A Guide For Legacy with a Living Trust

 You've likely heard of the terms "Will" and "Trust" from an Estate Planning perspective, but do you know their differences? In addition, do you know which plan will most effectively protect your assets and family?

There are many Estate Planning options, and choosing the most appropriate route can feel overwhelming. It's a good thing that Trust & Will is here to assist you.

Preparing for the coming future by making vital decisions is the most effective way to ease the burden on your loved ones when they require it most.

Be aware that when you have created the Trust, it is also necessary to finance it by transferring assets into it, thus making it the Trust's owner. This makes Trusts somewhat more complicated to establish, but be aware that Trusts offer a significant advantage over Wills.

A Will and a Living Trust

Let's say you have both a Last Will and a Living Trust. This isn't a good idea because assets listed in the Last Will are likely to go through a lengthy probate procedure. Additionally, the Last Wills are public documents. However, the assets contained in the Trust Trust are generally secured from probate courts.

Enter: The Pour Over Will. The majority of living trusts (including those you can buy via Trust and Will) comprise what's known as the Pour Over Will, a kind of Will designed to work to your Trust. With the help of a pour-over will, everything the owner of a property not part of their Trust -in addition to any other property subject to their Last Will- will be refunded to your Trust upon your passing away. The Pour Over Wills act as a plan of backup to ensure all your assets will be placed in your Trust.

It is essential to note that a Living Will is distinct from the Last Will and the pour-over will (and yes, we understand that the names could be confusing). A Living Will is a collection of documents about the individual's medical choices. The papers are included in the Living Will.