Can a Revocable Living Trust Replace a Will?

In creating an estate plan, many Connecticut residents have the goal of passing their property easily and quickly to loved ones, and allowing those beneficiaries to avoid the lengthy and often complex process of probate. One common way to do this is by placing your assets into a revocable living trust and designating beneficiaries. If you decide to do this, you may be wondering: can a revocable living trust replace a will, or do I still need to make a will in addition to a revocable living trust?

Generally speaking, if your only reason for making a will is to leave property to beneficiaries, a revocable living trust can largely replace a will, but even then, you will likely want to have a basic will to ensure that no assets are missed and distributed according to the rules of intestate succession. And if you have other reasons you may need a will, which we will explain below, then you will certainly want to plan out the terms of both your will and your revocable living trust.

When Your Only Reason for a Revocable Living Trust or a Will Is to Leave Property to Beneficiaries

For most Connecticut residents, a revocable living trust is preferable to a will when it comes to leaving property to loved ones. With a revocable living trust, you can place all of your assets into the trust and designate beneficiaries to whom those assets will be distributed upon your death. During your lifetime, you will keep control of the trust and can make any changes or revisions as you wish. A revocable living trust is usually preferable to a will since assets distributed through the trust do not have to go through probate.

Yet even if you have a revocable living trust and your only purpose is to leave property to beneficiaries, you will likely still want to have a brief will that clarifies any remaining assets should be transferred to your trust upon your death and distributed accordingly. This is often known as a “pour-over will.”

When You Have Other Reasons to Make a Will 

Do you have minor children? If so, you will need more than a pour-over will to accompany your revocable living trust.

In addition to creating a revocable living trust, you can name a guardian of your choosing for your minor children in your will. This is in case anything happens to you and you cannot care for your children yourself. Beyond naming a guardian for your minor children, you should talk with your estate planning lawyer about any other terms that may need to go into your will.

Contact a Canton, Connecticut Estate Planning Lawyer for Assistance with Your Will and Your Revocable Living Trust

Deciding exactly which documents and tools should be part of your estate plan is a decision that should be made with guidance from an estate planning lawyer in Connecticut. While some types of documents are essential for nearly all estate plans, others will depend on a person’s individual circumstances and needs. To find out more about creating a revocable living trust and a will in Connecticut, or revising either of these, you should get in touch with an experienced Canton estate planning attorney at the Law Office of Brian S. Karpe today. We can discuss your estate planning needs with you and help you to ensure that your assets pass smoothly to your beneficiaries without needing to go through probate. Contact our firm for more information about how we can assist you.

Source:

cga.ct.gov/2023/pub/title_45a.htm