A Revocable Living Trust accomplishes many goals that a Will does not, including probate avoidance, asset protection for your children and estate tax minimization. However, when you have a Trust, you should still have a proper Will in place. Commonly referred to as a “Pourover Will,” this document simply states that any individually owned assets should be transferred (poured over) to your Trust at death. Since any assets passing through your Will must go through probate court, this document should only serve as a safety net and not as a substitute for properly funding your Trust. Additionally, the Will names your choices for the Executor of your estate and the Guardian of any minor children. Thus, a Will remains an important part a comprehensive estate plan.
