The will is the next tool in the estate planning toolbox. The person in charge of a will is called the executor. Unlike a living trust, a will is only good after you pass away. It does very little for you while you are still alive.
The main reason to have a will alongside a living trust is as a backup. If an asset is not in the trust, it may have to go through the court system. When that happens, the will tells the judge to put everything into your living trust.
If everything is in the name of your trust or otherwise properly titled, the will may never be used. It sits in the toolbox and may not even be relevant. It is still important to have, because if something goes wrong and you end up in court, the will becomes very important.
If you want to learn more about estate planning and how it might help you and your family, please call our office at 661-414-7100 and ask about a consultation.