Do I Still Need A Will If I Have A Living Trust?

Yes, you still need a will in order to handle all of the personal assets that are not part of your living trust.

Ideally, a trust will hold most of a person’s assets upon their death.  But a will can ensure that assets will pass to the trust if they have not been previously transferred to the trust.  This often happens when a person refinances their home or acquires assets after originally drafting the trust.

A will tells the court how to deal with the ownership of a person’s non-trust assets.  Generally, a will contains a pour over provision that directs the transfers all of your possessions to a persons trust upon their death. It doesn’t mean that probate can be avoided for any assets that are turned over.  In order to avoid formal probate proceedings, you must ensure that your non-trust probatable assets do not exceed $150,000 in value.

A will is also used to nominate guardians of any minor children that would be left as survivors.

Hassell and Hyatt offers free estate planning strategy sessions to review your estate planning needs.  Call us at (916) 900-6206 to schedule your free session.