why You Need a Will Even Though You Have a Living Trust

A comprehensive estate plan often involves use of a living trust. Also known as a revocable trust, this is a legal instrument whereby you can manage assets during your lifetime and direct how they will be managed and distributed after your death. If you have one, you might question whether you also need to make a will. The short answer is yes, because there are some things a living trust cannot do.

A primary advantage of a living trust is that assets placed into it do not need to go through probate, a court process that can be time-consuming and costly for heirs. In addition, a living trust allows you to act as trustee, maintaining control over your assets while you are alive. You can alter or revoke the trust as your circumstances or intentions change. Furthermore, a living trust gives instructions for management and distribution of your assets in case you become incapacitated, without need of court intervention.

Despite these advantages, a living trust alone may not fully address all your estate planning needs. One reason is that it governs only the assets that have been formally transferred into it. Any property not included in the trust at the time of your death would be subject to probate and be distributed according to the terms of a will or — if no will exists — under state intestacy law.

To bridge this gap, estate planners can use a “pour-over will” in conjunction with a living trust. This type of will acts as a safety net, catching any overlooked assets and directing them to be managed and distributed according to the terms of the trust. While these assets still need to go through probate, the process is typically straightforward since the will has only a single beneficiary, the trust.

In addition, there may be assets or personal matters not suitable for a trust. For example, you might want to leave specific personal items to friends or relatives or name guardians for minor children. An experienced estate planning attorney can help you construct a comprehensive plan that makes optimal use of both a will and a living trust, with the goal of seamlessly fulfilling your personal wishes for providing for your loved ones after your passing.

At the Law Office of Shelly A. Merchant in Deer Park, Texas, we assist people in devising estate plans that preserve their wealth and carry out their wishes for passing it on to beneficiaries. Call us today at 281-817-0998 or contact us online to schedule a consultation.