I am the administrator of my parents estate. They have last will and testaments as well as a trust. All documents were created on the same day. Do they need both? I was under the impression that a person has one or the other. It seems it may complicate the estate eventually.
Answered on: 7/11/13, 9:21 am by Bob Leonard
You probably need both. Even if there is a trust, many people do not put all of their assets into the trust. For example, they buy a car after the trust is created and forget to title it into the trust. Most attorneys, when they prepare a trust, also prepare a "pour-over" will that simply takes the assets of the estate that are not in the trust and gives them to the trust.
Another reason to have a will is that if, for some reason (such as if the deceased is involved in a lawsuit at the time of his or her death), there is a need for an administration of the estate, the process should be mush less expensive.
If there is no property that is not in the trust and no need for an administration, then you don't have to probate the will.
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