The Will that accompanies a Revocable Living Trust is different, however, than a Will that is the sole testamentary document.
Typically, people think of Wills as saying “who gets what” of your assets. When a Minnesotan has a Revocable Living Trust, it’s a chief task of the trust document to say “who gets what”. If more than one document described the distribution of all of the deceased’s assets, there would be confusion.
So what is the need for a Will when there’s a Revocable Living Trust?
First, only a Will can be used to select guardians for minor children.
Second, it’s highly likely that either accidentally or on purpose, the deceased did not assign certain assets to the deceased’s Revocable Living Trust during the deceased’s lifetime that could have been so assigned. In that case, at the owner’s death, the Will transfers those assets to the Revocable Living Trust so that the distributions of assets outlined in the Revocable Living Trust can be properly followed.
An estate planning lawyer will help you create a Will and Revocable Living that fits your needs and desires.
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