If I set up a Living Trust, do I still need a Will?

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If I set up a Living Trust, do I still need a Will?

Yes. Your Will serves as a back up for assets that you either don`t or are not able to transfer to your Living Trust. Any asset not transferred to the Trust will not pass under the terms of the Trust document. However, in your Will, you can include a clause that names someone to inherit assets that you haven`t left to anyone else. If you don`t have a Will, any asset that isn`t transferred by your Living Trust will go to your closest relatives in an order determined by state law. These laws may not distribute your assets in the way you would have chosen. The Will is how you can assure that your assets that are not covered under the Trust are distributed according to your wishes.

Other Wills FAQs

What is a Will?
A Will is a written instrument containing directions for how the property of the person making the Will (called the testator) shall be divided on his or her death. … more
What are some of the disadvantages of using preprinted will forms?
Preprinted will forms usually do not fulfill the needs of the person writing the will. Also, if part of the form is preprinted, part of it is typed and another part of … more
What are some guidelines in writing up a will?
The following are some guidelines in writing up a will. The first one is to try to avoid using preprinted forms. The second one is to use the same typewriter and … more
Who can prepare a Will?
Anyone of sound mind and body can prepare a Will. This generally means someone who is an adultover the age of eighteen or the age of majority of the state where … more
What happens if a person dies without a Will?
If a person dies without a Will, he/she will be considered to have died intestate. In this case, property will be distributed by the states laws. Often, the surviving … more
What happens if a person dies with a Will?
In general, after the testator (the person with the Will) dies, the person named in the Will to carry out its terms (an executor or personal representative) files the … more
What is an executor?
An executor is the person who makes a list of all the assets and debts of the estate and seeks to carry down the directives of the Will.
Do executors get paid?
Usually executors are paid according to state laws that provide for commissions depending on the size of the estate. However, they may be paid an amount based on the … more
What happens if a named executor is unable or unwilling to serve?
If the named executor is either unwilling or unable to serve when the Will goes to probate, the court will appoint a new executor. Beneficiaries of the Will can file a … more
Should I prepare a short Will or a long one?
A noncomplicated (short) Will is used to give all assets equally to one or more heirs. A long will provides much greater flexibility in how assets are divided, … more