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The importance of a will with a living trust

Individuals in Nevada who are planning their estate may wonder whether they need both a living trust and a will. A living trust should be accompanied by a will because there is still a need to distribute any assets that are not accounted for by the trust.

A living trust is created while its creator, also known as the grantor, is still alive. Putting assets into a living trust has a number of advantages over a will. One of the major ones is that a trust does not go through probate. Probate can be expensive and time-consuming, and it is also a public process. A trust keeps an estate private, and heirs do not have to wait months for probate to go through court and for assets to become available. A trust may also result in tax savings.

However, it is still best to make a will alongside a living trust. A will can specify an heir to whom all assets not named in the trust are left. If this is not done, then any assets would instead be distributed by the state.

An individual who is planning their estate might design a trust in order to ensure that some major assets including real estate pass to one relative. The individual may also wish to write a will that ensures that their remaining assets are distributed to a different relative. The individual may be fairly diligent about reviewing and updating their estate plan on a regular basis or after a major change, but they might acquire something of value and pass away unexpectedly before making an update. Although the new acquisition is not specifically named, it will pass to the other relative because of the provision in the will.

Source: Findlaw, "Should I still make a last will and testament if I have a living trust?", December 05, 2014

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