A last will is a written document that states who you wish to be the guardians for your minor children and how you would like your assets distributed at your death. The last will names an executor to facilitate the management of your assets during the probate process.
Trusts are a legal construct that allows you to create a separate legal entity to hold your assets. A trustee is named who manages the assets for the benefit of you and your beneficiaries. Revocable living trusts are created and funded during your lifetime and you often name yourself as trustee to maintain control of the assets until your death or incapacity. A testamentary trust is created after your death by a provision in your will. Trusts are very flexible and there are many different types. The type of trust used is dependent on your specific goals and circumstances.
A Revocable Living Trust (“RLT”) offers protection should you become incapacitated by allowing your successor trustee to manage your assets without interruption. Please note that even with a RLT you should still have a will known as a “pour-over” will. These wills make sure that any assets, which may not be in your RLT at the time of your death, “pour-over” into the trust. Your RLT Package will include all of the necessary estate planning documents including a “pour-over will.”