Q: Testamentary trust or Pour Over Will?
I am a man in my late 60s and I want all of my death assets (money, house) to go to a trustee (my attorney's office) when I die. When my underage sons turns the age of majority, then I want him to control these assets.
Should I do a testamentary trust or a pour over will?
Edit: I want something is effective at my death, not a trust that is ongoing when I am alive.
A: You probably want a revocable living trust. I suggest getting two consultations with estate planning attorneys. Most do not charge for consults.
Nina Whitehurst agrees with this answer
A:
Most people do both. You create the trust and put your assets into it. The trust specifies who gets what when you die and avoids probate. The trust also specifies who manages the assets for your son until he reaches the age that you designate. It doesn't have to be the age of majority. You could specify age 25, for example, which is what a lot of people do. In addition to avoiding probate, the trust provides a mechanism for managing your assets while you are still alive but incapacitated, in case that ever happens to you.
And you should also have a will that says anything that is outside the trust when you die goes to your trust. This is a backstop to catch things that fell through the cracks or that you forgot to retitle to your trust.
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