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Tax Blog

Will and Trust Conundrums

Sometimes even with a lot of planning, things do not go our way. Sometimes we cannot get out of the house on time for an appointment, sometimes we miss a train, and sometimes our will and trust just do not match up. Wills and trusts are essential parts of estate planning and are very important legal documents that make it easier on your family when it comes to distributing assets after you are gone.

A will is a legal document that helps establish who will take possession of your various types of property (cash, investments, etc.), the long-term plans you would like to make, how to pay any existing debts, and the distribution of any real estate you may own. If you die intestate without a will, your estate is distributed according to how your jurisdiction handles inheritance law. Similarly, a trust helps hold, manage, and oversee the property.

So, what happens when the language within a will or trust conflicts with each other? Generally, a will cannot override a trust that may already exist; a living trust will override the will. The will also can not distribute or manage property held in the existing trust because they are assets that belong to the trust and not a part of your existing estate. AOL.

No matter the age – it is important to have a comprehensive estate plan to help ensure your family can best support your future wishes. For more information on what may work the best in your estate plan, reach out to the Professionals at The Center for Financial, Legal, & Tax Planning Inc., at (618) 997-3436.



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