Don’t Skip Trust Provisions in Your Will

Blue binder on a desk labeled as Provisions

While a revocable living trust offers many benefits, a will with testamentary trust provisions can still be a powerful tool.

What is a Testamentary Trust?

This type of trust exists only within your will and comes into effect if your estate goes through the probate process after your death.

Read Also: 15 Essential Trusts for High-Net-Worth Individuals In Florida: A Comprehensive Guide

Why are trust provisions important in a will?

Protecting Vulnerable Beneficiaries: If you have minor children, disabled beneficiaries, or someone receiving government benefits, a testamentary trust can manage assets in a way that safeguards their eligibility for important programs and avoids guardianship.
Debt & Creditor Protection: A trust can shield assets for your beneficiaries from their creditors.
Controlled Distribution: You can specify how and when your beneficiaries receive their inheritance. This can be helpful for beneficiaries who might not be financially responsible or who need the funds spread out over time.

A simple will is better than no plan at all, but including testamentary trust provisions can offer significant advantages, especially for those with complex family situations or concerns about beneficiary responsibility.

Important Note: If you already have a revocable living trust, you may want to consider a “pour-over will” instead of a will with testamentary trust provisions. A pour-over will ensure any assets accidentally left outside the trust are ultimately transferred into it.

Remember, consulting with an estate planning attorney is essential to ensure your will and any trust provisions accurately reflect your wishes.

Related Services: Wills, Trusts, & Estate Planning

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