Creating a Will only
A Last Will and Testament is a crucial legal document that allows you to outline how your assets and personal belongings will be distributed after your passing. In your will, you can specify who will inherit your property, name guardians for minor children, and appoint an executor to carry out your wishes. While a will provides clear instructions for your estate, it must go through probate court, a legal process that ensures your directives are followed. Having a well-crafted will helps protect your loved ones and ensures your legacy is passed on exactly as you intend.
Creating a Will with a Trust
When creating a Last Will and Testament alongside a Revocable Living Trust, the will often includes what's called "pour-over" language. This ensures that any assets not already placed into the trust during your lifetime will be transferred, or "poured over," into the trust upon your passing. Essentially, the will acts as a safety net to ensure that all your assets are eventually handled by the trust. Once in the trust, these assets will be distributed according to the terms you've set, allowing for a more efficient transfer without the need for probate, and ensuring your wishes are carried out seamlessly.