Do I Need a Will if I Established a Trust in Virginia?
Trusts are important estate planning tools, but they don’t completely eliminate the need for a will in Virginia. Often, having both a will and a trust can give you considerably more control over what happens to your assets when you die. In this article, the Virginia Beach elder law attorneys at the Law Office of Angela N. Manz will discuss why you should have a will even if you have a trust in Virginia.
What is a last will and testament?
A last will and testament is a legal document outlining how your assets are to be distributed after your death. A will also serves other critical functions such as naming guardians for your minor children and appointing an executor to manage your estate. Your will can directly handle assets that are not placed in a trust. Without a will, your assets could be subject to Virginia’s intestacy laws. That means the state will determine how your assets are distributed. Your will is a vital estate planning tool that cannot be ignored just because you have a trust.
What is a pour-over will?
You may have assets that are not titled in your trust’s name upon your death. Thankfully, you can specify that these assets are “poured over” into the trust. The pour-over will acts as a safety net for assets that were not moved into the trust during your lifetime. The pour-over will ensures that assets not included in the trust are added to the trust after your death as opposed to being distributed according to Virginia’s intestacy laws.
It’s important to note that even though a pour-over will moves assets into your trust after you die, those assets still need to go through probate first. A pour-over will cannot bypass the probate process for assets not included in your trust because they weren’t titled in the trust before your death. To avoid probate, you must transfer the assets into your trust while you’re still alive. A pour-over will is more or less a backup plan and not a replacement for titling your assets in the trust’s name.
Those who have both a will and a trust have stronger estate plans than those who either have one or the other. While your trust can manage and distribute assets efficiently, your will is important for handling personal matters that cannot be addressed by the trust. You cannot name a guardian for your minor children in a trust.
Talk to a Virginia Beach Trust and Wills Attorney Today
Are you ready to establish an estate plan to safeguard your future and ensure that your wishes are respected after you die? If so, call the Virginia Beach estate planning lawyers at the Law Office of Angela N. Manz today to schedule an appointment. We can help you establish a trust, fund a trust, establish a will, and more. Call today to learn more.
