Estate planning can feel overwhelming, but having both a will and a living trust creates a strong foundation for ensuring your wishes are carried out after you're gone. While they might seem like overlapping documents, they serve distinct purposes and offer complementary benefits.
A living trust is essentially a legal entity that holds onto your designated assets while you're alive. You transfer ownership of these assets to the trust, naming yourself or someone else as the trustee responsible for managing them. The key advantage of a living trust lies in its ability to bypass probate, a court-supervised process that can be time-consuming, expensive, and public. Assets held within the trust avoid probate altogether, allowing your chosen trustee to distribute them directly to your beneficiaries according to your instructions. This not only streamlines the process for your loved ones but also keeps the details of your estate private.
However, it's important to understand that a living trust only manages the assets you specifically transfer into it. Any property or accounts you haven't titled in the trust's name will remain outside its control and become part of your probate estate. This is where a will comes in.
A will is a legal document that outlines your wishes for how your assets should be distributed after your death. It can encompass anything you own, including property, bank accounts, investments and even personal belongings. A will becomes necessary for managing any assets that haven't been placed in your living trust.
To bridge this gap, you can utilize a "pour-over will." This type of will designates your living trust as the sole beneficiary. Any assets not already part of the trust automatically "pour over" into it upon your passing, ensuring their distribution according to the terms you established within the trust document.
Furthermore, there are certain things a will can handle that a living trust cannot. A will allows you to appoint a guardian for your minor children, a responsibility a trust can't fulfill. It also provides a platform to express your wishes regarding pet care and other final directives you may have. You can even include preferences for your funeral arrangements, offering your loved ones clear guidance during a difficult time.
An experienced estate planning attorney can further advise you on the value of having both a living trust and a will. The trust ensures a smooth and private distribution of designated assets, while the will takes care of everything else, including non-transferred assets, guardianship of minor children, and your final wishes.
At Gesmonde, Pietrosimone & Sgrignari, L.L.C. in Hamden and East Haven, we assist Connecticut clients in the preparation of wills, trusts and other estate planning documents. Please call 203-745-0942 or contact us online to schedule a free consultation at our offices or to arrange a virtual meeting.
Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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