When planning for your family’s future after your death, you may think a will or a living trust is the right documentation to have. Do you need a will if you have a trust?
Working with a Newark estate planning lawyer from CC LawGroup can help you determine an appropriate approach for your family and needs. Here, we explain whether having a living trust and a will is ideal.
How Does a Trust Differ From a Will?
Understanding the living trust versus will debate starts with knowing what each is. A trust is a legal document that outlines how to distribute a person’s assets upon their death; a living trust is similar but remains active during the person’s life, allowing them to manage their assets.
A will is a legal document that governs the distribution of assets after death. However, it also allows the naming of guardians for children and the estate executor.
Reasons To Have a Will With a Living Trust
Do you need a will if you have a trust? Although similar, a will offers more than a trust. One of the main appeals of a living trust is the ability to modify its terms before death.
Consider having both documents for the following reasons:
You Can Name a Guardian for Your Children in a Will
If you have underage children, having a will grants you the chance to publicly name a guardian for your children if you pass away. This option isn’t available in a living trust, which is a private document. The will clearly outlines your final wishes, including the name of the guardian.
A Trust Doesn’t Go to Probate
When you have a will, your estate will go into probate when you die. The probate process ensures proper distribution of your assets. Because a living trust becomes active during your lifetime, it won’t go through probate.
A Living Trust Won’t Include All of Your Belongings
The only assets that are part of a trust are those you transfer to the trust. In other words, the legally binding document won’t cover all of your belongings. A will can cover what your living trust doesn’t.
You Can Avoid Complications With Asset Distribution
A living trust allows you to manage your asset distribution directly, which minimizes complications. However, a will can take a long time to go through probate, which can strain family relationships, generate court fees, and make previously personal information public.
Seek Additional Counsel Regarding Estate Planning in Newark, CA
Do you need a will if you have a trust? Pairing a will with a living trust can ensure careful management and division of your assets.
We know the ins and outs of living wills and trusts at CC LawGroup. As experienced family and estate planning attorneys, we understand how challenging it can be to plan for the future after major life changes. We work closely with clients to protect their interests, advocate for their rights, and help them prepare for their family’s future.
For a consultation with a skilled lawyer in Newark, California, call CC LawGroup at (510) 818-0000.
