Living Trust
Placing your assets in a trust is the only way to avoid probate should you have an estate when you pass away.
Living Trust
A living trust is the most significant tool a good estate plan. Placing your assets in a trust is the only way to avoid probate should you have an estate when you pass away. A trust is meant to replace the probate process by stating who receives your estate when you pass away and who will be in charge of that process as your trustee.
Will
While wills do not avoid probate, they are still a necessary tool in your estate plan. A properly drafted estate plan should include a pour over will that can “catch” any assets that are not placed in your living trust. The goal is to have all of your assets in your trust when you pass away, but the pour over will is meant to redirect overlooked assets to your trust estate. A will can also be a very powerful tool for parents with minor children as it states who you wish to care for your children should you pass away while they are minors. For many people this is the most important part of their estate plan.
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