You have probably been told how important it is to have a will in Edwardsville, IL. Having a will makes it easier for your family and friends to divide your assets in the event of your death. If you have a trust, however, you may wonder if you absolutely need a will. While it is true that a trust is important for distributing your assets upon your death, it is still important to have a will made. Here we want to go more into detail on trusts and explain why you should still get a will even if you have a trust.
What Are Trusts
A trust is a legally binding document that will map out how your assets will be distributed when you die. The trust will own the things you transfer it. It can sell, buy, or earn income, or have an identification number. Creating a living trust is similar to creating a fake person in that regard and when you make one, it will own whatever your transfer over to it. Then, once you have died, the living trust will follow the instructions to use or dispose of all the assets you gave it ownership of.
The Reasons You Still Need Wills
While it may seem like just having a trust set up is enough, it is still important that you get one made. There are certain things a will can do that a trust cannot. A will gives you the authority to name a new legal guardian of any young children you may have upon your death. One of the biggest issues that trusts have are they only are able to control what it owns, so you will need to be sure you transfer all your assets and maintain them as carefully as you can.
Having a will can help catch anything that may have not been included in the trusts. This is called a pour-over will and it will transfer all the assets you missed into the trusts when once you have died. While having a trust is a great way to ensure you can control how you want your assets divided up in Edwardsville, IL, it cannot be understated how important it is to also have a will.
If you have any more questions about trusts or wills or you need assistance setting either of these up in Edwardsville, IL, give our team of experts over at Action Law Center a call today!