I Have a Revocable Trust – Why Do I Need a Will Too?
If you have a properly funded revocable trust, you may not need a will. At the time of your death, your property will be managed and distributed according the terms of the trust you established.
But what about that piece of property that you recently acquired, forgot about, or neglected to retitle in the name of the trust. Without a will, any assets that are intentionally or inadvertently left out of a trust will pass through the intestacy statues rather than according to the terms of your trust.
To avoid the possibility of this happening, a pour-over will is used. A pour-over Will is a safety net that ensures any assets that are intentionally or inadvertently left out of the trust are diverted to the trust at your death and managed and distributed according to your wishes.
If any assets are left out of the trust, the pour-over Will can be probated, but the assets will eventually be distributed according to the terms of the trust rather than according to state law.
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Comments
Robert Barber
August 13, 2015 at 10:46am
Good Morning,
My mother passed away in Texas on June 27, 2015. She had a Revocable Living Trust, detailing how her assets should be distributed upon her death. I am named as the successor Trustee. I live in Tennessee.
I have completed all the necessary forms with her financial institutions to become Trustee, and I have taken control of her accounts under the same Trust name.
My question: Having a Revocable Living Trust (documents of which were accepted by Fidelity, Schwab etc) do I need to do anything concerning Probate in Texas? If I do, do I need to do it in person? If you can respond, thank you.
Bob Barber
Rania Combs
August 18, 2015 at 12:44pm
If all your mother’s assets are in the trust, then probate will not be necessary.