It is a good idea to have a Last Will & Testament even if you have a Living Trust. If you have minor children, it is within your Will that you actually name who you would like to be guardian of your children. Even without minor children, you would want a will in place even with a Living Trust to serve as a safety net. This type of will is commonly known as a “pour-over will.” Despite it’s common name, this will is still a will. If you die and depend on your will to pass on your assets at your death, then your estate will go through the probate process. Making sure your assets are titled and positioned correctly with your living trust will ensure that no probate is needed. If you have no minor children and all assets titled correctly, you will most likely never use your pour-over will. However, should an asset slip through the cracks and not be in the name of the living trust, having a pour-over will in place will ensure that your assets will go to those that you wish to inherit them. That asset will be exposed to the probate process but the pour-over will provides that the asset should be distributed to your trust.
There are many other documents that are important to have in place in addition to your living trust and pour-over will. To find out, call today to schedule your free no-obligation consultation regarding your estate planning needs. Everyone needs an estate plan. It’s not just important to protect your material possessions but more importantly to preserve your loved ones relationships with one another. We have offices near Madison and in Baraboo. Call us at (800) 431-9776 to begin the process of protecting your legacy.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
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