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Question: “Do I need a Trust or a Will?”

Answer: Everyone should have a will, but not everyone needs a trust. Even if you have a trust, you should have a will in order to transfer assets from your personal estate upon death to your trust. This happens when an asset is purposely or unintentionally left out of the trust and is discovered after the death of a grantor of the trust. When that happens, the will needs to be probated so that the asset can be transferred to the trust. When a person has a trust, the associated will is often referred to as a “pour over will” since the will is intended to pour any assets outside of the trust into the trust.

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Above content provided by Michael Hodes, LLC. For advice about legal issues, consult a licensed Attorney.