Do You Need a Will if You Have Created a Living Trust?
- posted: Mar. 07, 2025
- Estate Planning
Understanding Wills & Living Trusts
A living trust is a legal instrument by which designated assets are transferred to your named beneficiaries directly upon your death. The trust does not have to go through the probate process that is required for a will. However, there are good reasons for having both a will and a trust.
By placing assets in a living trust, you maintain control over them during your lifetime and can make changes or even revoke the trust entirely if your circumstances or wishes change. A living trust helps preserve privacy for your estate as its terms and administration do not become part of the public record, unlike a will that goes through probate court. Some people choose to create living trusts so that their estate can entirely bypass the probate process, which can be time-consuming and expensive.
But despite the advantages of a living trust, it may not serve all your estate planning needs and objectives. A will can address matters that a living trust does not. For example, a living trust does not usually handle issues such as the appointment of guardians for minor children or the distribution of certain personal assets and debts. Moreover, a will is presumed to cover all property you may own upon death, whereas a trust only governs the assets that are placed into it. A will can include a residuary clause to control the distribution of any assets not specifically bequested or used to pay debts, taxes or expenses, which would otherwise be subject to intestate distribution under state law.
A “pour over” will is often used in tandem with a living trust. This simple form of will acts as a safety mechanism, directing that any assets not placed in the trust during your lifetime will be inherited by the trust upon your death. Thus, they will be managed and distributed in accordance with the trust’s terms.
Although a pour over will must go through probate, it is likely to be a simpler, less expensive proceeding because the probate estate has only one beneficiary: the trust. In addition, if the value of the assets left to the trust is $300,000 or less, the estate may qualify for summary administration. Or, if the value is $100,000 or less, the probate court can set aside the estate with no further proceedings necessary.
The firm of Miller Law, Inc. can be your trusted estate planning resource. Our experienced team can assist with everything from creating a comprehensive living trust and pour over will to addressing other critical aspects of estate management, ensuring that your assets and loved ones are well-protected for the future. Based in Winnemucca, Nevada, we serve clients throughout Humboldt, Lander, Pershing and Elko counties. Call us at 775-623-5000 or contact us online to set up a free consultation.
Do You Need a Will if You Have Created a Living Trust?
- posted: Mar. 07, 2025
- Estate Planning
Understanding Wills & Living Trusts
A living trust is a legal instrument by which designated assets are transferred to your named beneficiaries directly upon your death. The trust does not have to go through the probate process that is required for a will. However, there are good reasons for having both a will and a trust.
By placing assets in a living trust, you maintain control over them during your lifetime and can make changes or even revoke the trust entirely if your circumstances or wishes change. A living trust helps preserve privacy for your estate as its terms and administration do not become part of the public record, unlike a will that goes through probate court. Some people choose to create living trusts so that their estate can entirely bypass the probate process, which can be time-consuming and expensive.
But despite the advantages of a living trust, it may not serve all your estate planning needs and objectives. A will can address matters that a living trust does not. For example, a living trust does not usually handle issues such as the appointment of guardians for minor children or the distribution of certain personal assets and debts. Moreover, a will is presumed to cover all property you may own upon death, whereas a trust only governs the assets that are placed into it. A will can include a residuary clause to control the distribution of any assets not specifically bequested or used to pay debts, taxes or expenses, which would otherwise be subject to intestate distribution under state law.
A “pour over” will is often used in tandem with a living trust. This simple form of will acts as a safety mechanism, directing that any assets not placed in the trust during your lifetime will be inherited by the trust upon your death. Thus, they will be managed and distributed in accordance with the trust’s terms.
Although a pour over will must go through probate, it is likely to be a simpler, less expensive proceeding because the probate estate has only one beneficiary: the trust. In addition, if the value of the assets left to the trust is $300,000 or less, the estate may qualify for summary administration. Or, if the value is $100,000 or less, the probate court can set aside the estate with no further proceedings necessary.
The firm of Miller Law, Inc. can be your trusted estate planning resource. Our experienced team can assist with everything from creating a comprehensive living trust and pour over will to addressing other critical aspects of estate management, ensuring that your assets and loved ones are well-protected for the future. Based in Winnemucca, Nevada, we serve clients throughout Humboldt, Lander, Pershing and Elko counties. Call us at 775-623-5000 or contact us online to set up a free consultation.
