Many people wishing to prepare a comprehensive estate planning have the doubts about living trust and will
. Even when such persons create living trust, the will would be indispensable part of good estate planning.
Will living trust dispense with the requirements of a will? That is one of the questions that plague the mind of most of the people who are trying to prepare a comprehensive estate planning . Will as such is indispensable as it provides essential back up for the property that is not transferred to self as trustee by the owner. Acquiring property shortly before death could result in the owner forgetting to transfer the ownership to the trust. Since such property won't pass the terms of the trust document, they cannot be accepted as part of the trust.
Pertinence of will is evident from the fact that one can easily include some clauses in it that would bring up any property within its ambit that won't leave the properties to any particular person or entity. Problems of not having will is that the property that is not transferred to the living trust or any other probate can only inherit on the closest of the relatives as determined under the law of the land applicable in Orange County or Southern California as the case may be.
Other ways of transferring assets to the inheritors that are free of probate includes multiple ways. Transferring properties within short period of weeks or at most months of the death of the owner could be possible. Making gifts just before the death or adding the pay-on-death clause with the bank accounts, having the residence in joint tenancy with survivorship rights are some of the adopted processes. Also the methods like the life insurance policy, in-trust-for bank account that is known as Totten Account and the Keogh accounts, individual retirement as well as pension inheritance accounts are used for such inheritance protection by experienced trust planning attorney .
Living Trust however is the only one that could be used in all types of properties and it offers the flexibility of broad planning as well. Alternate beneficiaries can be identified if the primary beneficiaries nominated for inheritance suffers premature death. Experienced estate planning attorney can give you the best advice on such matters.