When creating your estate plan, there are a number of very useful tools that you can employ to protect your property and legacy. In a best-case-scenario, your plan will use several different tools and piece them together so that they work in concert to maximize your benefits and protection. One very useful estate planning tool that works with other protective estate planning products is a pour-over will.
Pour-over wills are commonly used in conjunction with living trusts to ensure that any possessions not placed inside of a living trust while the creator of the trust is alive will automatically transfer to the trust when the creator dies or is incapacitated.
Pour-over are particularly useful for those who do not want to update their will constantly because of changing assets. With a pour-over will, any personal belongings not placed in the trust can still be added by the trustee upon the death or incapacity of the trust creator.
Some estate planners do not prefer to use pour-over wills because they do require an estate to pass through probate. Although any assets already held within a trust at the time of the creator’s death or incapacity may be distributed immediately to beneficiaries, those items that must still pass through the will must also go through probate before they can be distributed to beneficiaries.
If a pour-over will sounds like it may fit your estate planning needs, do not hesitate to reach out to an experienced attorney to learn how it may benefit you. With proper guidance, you can explore many estate planning options and keep your rights secure.
Source: Findlaw, “Pour Over Will,” accessed Sep. 01, 2017