Sunday, 24 August 2014

With a revocable living trust is a will necessary?

Question

With a revocable living trust is a will necessary?



Answer

It is standard to prepare a "pour-over" will along with a living trust. The purpose of the will is as a back-up in case assets are not properly transferred to the trustee(s).



Answer

Mr. Cusack is correct. Technically, a Will is not required but generally is included with the creation of the Trust.



Answer

Just to add to the other attorneys responses here. Because the pour-over will is designed to work in conjunction with the trust, it is drafted differently that a stand alone will.



Answer

Just to add to what the previous attorneys have posted, a pour over will is often prepared in conjunction with a trust. The reason is that a trust must have property transferred to it to be effective, and people tend to acquire more property after a trust is prepared. This property is often not transferred to the trust, and a pour over will is used to transfer later acquired property to the trust to take care of this problem.



No comments:

Post a Comment