If you already have a Trust, you may think that you do not need a Will as well. After all, Trusts accomplish a similar purpose to a Will: you decide who will receive your property. However, even if you have a Trust, you should have a Will along with it.
One reason you want to have a Will along with your Trust is because a Trust only deals with property that has been transferred to the Trust. It is unlikely that you will be able to transfer all your property to the Trust or you may come into property shortly before you die. If you don’t remember or are unable to transfer some property to your Trust, then it will not pass under the terms of your Trust. Having a Pour-Over Will prevents this problem from happening. A Pour-Over Will directs that any remaining property not titled in your Trust will “pour over” into your Trust.
Also, a Will can accomplish things that a Trust cannot. For example, you can name a guardian for your minor or disabled children in your Will. While it is always beneficial to have a Will, it is not always necessary to have a Trust. You should meet with an attorney to discuss whether or not you need a Trust. If you already have a Trust but do not have a Will, you should meet with an attorney to prepare your Will.
Commentaires