Creating an estate plan is a smart way to protect yourself and your family when you pass away. Several documents make up the estate plan, including wills and trusts.
Some people believe that with a trust, a will is unnecessary. However, trusts are limited in what they can do and knowing the facts will help you understand why having a will and a trust may make more sense. Here are some things you may need to do with your will:
Name a guardian for your minor children
If you are the parent to children under 18, you can create a trust to ensure they are financially provided for after your death. A trust manages the assets you put in it for your children but does not determine who cares for them. Your will can be used to appoint a guardian for your minor children. In fact, you should have a will if you have children, even if you don’t create a trust.
Handle any left-over assets not included in the trust
You can create a living trust that lets you make changes and updates while you are alive. However, there is still a chance that when you pass away, there will be assets that are not included in the trust. It is possible to use your will to provide instructions regarding how the assets that are not in the trust should be distributed, although a pour-over trust may also be useful.
There is no question that having a trust offers several benefits. However, you may also need a will to ensure that all your bases are covered. You can work with someone who knows your legal options to ensure you handle everything necessary for your end-of-life planning.