Its a common question to ask if you have a living trust do I need a will in Oklahoma. When creating your Estate plan living trusts and wills are a key element needed in an effective plane. While the two are entirely different documents they essentially serve the purpose of distributing your assets to loved ones when you pass.
Catch-All for Unfunded Assets:
A pour over will is a toll used to p[ass assets to your trust. This kind of will acts as a safety net. It protects any assets that weren’t properly transferred into your living trust before your death. Its called a pour over will because it takes unaccounted for assets and pours them into your living trust.
- Example: If you acquire property after creating your trust and forget to title it in the name of the trust, your will ensures it’s still distributed according to your wishes.
Guardianship for Minor Children:
A will is the primary document for naming guardians for your minor children if you pass away. While in some jurisdictions you can sometimes address guardianship in a trust, this is not the case in Oklahoma. Oklahoma requires that matters related to guardianship be disposed of in a will. On the other hand you can use a living trust to provide for special needs of minor children. You can also provisions related to care and financial well being that must be met.
Distributing Specific Items:
Some people might want to use your will to bequeath specific personal items (jewelry, artwork, family heirlooms) to certain individuals. This is often easier to do in a will than in a trust. I think things like automobiles or other items that are a little difficult to title in the trust are another good example.
Residuary Of The Estate Clause:
A will includes a residuary clause that specifies how any remaining assets should be distributed after all specific bequests are made. This ensures a complete distribution of your estate. An example of this kind of clause in a pour over will is as follows: “I leave all the rest, residue, and remainder of my estate. This includes any assets I may acquire or inherit after the execution of this Will, to my spouse. You can name anyone you like in the residuary clause to take the remaining property. This can include assigning multiple beneficiaries in what ever percentage share you want.
Simplifies Probate in Oklahoma:
Even if most of your assets are in a trust, having a will can simplify the probate process for any remaining assets. It does this by allowing you to choose who gets what when you die. If you fail to have a pour over will any remaining assets not named in either a living will or the trust may be distributed by administration rather than by your wishes.
Additional Will and Trust Basics:
While a living trust avoids probate for assets held within it, a will serves as a crucial backup plan and addresses important matters like guardianship and specific bequests. Think of it as a comprehensive estate plan:
- Living Trust: Manages and distributes the majority of your assets.
- Will: Acts as a safety net and addresses other essential aspects.
If you have a living trust, it’s important to review it periodically. You should do this with an estate planning attorney to ensure it’s up-to-date and that you have a corresponding will that complements your overall estate plan.
Get Answers To Your Will And Trust Questions
If you have a living trust, it’s important to review it periodically with an estate planning attorney in Tulsa County. This helps you ensure it’s up-to-date and that you have a corresponding will that complements your overall estate plan. I advice people to look at it once a year. Not only can you read it and make sure its up-to-date but also that its actually where you last remember it being. If you want a free consultation in Tulsa County with one of our Will and Trust attorneys call 918.379-4864. Or, click this link to ask an online legal question.
