At death, it’s critical to have trust in addition to will.

Published Fall 2009 by The Lubbers Law Group Attorneys at Law

At death, it’s critical to have trust in addition to will.
The Lubbers Law Group partner explains the function of each

It is important at any age to be prepared for the unexpected. With that in mind, knowing the ins and outs of last wills and testaments as well as trusts is necessary, but often complicated. Some of the most commonly asked questions regarding wills and trusts include: “What is the difference between a will and a trust?” And, “Why do I need a trust?”

Brooke Borg, partner at Las Vegas-based law firm Lubbers and Borg, has been helping Las Vegas Valley residents for almost 10 years with their estate planning documents, including wills and trusts.

“If you have a will and not a trust and at your death you have property only in your name, your estate will go through probate, and the court will decide who gets the property,” Borg said. “If you have a trust at the time of your death, your property will not go through the court system buy rather, will be distributed to the beneficiaries you named in your documents.”

The process of probate begins with filing a will with the court. Probate is the process of court involvement in the distribution of the estate. During probate, creditors are allowed to file claims against the estate and an inventory is taken and filed. It then becomes public record.

“We find that many people stop after having a will prepared simply because they do not understand the consequences of not having a trust,” she said. “A trust is not only for the wealthy, but is for anyone who wishes to avoid probate at their death and to dictate what happens with their property.”

According to law, for those who have a trust prepared and properly funded, which means the trust owns all assets at death, an estate cannot be subject to probate. There is no inventory of the estate filed and no extra costs accrued.

Borg and fellow partner Ed Lubbers have more than 30 years of combined experience with wills and trusts along with other estate planning documents including health care directives.