Does a Living Trust Override a Will?
Understanding the difference between a living trust and a will is crucial for anyone planning their estate. A common question that arises is whether a living trust overrides a will. In this article, we will explore this topic and shed light on the legal implications of both documents.
A living trust, also known as a revocable trust, is a legal arrangement where a person (the grantor) transfers their property into the trust for the benefit of themselves and/or others (the beneficiaries). The grantor retains control over the trust’s assets during their lifetime, and upon their death, the assets are distributed according to the trust’s terms. A living trust is an effective estate planning tool that can provide privacy, avoid probate, and potentially reduce estate taxes.
On the other hand, a will is a legal document that outlines a person’s wishes regarding the distribution of their assets after their death. When someone dies with a will, their estate goes through the probate process, where a court oversees the distribution of assets to beneficiaries. While a will is a vital part of estate planning, it does not have the same benefits as a living trust.
So, does a living trust override a will? The answer is yes, in most cases. If a person creates both a living trust and a will, the living trust will generally take precedence over the will. This is because a living trust is a more comprehensive estate planning tool that can address a broader range of issues, such as asset management, incapacity planning, and privacy concerns.
However, there are certain exceptions to this rule. If a person creates a will after establishing a living trust, the new will may revoke the trust. Additionally, if the trust is not properly funded or the trust document contains ambiguities, the will may still be used to distribute assets that are not included in the trust.
It is essential to work with an experienced estate planning attorney to ensure that your living trust and will are properly drafted and executed. An attorney can help you understand the benefits and limitations of each document and help you create a comprehensive estate plan that meets your needs.
In conclusion, a living trust generally overrides a will in estate planning. However, it is crucial to consult with an attorney to ensure that your estate plan is up-to-date and legally sound. By doing so, you can provide peace of mind for yourself and your loved ones.
