WoodmenLife Members Can Now Create Trusts in LawAssure™

Planning for the future can help make your wishes clear and keep important information in one place. WoodmenLife members¹ can use LawAssure² to create and store customized wills, powers of attorney, and healthcare directives.

Now, this valuable WoodmenLife Extra offers a new estate planning option: Members can create trusts in LawAssure.

While many people are familiar with wills, trusts can also play an important role in an estate plan. Understanding how trusts work can help members decide whether one may be right for their situation.

What Is a Trust?

A trust is a legal arrangement that allows a person to decide how certain property and assets will be managed and distributed. Unlike a will, a trust can take effect during a person’s lifetime, if they become incapacitated, and after their death.

A trust is also a private document. While a will becomes part of the public record through probate court, a trust generally does not go through the probate process and is not filed in court.

How Is a Trust Different From a Will?

Trusts and wills are both important estate planning tools, but they serve different purposes.

A will tells the court how a person’s assets should be distributed after death. A trust can help manage and distribute property without court involvement.

It’s also important to know that a trust does not replace a will in every situation. For example, trusts cannot name guardians for minor children — a will is needed for that.

People who create a trust may also want a special type of will called a pour-over will. This type of will helps transfer certain property into the trust if it was not moved there beforehand.

Why Do Some People Create a Trust?

Every situation is different, but some people choose a trust because it can help:

• Avoid probate for property placed in the trust
• Keep estate planning matters private
• Put a plan in place if they become unable to manage their own affairs
• Provide instructions for how property should be distributed

For some families, these benefits make a trust an important part of an overall estate plan.

What Is a Revocable Trust?

LawAssure offers templates to create revocable living trusts.

A revocable trust can be changed or canceled during the lifetime of the person who creates it. After that person’s death, it becomes irrevocable.

What Happens After a Trust Is Created?

Creating the trust document is only one step in the process.

After signing a trust, people usually need to transfer ownership of property into the trust. This process is called funding the trust. Different types of property require different transfer steps.

The trust document includes information about next steps. WoodmenLife members may also want to consult an attorney or other qualified professional if they have questions about their specific situation.

Creating Trusts in LawAssure

With this WoodmenLife Extra, members can now use an online template to create trusts in LawAssure, as well as access other estate planning documents.

Whether a trust is the right choice depends on a person’s goals, family situation, and assets. Learning about trusts can help members make informed decisions as they plan for the future.

To learn more about LawAssure and the documents available to members, visit WoodmenLife.org/LawAssure.

Written by: Diana Henry, Senior Digital Copywriter

1. WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community, and country, and by purchasing a product. These extras are not contractual, are subject to change, and have specific eligibility requirements, such as length of membership, number of qualifying members in household, and/or qualifying event.
2. WoodmenLife has entered into a sponsored marketing relationship with Epoq, Inc. (Epoq) to offer document preparation services to WoodmenLife members. Epoq is an independent service provider. WoodmenLife is not affiliated with Epoq and does not administer these document preparation services. WoodmenLife does not provide; is not responsible for; does not assume liability for; and does not guarantee the accuracy, adequacy, or results of any service or documents provided by Epoq. WoodmenLife, its employees, and representatives are not authorized to give legal advice. Not all services are available in all states.

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