Why Do You Need A Living Trust And A Will?

Some things in life just go well together: Cereal and milk, peanut butter and jelly, movies and popcorn. But there’s another couple of things that go well together too—living trusts and wills. Now, if you know even a smidge about living trusts and wills, you might think that you would be just fine without a trust if you’ve already got a will—since they’re basically kind of the same thing. The truth is, however, that it’s a good idea indeed to have both if you don’t already.

“But why?” I hear you screaming at your computer screen. “Why do I actually need both?”

Living Trusts Never Include Every Single Thing You Own

The biggest reason why it’s important to have a will is that a living trust only covers all the stuff you’ve listed, in writing, in the trust. And almost no one transfers every single thing they own to the trust. I mean, I guess you could try, but if you’re like me, you have a lot of stuff. Doesn’t it just seem a lot simpler to transfer some of it and not all of it?

Even if you did somehow manage to get all that stuff of yours into a trust, there’s always a chance that you’ll get even more of it before you die, and that stuff isn’t going to be covered by your living trust because you didn’t have it included at the time you made the trust. Make sense?

A Will Can Do Things A Trust Cannot

To explain this in simpler, more cultural terms, think of a Living Trust like Robin and the Will is like Batman. Sure, Robin is great and whatnot. He can do a lot of cool things and he can hold his own, but Batman is on a completely another level. It’s the same thing with Wills and Living Trusts.

For example, if you have minor children, and you want someone to take care of them when either you or your spouse dies, you must use a will. You cannot use a living trust. Also, in a will, you can cancel any debts that you are owed, and that’s another thing that a living trust cannot do.

A Final Word From Justin Scott

Attorney Justin Scott sheds more light on the matter. “It can be nerve-wracking to try and think of if you’ve covered all your bases when planning for the future. It’s no question that something will inevitably get left out or you’ll forget this or that. And while you can most certainly create a will on your own, it can still be a bit confusing. If you’d like assistance with drawing up a will or living trust, or if you have questions about anything else, my team and I would be happy to assist you, and get you the help you need.”

Social Security, Pension and Veteran Affairs: An Answer to Your Questions

You might be wondering exactly how the probate process deals with social security, pensions, or even Veteran affairs. After all, you’re reading this article, so that means you must at least be curious. If so, and you’ve got questions, congratulations! You’ve come to the right place! In this article, we’ll look at just exactly that, and hopefully give you answers to all those burning questions. So, without further ado, let’s get started!

The Social Security Act

The concept of Social Security can be a confusing one, but it can actually be quite beneficial. What does it do exactly? For one thing, the Social Security Act is able to provide for survivor’s benefits to family members, as well as other benefits to any eligible persons. These benefits can include monthly payments or if preferred, a lump sum death payment.

Who Is Eligible for Veteran Benefits?

If anyone who may be entitled to benefits dies, a member of the family or interested party should contact the local Social Security office for any further information.

Any widows, minor children, or other family members may be eligible for benefits, if applicable. Anyone interested in finding out more about this should contact the appropriate pension company official for further information regarding this matter.

If someone dies and they were a Veteran, you should contact the Veteran’s Administration if you are curious about burial or death benefit information.

A Final Word From Justin Scott

Hopefully, this information will be able to shed some more light on the situation. If you’re in New Jersey, you can contact Scott Counsel in Cherry Hill for more help or information.

Justin Scott, an attorney for the practice, says, “We know you have questions, and we are here to help point you in the right direction to find answers, as well as to help clear any hurdles you may come across. We’re here to help, and I or any of our other experienced attorneys will be here to walk this road with you every step of the way. That’s what we believe you not only need at a time like this, but it’s what you deserve.”