MYTH: If I have a Trust, I do not need a Will.
FACT: Usually when you have a living trust you will also have a last will and testament which is often known as a pour-over will. The purpose of this will is to send any property that has not been transferred to your trust at the time you pass away to the trust. The living trust is still the primary document that controls your estate and disposes of your property. The pour-over will is a safety net that simply provides that all of your property goes to your living trust.
If you have a fully functional last will and testament, you probably will not have a living trust. In this case, the last will and testament will actually determine where your property goes, nominate guardians for your minor children and address other issues related to death in the transfer of property.
For other information on estate planning, including a podcast called “Estate Planning Demystified” check out my Oklahoma Estate Planning page.
This material was adapted from the firm Tellie Coleman, attorneys at law. Tellie & Coleman has an excellent website with some great resource material.
