Is a Will Necessary if You Already Have a Living Trust?

by | Feb 7, 2024 | Fidelity IRA | 8 comments

Is a Will Necessary if You Already Have a Living Trust?




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00:00 If You Have a Trust, Do You Need a Will?
3:10 Three Parts to This Livestream
3:38 Difference Between a Will and a Living Trust
3:50 What is a Last Will and Testament?
9:14 What is a Trust?
14:28 If You Have a Living Trust, Do You Need a Will?
15:57 Goal With a Living Trust
16:40 Estate Planning is Imperfect
17:08 Always Create a Will When You Create a Living Trust
21:10 Two-Part Answer to this Question
21:33 Pour-Over Will
22:04 Things To Watch Out For
22:15 The One-Person Probate
29:10 If You Have a Living Trust and Will, Do You Neeed a Power of Attorney?
31:30 Summary
32:38 Q&A…(read more)


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If You Have a Living Trust, Do You Need a Will Too?

Many people choose to set up a living trust as a way to protect their assets and ensure their wishes are carried out after their passing. A living trust can be a valuable tool for estate planning, as it allows assets to be transferred to beneficiaries without going through the probate process.

However, some people wonder if they still need a will if they have a living trust. The short answer is yes, it’s usually still a good idea to have a will, even if you have a living trust in place.

One reason is that a will can act as a safety net for any assets that may not have been transferred to the trust. Even with a living trust, it’s possible for some assets to be left out, which can happen if you acquire new assets after the trust is created or simply overlook certain assets during the trust funding process. In such cases, a will can outline how these assets should be distributed after your passing.

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Additionally, a will can also be used to name guardians for any minor children or dependents, which is something that a living trust cannot accomplish. This is an important consideration for parents, as a will can ensure that their wishes for the care of their children are legally binding.

Another reason to have a will in addition to a living trust is to address any debts or taxes that may be owed after your passing. A will can designate how these obligations should be paid, which can help to simplify the process for your loved ones and ensure that your creditors are properly addressed.

Finally, having both a will and a living trust can provide added flexibility and assurance. While the living trust may dictate how most of your assets are distributed, a will can still provide guidance for any personal items or sentimental possessions that may not be covered in the trust. This can be especially important for ensuring that specific family heirlooms or sentimental items are distributed according to your wishes.

In conclusion, while a living trust can be a powerful tool for estate planning, it’s still wise to have a will in place as well. Both documents can work together to ensure that your wishes are carried out and your loved ones are provided for after your passing. If you have questions or concerns about your estate planning needs, it’s always a good idea to consult with a qualified estate planning attorney for personalized guidance.

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8 Comments

  1. @nitabioribaritopa

    I think I’ve watched almost all of your videos while trying to help my 65 yr old parents navigate their trusts. Great content! However, the audio is never the best, and the past couple videos are almost inaudible due to the echoes picked up by the microphone. I am NOT an audio expert, but your lavalier microphone won’t work in the wrong environment. Your muffled voice sounds like you’re recording in a shower stall. I don’t know the solution, but maybe you can look into it. Your videos would be 10 times better with good audio!!!

  2. @brhollis-Advisor

    I have learned so much from you. I recently referred a family to you who has heir property in Lousiana and needs help. Thank you for your clear explananations.

  3. @homeschoolmomstamm

    Going through this now. I’m trustee of a living trust where the car was listed in the pour over will. The deceased person named a beneficiary of the trust that is not family and specifically said he is leaving out his son. According to the lawyer the car is not worth the time and expense of probate and the son would be a person of interest so he could contest thus costing more in legal fees and more time. Even though the son has been left out the only option is to let him take the car because as next of kin he can transfer the title to himself.

  4. @TheFtm22

    Trusts sound great, but they don't always help anything. PLEASE talk to your family about your estate planning. PLEASE don't listen if you are told to let them find out when you die. PLEASE make sure you really know what will happen based on what you have planned. If you don't, it can be truly awful for the people you loved.

  5. @kennethcomardelle2187

    I’m not sure how to use zoom as I’m technologically challenged. Does your entity do face to face meetings. I live in the Baton Rouge area.

  6. @d.a3446

    It was explained to us that presentation of the pour over will would avoid initiation of probate proceedings. The example of real estate property in our name would automatically transfer to the trust without probate at the time of our death (therefore unnecessary to retitle our home ownership). Agree?

  7. @sunrain4820

    No I would not want a will too No thanks.

  8. @HiloGirl19

    What are your thoughts on Safe Harbor Trusts?

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