WILL Even though the individual has a living trust and places his assets in the trust, there should still be a will. The will covers assets which are not in the trust, such as furniture, jewelry, cars, and bank accounts. Normally, the will leaves furniture, furnishings, and personal effects as well as automobiles to the children. Any other assets are added to the trust to follow the provisions of the trust for children, grandchildren, etc. It is possible to have the trust continue for the children's lifetime, going to their children, the trustor's grandchildren, upon the child's death.
Numerous variations are possible depending upon the person's wishes.
When the trust is signed, contingencies must be considered and written into the trust, since if the trust creator becomes incapacitated, the trust cannot be changed. The question of trustees also must be fully considered. Frequently, this is one or more of the children. If the child is deceased, another successor trustee must be named. As the trust continues, there needs to be more concern for who will be the trustee.