You may have asked yourself this question: do you really need a will *and* a trust? It may seem redundant or you might think it’s just another way for a lawyer to charge you, but estate planning attorney says that’s not the case. First, she says, it’s essential to set up a revocable living trust- to protect your assets. But once that’s done you still need a will technically it’s called a pour-over will. Rebecca calls it the “oops document” and its critically important.
“the whole point of the revocable trust is to transfer your assets into it during the course of your lifetime. But oops if you forgot something- it pours over, mind you through probate, I have to emphasize it will go through probate and then it will dump over, pour over into the revocable living trust and be distributed pursuant to the terms of the revocable living trust.
And remember, that last will and testament, alone, does not avoid probate. So it’s important to set up a revocable living trust. For more information on the benefits of revocable trusts call Doane and Doane at (561) 656-0200 or log onto doaneandoane.com