Many people may think if they have a will, their family obligations are complete. Financial experts say there is more to asset guardianship than a will.

There's nothing wrong with having a will. In fact, it's probably a good idea. But the experts say you should also have a revocable living trust.

Financial Advisor, Diane Chong says, "Now, while both of those documents control or give instructions about your assets passing, a revocable living trust is a little more comprehensive."

For example, you can use the assets in the trust while you're still alive.

"If you draw up a living trust, most people who draw up a trust, they name themselves as the initial trustee because they're competent and they're able to handle their assets."

That's if you are physically and mentally capable.

"If you were to become incompetent, your successor trustee could step in and take over the management of your assets which wouldn't happen if you just had a will."

Chong emphasizes that living trusts are not just for those people who are aging or wealthy.

"Say you have a disabled child and you want to take care of them. You should draw up a trust to take care of what will happen to them and who will pay all the bills."

A will is used to decide who gets your assets when you are gone. A living trust does the same thing. But specific conditions can be spelled out in a living trust.

"Maybe you want to spread it out over ten year increments, you should draw up a trust. Otherwise your assets might go directly to your children and that could be blown in a day."


Of course, that only happens in the movies. In any event, chong says a living trust can provide peace of mind if nothing else.