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A pour-over will is a specific type of will that is generally made in conjunction with a trust. This type of will contains a provision that allows the will to pour-over any assets left in your estate.
A major benefit of this type of will is it acts a backstop in event there were assets that the grantor (person making the trust) did not specifically transfer into the trust before their death.
When you create a trust you transfer assets into that trust by designated certain assets to be titled in the name of the trust. This allows the trust to facilitate the passing of these assets to the trust beneficiaries upon your death. Any assets held in trust avoids probate – meaning the assets our outside of the probate process.
When you have a pour-over will, it allows you to state that any assets that had not previously been included in the trust should be added to the trust upon your death. So assets that may have been acquired after the trust was established or never titled in the name of trust are eligible for the same treatment as the assets that had already been funded to the trust.
Why have a pour-over will?
Creates a Safety Net: If you have a trust, it creates a safety net to ensure that assets you want to pass onto your heirs are done in the same fashion as those already included in the trust.
Simplicity: The pour-over will eliminates the need to decide which heir receives certain assets because everything will be distributed according to the terms of the trust
Helps reduce Probate Complications: The pour-over will offers a process to get this asset into the trust with less hassle.
So do you need a Pour-Over Will as part of your estate plan?
If you created a trust, then the answer is YES, to ensure that all assets you intended to be part of a trust are included and controlled by the trust. #AubreyLaw, #EstatePlanning, #EstatePlanningLawyer, #PeaceofMind