Does a will override a living trust? This is a question that often arises when individuals are planning their estate. Understanding the relationship between a will and a living trust is crucial to ensure that your assets are distributed according to your wishes after your passing. In this article, we will explore the differences between a will and a living trust, and discuss how one can override the other in certain situations.
A will is a legal document that outlines how a person’s assets should be distributed after their death. It is a fundamental estate planning tool that can appoint guardians for minor children, name an executor to manage the estate, and distribute assets to beneficiaries. However, a will only governs assets that are not already transferred to a living trust or jointly owned with another person.
On the other hand, a living trust is a legal entity that holds and manages property on behalf of the trustor (the person who creates the trust). Unlike a will, a living trust becomes effective during the trustor’s lifetime and can be used to manage assets during their incapacity or upon their death. A living trust can also avoid probate, a court-supervised process that can be time-consuming and expensive.
When it comes to whether a will overrides a living trust, the answer is not straightforward. The general rule is that a living trust takes precedence over a will when it comes to distributing assets. This is because a living trust is considered a more comprehensive estate planning tool that encompasses a broader range of assets than a will.
However, there are certain exceptions where a will can override a living trust. One such exception is when the assets in the living trust are not properly titled or transferred to the trust. If an asset is not transferred to the living trust, it may still be subject to the provisions of the will. Another exception occurs when the trustor explicitly revokes the living trust in their will. In this case, the will would take precedence over the living trust.
It is important to note that the relationship between a will and a living trust can vary depending on state laws. Some states have specific rules regarding the priority of a will over a living trust. Therefore, it is essential to consult with an estate planning attorney to ensure that your estate plan aligns with your goals and complies with state laws.
In conclusion, while a living trust generally overrides a will when it comes to distributing assets, there are exceptions where a will can take precedence. Understanding the interplay between these two estate planning tools is crucial to ensure that your assets are distributed according to your wishes. Consulting with an estate planning attorney can help you navigate the complexities of estate planning and create a comprehensive plan that addresses your specific needs.
