There are different types of wills. One type can be called a long form will which is a will that includes a trust within it. Using a long form will, on death, upon certain conditions or triggering events, the will sets up a trust, the trust terms of which are included in the will which also sets forth the conditions upon which a trust is formed upon death. The will also names a trustee. One condition where a trust might take effect under a will is if there are minor children receiving a share of funds under the will. The creator of the Will sets forth the ages and stages through the long form will which forms a trust in the event of a minor child. In that case the trustee will carry out the terms of the trust for that minor child.
The difference between a long form will and a revocable living trust with pour-over will is that the revocable living trust speaks during lifetime. In that case the type of will that is used with a revocable living trust is a pour-over will. A pour-over will pours-over any assets not titled into the trust during the lifetime of the Grantor upon death. The willed estate, through probate, pours-over any assets into the trust to be administered under that trust administration. It’s like wearing a belt and suspenders in a sense. If the assets don’t get titled into the trust during lifetime, then they get poured-over into that trust upon death. Also, that trust that was revocable during the Grantor’s lifetime, becomes irrevocable upon death.
Some clients are more comfortable having a will that is administered under court supervision and some clients prefer to avoid probate all together to retain confidentiality
Please contact the Law Offices of Hoffman & Hoffman P.A. to schedule an appointment. We are happy to explain the nuances of the different estate planning vehicles to you when we meet for your initial appointment.
For an initial consultation with one of our experienced attorneys call 305-372-2877 or 877-858-2977 or fill out the contact form on the right side of this page.
