Why do I need a will if I have a trust?
There are essentially three reasons why you need to have a will, even if you have a trust.
Revoking prior wills. First, it’s important that your will is concurrent with your trust so that you don’t create confusion. One of the first things that a will does is… revoke any prior wills. That ensures there’s no confusion about your intention. (Also, it means that anything you wrote on the proverbial napkin is tossed out.)
Pouring assets into trust. What if you forgot to put one of your bank accounts into the name of trust? Having a “pour-over will” allows that asset to get poured into the trust — and distributed just as you intended for it to be.
Guardians. The will is where you name your guardians for your minor children. This is the list of people who are responsible for the day-to-day of your child’s life. (This is different from the person who is managing your finances on behalf of the child; it can be the same person, but it doesn’t have to be.)
A comprehensive estate plan in California should include a trust, a will, a financial power of attorney, and a healthcare power of attorney. Contact me for a complimentary consultation.