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Yes, most trusts will have a "pour over" will, which simply provides that any assets held in your name alone at death, which were unable in your living trust, seem transferred living trust. However, these assets not originally in the trust will not avoid probate.
And we live in the highly regulated, complex community. So our estate planning has to take into account issues of balancing our present and future needs with those of our beloved. An estate plan also needs to address issues of taxation, trusts perhaps and appropriate trustees, guardianship maybe if under-age babies are involved, medical care proxies, and of course the proper distribution of assets to family, friends and charity. And depending on where our assets are located, the laws of more than one State may be engaged.
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Last December, The president's signed the Tax Relief Act of 2010 (TRA 2010) into law. Among its many provisions were several that affected the estate tax, most notably one raising the estate tax exemption to $5 million per person. However worry of estate taxes removed for so many people, it can be tempting to neglect estate planning altogether.
At the legal court hearing regarding her conservatorship, Mrs. Banks felt much more like himself. When the judge interviewed her round the witness stand, she responded normally. But because health related conditions hadn't signed the letter stating she had fully recovered, the judge was often unwilling to set aside that court-approved trust and return her very own property to Mrs. Banks. The judge did increase her living allowance, however the court-appointed bank continued to serve as trustee of her trust and control her assets.