When most people think about estate planning, they think about wills. But what is a pour-over will and why would you want one? Learn more about what a pour-over will is and whether or not it's the right option for you.
What Is a Pour-Over Will and How Does It Work?
A pour-over will is a document that is used to transfer property from an estate to a living trust. The will typically names a trustee who will oversee the distribution of the assets in the trust. Pour-over wills are often used in conjunction with living trusts, as they can help to ensure that all of the property in an estate is properly transferred to the trust.
The pour-over will "pours" any remaining assets into the trust upon the testator's, or creator's, death. This allows the trustee to manage and distribute the assets according to the terms of the trust. Pour-over wills are often used to ensure that all of a person's assets are transferred to the trust, and they can be useful if the testator acquires new assets after creating the trust.
In order for a pour-over will to be valid, it must meet all the requirements of a valid will under state law. Additionally, the will must specifically state that it is intended to be a pour-over will and that all assets not currently in the trust should be transferred to it upon the testator's death.
The Benefits of Having a Pour-Over Will
With a pour-over will, all of a person's assets are transferred to a trust upon their death. The trustee then distributes the assets according to the terms of the trust. This can help to avoid the probate process, which can save time and money. Probate is a legal process that can be time-consuming and expensive. By using a pour-over will, you can help to ensure that your property is transferred to your beneficiaries in a timely and efficient manner.
How to Make a Pour-Over Will
A pour-over will is often made in conjunction with a revocable living trust to ensure all assets are moved into the trust at the creator's death. These documents should be created with the help of an estate planning attorney.
There are a number of complex rules that must be followed in order for a will to be valid, and an experienced lawyer can ensure that all the necessary requirements are met. One mistake in a pour-over will can cause it to not function as intended. As a result, it is generally advisable to seek legal assistance when creating an estate plan. By working with a qualified lawyer, you can ensure that your final wishes will be carried out as intended.
Contact Heritage Law Office Today
If you are interested in learning more about pour-over wills or need help creating an estate plan, contact Heritage Law Office by calling 414-253-8500 or sending us a message. We would be happy to answer any of your questions and assist you with the process of creating a will that meets your needs.