Does a living trust replace a last will?

Question

Which is better? Do we need both?

Answer 1

That depends on what all is in your trust. There are things (the residue) that you will want to have designated, that will need to be in a will, as well as who gets your pets, children etc. speak to a professional planner about this,  the laws change, and whats best to do for your particular family and your personal goals should be customized, everyone is different.

Answer 2

Wills can cover everything from property division, funeral arrangements, guardianship of your children, pets, and anything else you want to arrange after your death.  

A living trust is just about managing property division upon your death.  A living trust can help resude estate taxes if you have a large estate; a trust can skip probate and thus reduce the amount of time your money is held up in court; a trust can be used to allow you to give large amounts of money to your heirs without it just being a big lump of cash all at once.

So a Living Trust can replace a section of your will, but you will still want a will to list other details than property.  Living Trusts usually cost a lot more to create too.  A last will can be created for like $20 online when using websites like LegacyWriter.