Why You Need a Will Even If You Have a Revocable Living Trust

Are you beginning to think about estate planning in Connecticut and considering creating a revocable living trust? For many people in the Canton area, with varying incomes and assets, a revocable living trust can be an extremely useful tool to have in your estate plan. A revocable living trust allows the person who creates the trust (known commonly in Connecticut as a “settlor”) to maintain control over all of their assets placed in the trust while they are still alive, and then, upon their death, all assets can be distributed to beneficiaries according to the settlor’s wishes without having to go through probate.

If a revocable living trust seems like it might be right for you, it is important to discuss it with a lawyer. When you do, you should know that it will still be very important to make a will. Although you may be planning to place all of your assets into the revocable living trust, a will is a document that you will want to have as a type of safety net in the event that any asset, however large or small, is somehow excluded from the trust. Our Connecticut estate planning attorney can explain in more detail.

Pour-Over Wills for Individuals with Revocable Living Trusts

What is a pour-over will? This is a term used to describe a will that is a type of safety net, which is used for individuals who have created one or more trusts that hold all or the majority of their assets.

A pour-over will works so that any assets that were not placed into your revocable living trust will automatically be transferred there upon your death and distributed according to the terms of the trust. In effect, a pour-over will is designed for stray or forgotten assets that could lead to complications with estate administration.

How Can You Create a Pour-Over Will?

A pour-over will is subject to the same requirements as any other will in Connecticut.

Accordingly, presuming you meet the basic requirements to make a will, you can work with an estate planning lawyer to establish your revocable living trust and to then create a pour-over will that will protect you and your beneficiaries.

Contact a Canton, Connecticut Estate Planning Attorney for Assistance Establishing a Trust, Creating a Pour-Over Will, and More

Estate planning in Connecticut has many essential components that you should always discuss and create with the assistance of a lawyer. When it comes to a revocable living trust, this is not necessarily an estate planning tool that all parties need, but it can be beneficial to many different Connecticut residents for purposes of flexibility and avoiding probate. When you do decide to establish a revocable living trust, even if you think you have placed all of your relevant assets into the trust, you should nonetheless work with an experienced Canton estate planning attorney at the Law Office of Brian S. Karpe to create a pour-over will to have a safety net that will ensure the administration of your estate is straightforward for your beneficiaries. Contact our firm today to learn more about how we can assist you with the creation of a trust and a pour-over will, as well as other important components of Connecticut estate plans.

Source:

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