Pour-Over Wills
What is a Pour-Over Will?
A pour-over will is a type of will that is used in conjunction with a living trust. A living trust is a legal document that allows you to transfer ownership of your assets to a trustee, who will manage them according to your instructions. A pour-over will directs any assets that are not already in your living trust to be transferred to the trust after you die.
Why Do I Need a Pour-Over Will?
Even if you have a living trust, it is important to have a pour-over will. This is because it is possible that some of your assets may not be transferred to the trust while you are alive. For example, you may forget to transfer an asset, or you may acquire an asset after you create the trust. A pour-over will ensures that any assets that are not in the trust will be transferred to the trust after you die.
How Do I Get a Pour-Over Will?
You can get a pour-over will from an attorney. The cost of a pour-over will will vary depending on the complexity of the document and the fees charged by the attorney.
What Should I Include in My Pour-Over Will?
Your pour-over will should include the following information:
The name of your living trust.
The name of the trustee of your living trust.
The specific assets that you want to be transferred to the trust after you die.
Conclusion
A pour-over will is an important estate planning tool that can help ensure that all of your assets are transferred to your living trust after you die. If you have a living trust, I encourage you to get a pour-over will as well.
Here are some additional benefits of having a pour-over will:
It can help to simplify the probate process.
It can help to protect your assets from creditors.
It can help to ensure that your wishes are carried out after you die.
If you are considering getting a pour-over will, I encourage you to speak with an attorney to discuss your specific needs.
