Many people use revocable trusts, often called “Family Trust” or “Living Trust,” for their estate planning. These are terrific tools and work very well for most people. However, a will is still necessary to guarantee all of your estate is distributed according to your precise wishes. A trust can do many things that a will cannot do, especially managing your assets for your benefit during your lifetime, but there are a few things only a will can do.
Pour-over Will
First, you can put a provision in your will designating the trust as a beneficiary, making sure any asset you may have forgotten is placed in your trust. This provision, often called a “Pourover Will,” pours into the trust anything that was inadvertently or unintentionally left out.
Guardianship
Second, only a will can be used to appoint a guardian for your minor children. A guardian is a person who has legal responsibility for a child in lieu of the parents. They will make decisions about your children’s health, schooling and moral training. If you do not appoint a guardian for your minor children, the court will appoint one and you do not have a say.
Personal Effects
Third, only a will can be used to use the special listing provisions for transferring personal effects or tangible property to the persons you choose.
Many estate planning situations can be benefited by the use of a revocable trust. A trust is an incredibly powerful and useful tool to use in estate planning, but it does not replace having a will. A skillful estate planning attorney can help you decide if having a will and a trust is the best for you.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.