Will
When you have a Revocable Living Trust, the Will is a safety net for any assets that are not titled in the name of the trust. Here’s what I mean by that.
For example, the name of the revocable living trust could be “Revocable Living Trust of Mary and Joe Smith”. Therefore, if Mary and Joe Smith had a bank account titled in their names jointly, once the revocable living trust is created, Mary and Joe Smith would change the title of the accounts from their joint names into the name of the living trust, “Revocable Living Trust of Mary and Joe Smith”. That’s just an example.
For the trust to work, everything you own like bank accounts, investment accounts, retirement accounts, real estate, and any other assets must be titled in the name of the trust. But during our busy lives, you may purchase and sell other assets and forget to title those assets in the name of the trust. If something like that happens, and you die while those assets are titled in a name other than the trust, your Will merely states that those assets go into the trust. That way, you can protect those assets from your children’s divorce, bad habits, lawsuits and bankruptcy that would not otherwise be protected had you just left those assets in a Will, outright, to your children.
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- Optimal Estate Plan to Protect Your Life Savings and Family Relationships
- Why Your Retirement Plan Should be in a Trust
- An Estate Plan for 2nd Marriages & Blended Families
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Chester County Pennsylvania Estate Planning Attorney with ThePeoplesLawFirm.com
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