Q: Regular last will & Testament or Living Revokable Trust Paper? Owns 2 houses, trailer, multiple vehicles with kids, and
Has several personal bank accounts. Tools, and other assets. Wants to leave them to ONLY 2-3 specific children out of numerous kids. Would you need a regular last will & Testament or Living Trust? Also wants someone to go to the bank for them bc they are bedridden so do I need a financial power of attorney form as well?
A:
Your goals can be accomplished using just a trust or a combination of will and financial power of attorney. The choice depends somewhat on how motivated you are to avoid the hassle of probate for your intended beneficiaries by using a trust. Trusts also tend to invite less litigation. Will contests are more common than trust contests.
On the other hand, a trust only works as intended if all assets are transferred to it. If you don't want to transfer assets to the trust, then use a will plus POA. It is not difficult to transfer assets to a trust, but it takes a little time, and sometimes people do not have that kind of time, such as when bearing a diagnosis of terminal illness with short time remaining,
Timothy Denison agrees with this answer
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