Your estate includes everything you own in your name at the time of your death.

No. A Will is specifically created for the probate process.

A Last Will and Testament is a legal document created to present your requests on your behalf to the Probate Court in your county of residence after your death, including the person(s) you wish to take charge of handling the distribution of your estate, naming your heirs, and the instructions concerning how your estate is to be distributed to them. A Will is created for the probate process. Without a Will to be considered, the process of probating your estate is more complicated and costly, and the Probate Court will make decisions without the benefit of knowing your preference.

The short answer is “no.” The primary advantage of a Revocable Living Trust is to avoid the probate process after the creators of the trust (called grantors or settlers) are both deceased, simplifying and protecting the process and expense of transferring what you leave behind for your heirs. Asset protection from costs of nursing home care and Medicaid recovery requires ownership be transferred into an Irrevocable Trust. This is a more complex approach that requires more expense and legal work to create and maintain. The Free Will Baptist Estate Plan is built around a Revocable Living Trust, although the attorneys with whom we partner could be consulted about asset protection in the state you live.

As long as at least one of the people who originally created the Trust (usually called Grantors or Settlors) is mentally competent, changes can be made in the provisions of the Trust. There are times when changes need to be made in the appointment of Trustees/Agents or the plan of distribution of Trust assets following the death of the original Grantors. If changes are needed, please contact the estate planning team at the Foundation office. We will reconnect you to the proper attorney to consult with you and make the changes you wish.

Power of Attorney (POA) documents become invalid upon the death of the person who created them. They authorize the person(s) you name in the document to make decisions on your behalf, including signing documents, in the event you are not capable. They are included in the Free Will Baptist Estate Plan to protect you and your family in the event you become mentally or physically incompetent prior to your death. But they cannot be used after you die.