Living trusts are widely considered to be alternatives to wills, so clients often ask if they need a will if they have a living trust. They assume the answer is no.

And that’s incorrect. There are several reasons why you should have a will even though you have a living trust in place in Maryland.

Wills Do Some Things You Can’t Do with a Trust

Families with minor children often use a will as the tool to nominate a guardian to care for their children if something should happen to the parents. This vitally important task cannot be accomplished with a trust. You need a will to name a potential guardian.

In addition, wills also can include provisions specifying what an individual would like to happen to their body after they pass away. They might want to be cremated, or buried in a particular place, or they might want to donate their body to medical science. These preferences can be spelled out in a will, but not in a trust.

Using Your Will as Reinforcement

Living trusts are designed to enable property to pass directly to beneficiaries without being held up in probate. If all of your assets that could be subject to probate are properly transferred to the trust, then you leave no probatable estate, and that process goes according to plan.

But what if something gets left out? What if you missed certain property or acquired property but didn’t have time to title it in the name of the trust? Having a will ensures that the property will still go to the people you want to receive it. If you don’t have a will, property left out of the trust is distributed according to the Maryland laws of intestate succession. That property could be divided in a way you never intended or it could go to someone you did not want to have it.

A will reinforces your wishes and serves as a backup plan. We often prepare pour-over wills for clients with revocable living trusts. These wills simply transfer any probatable assets into the trust so they can be distributed privately through the trust, simplifying the process and preserving confidentiality.

Finally, when you prepare a will and name the same person executor who is also the alternate trustee of your living trust, you reinforce their authority to act on behalf of your interests when you pass away. That person should not need additional authority to do their job, but it can be reassuring to them and to financial institutions they are dealing with.

The Law Office of Powers & Worshtil, P.C. Can Protect Your Interests with the Right Will and Other Documents

To ensure that your family is protected and your wishes will be followed in the future, it is wise to have a comprehensive estate plan, including some type of will. To talk to the team at Powers & Worshtil, P.C. about preparing or updating your documents, contact us today.