When it comes to preparing for the future, estate planning is one of the most important steps you can take to protect your assets and your loved ones. Central to any solid estate plan are trust and will documents. These legal tools not only ensure your wishes are carried out but also help prevent family disputes, avoid unnecessary taxes, and streamline the distribution of your estate.

But what exactly are trust and will documents—and why are they essential? Let’s break it down.

What Is a Will?

A will is a legal document that outlines how your assets should be distributed after your passing. It allows you to:

• Name beneficiaries
• Appoint guardians for minor children
• Designate an executor to carry out your wishes

Without a will, the court decides how your estate is handled, which may not align with your intentions.

What Is a Trust?

A trust is a legal arrangement where a trustee holds and manages assets on behalf of your beneficiaries. There are several types of trusts, but the most common in estate planning is a revocable living trust, which allows you to maintain control of your assets during your lifetime and ensure smooth transfer after death.

A will of trust (commonly referred to as a pour-over will) is also used alongside a trust to capture any assets not included in the trust before your death.

Why You Need Both Trust and Will Documents

While a will provides clear instructions, it must go through probate—a court-supervised process that can be time-consuming and costly. A trust, on the other hand, bypasses probate, ensuring faster distribution of assets.

Here’s why having both is a smart move:

• Comprehensive Coverage: A trust covers most of your estate, while a will handles anything left out.
• Avoid Probate: Trusts reduce delays and legal fees.
• Privacy: Trusts are private; wills become public record during probate.
• Flexibility: Trusts can be updated during your lifetime to reflect your wishes.

Estate Planning Is Not Just for the Wealthy

Contrary to popular belief, estate planning isn’t just for the ultra-wealthy. If you own property, have a bank account, or care about who inherits your belongings, you need a plan. Having both a trust and will ensures your legacy is protected and your family is supported.

Partner with a Professional Estate Planning Attorney

Navigating the legal landscape of trusts and wills can be complex. At Lumsden Law, we specialize in guiding individuals and families through the estate planning process with clarity and compassion. Whether you’re starting fresh or updating an existing plan, we’re here to help.

Final Thoughts

Creating a trust and will as part of your estate planning strategy isn’t just about documents—it’s about peace of mind. It’s about knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Ready to protect your future?
Contact Lumsden Law today to schedule a consultation and begin your estate planning journey with confidence.