That is technically a correct assumption and the attorney who drafts your estate plan can go over it in more detail with you. Usually when someone creates a trust it supercedes all previous estate planning documents. I assume your current will details what you want to happen with your estate and who you want to be in control of it. The new trust will do that as well thereby making that will obsolete. That said, most estate plans include a pour-over will. This will usually does not have any specific bequests in it, but simply names an executor and states that the property will be distributed to the trustee of the trust to be distributed pursuant to the terms of the trust. This document is done so that if something is not properly funded into your trust and must go through probate, that will can be probated but the items will end up back in your trust and distributed under the terms of your trust. Hope this helps.
While it is true that anything in a living trust will pass outside of the probate process, it is generally a good idea to have a Will that leaves any assets remaining in the estate to the Trust. Sometimes an asset doesn't get transferred, which may require probate. In the absence of an updated Will, or any Will, that asset would not necessarilly go where you wanted it to go.
No. Even if you have a fully funded trust, you should still have a will in case something is missed or probate is needed for some other reason. If you restate your trust, you should update your Will to mention the restated trust. Also, be sure your executor is still who you would want.
The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
While I am licensed to practice in New York and California, I do not actively practice in New York. Regardless, nothing said should be deemed an opinion of law of any state. All readers need to do their own research or pay an attorney for a legal opinion if one is necessary or desired.
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
As my colleagues properly point out, it would behoove you to prepare a "pour-over" will along with your living trust. This way, any items in your estate not directly placed in your living trust will be poured over into the trust. Be sure to consult your own attorney to protect your legal rights.