People often ask these questions about wills:
I have a will. Is that the same as an Estate Plan?
A will is an essential part of an overall Estate Plan. However, for many people, a complete estate plan should also contain a Living Trust, an Advance Health Care Directive, and, in some circumstances, a Durable Power of Attorney. Your Estate Planning attorney can help you determine which documents will provide you the best protection in your unique situation.
Why do I need more than a will?
Wills only become effective upon your death. If you become incapacitated, you still need another plan and documents ensuring your affairs, and those of your dependents, can be managed by someone else.
If I get a Living Trust, why do I also need a Will?
Even with the valuable tool of a Living Trust, a Will is still an important part of a complete estate plan. A Will is used to identify your family members, nominate guardians for minor children, distribute tangible possessions, including pets, and to state your wishes regarding burial or cremation. Your Will also acts as a “pour-over” into your Living Trust, ensuring that whatever was not transferred into your Living Trust during your lifetime is transferred into it upon your death, so that your trustee can manage and distribute your assets in the way you have directed in your Living Trust.
