Ted explains the vital role of both a living trust and a pour-over will in estate planning. Together, they protect assets, support loved ones, and ensure wishes are honored. He dispels myths about trusts replacing wills and warns of the risks of not having both.
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Takeaways
- You need both a will and a living trust.
- A living trust helps avoid probate.
- A pour-over will captures assets not in the trust.
- Guardianship for minor children must be designated in a will.
- Without a pour-over will, assets may pass according to state law.
- Proper asset alignment is essential for estate planning.
- Both documents should be updated together after major life changes.
- A will names an executor for probate matters.
- Trust and will work together, not against each other.
- Regularly review your estate plan every 2-3 years.
Resources:
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