I also get asked, do I need a will if I have a trust? Well, yes, you do. Simply put, with every estate plan that we put together, we have some sort of will.
When you’re talking about a will that accompanies a living trust it’s called a pour over will. In essence, what it does is it directs the trustee after your passing that all of the items that were not put into the trust during your lifetime should be left to the trust. Now, care has to be taken that there’s not large items left outside of the trust, because that could trigger a probate even when you have a living trust. So yes, you do need a will to gather all those things that you just don’t take the time to put into the trust.
Also, here in Illinois, we tend not to put vehicles into trusts. Simple reason is why pay the transfer tax to move it out of your name to put a vehicle, then into the trust. You have a pour over will that will generally take care of those types of items instead.
If you have any more questions about living trusts, trusts in general, or just need an estate plan set up, make sure to call me today. Thank you.