A thorough estate plan uses various estate planning documents that work together to accomplish your goals. It is a common misconception that if you have a living trust alone, it is enough to satisfy all of your estate planning needs. While the trust is a vital part of your plan, there are other documents that work alongside the trust instrument in order to ensure that your loved ones receive the assets that you want them to have, in the manner that you envisioned them being distributed.
The following are five common reasons why you need more than a living trust alone:
- There is no estate planning document that can accomplish every goal of a thorough Orange County estate plan.
- The guardians of your minor children are appointed in your will, not your trust.
- A trust has control over only the assets that are inside the trust.
- Your physicians are not obligated to abide by statements in your living trust for your healthcare-related decisions.
- If an asset is not titled in the name of the trust, you may not be able to access the asset by virtue of being a trustee of the trust.
To understand more fully why you will need ancillary documents as you prepare your estate plan, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone Can Understand in 8 Minutes. For additional information and assistance, contact an experienced Orange County estate planning lawyer today at (714) 459-5481.