What will happen to your assets after you die? Planning for the future does not only make things easier for your family when you are no longer here, but it can also give you peace of mind while you are still enjoying life.
As an estate planning lawyer can explain, two common ways to plan for after-death arrangements is through the use of a will or a living trust. While both of these options provide legal instructions for those who survive you, there are some key differences that set them apart.
If you have already created a living trust and you are wondering if you should also have a will, the simple answer is yes. While only some people need to have trusts, a will can be beneficial for anyone. An experienced living trust lawyer can help you work out the specifics , but in the meantime, here are three reasons to have both a will and a living trust. You can use this list to help you brainstorm questions for your attorney.
1. A Living Trust Does Not Cover Everything
Look around your home and consider all of your possessions. Chances are, there are some things you did not include in your trust. The fact is, most people leave some things they own out. The reason for this is because it just is not feasible to try to cover everything you own, and even if you wanted to, you will still probably acquire something additional before you die.
2. A Will Can Do More for Minor Children
If you have minor children, you will definitely need a will in addition to your living trust because a will offers protections for dependents that a trust does not. For example, if you want to name a guardian to care for your kids in your absence, you need a will do to do so.
3. You Can Express Long-Term Wishes for Future Generations
Another benefit of a having a will alongside a trust is the ability to spell out wishes for future generations. A trust, on the other hand, does not cover distributions for any subsequent generation.
At the end of the day, there can be several advantages to having both a will and a trust in place to manage your assets after you are gone. With the help of an experienced living trusts lawyer, the process does not have to be difficult. Sometimes, people put off planning the after-death management of their estate because it seems like a hassle. The good news is, there are legal resources available that can make things simple. Call an attorney today.