- Cole Gorman
A pour-over will can complement a living trust
You may be considering establishing a living trust as part of your estate plan. However, you might not want to place all of your assets into the trust at this time. A pour-over will can place any remaining assets into the trust at the time of your death. The assets that are placed in the trust can then be distributed to your beneficiaries according to your wishes.
The benefits of a pour-over will
A pour-over will has several advantages, including:
Efficient management of your estate: A pour-over will is a single document that controls your estate. This can save you time as you need not track down numerous documents. It will also make it easier for the executor to manage and distribute your assets when the time comes.
The capture of overlooked assets: You may have overlooked certain assets when creating your estate plan. A pour-over will can help account for any oversights. Any assets that you did not fund into your trust in your lifetime will go into the trust, including overlooked assets.
Privacy: Trusts are not a matter of public record. If the privacy of your estate is important to you, a pour-over will can help ensure that the details of your estate will remain hidden from prying eyes.
A pour-over will may not be the best choice for everyone’s situation. For example, if you’re looking to avoid probate entirely, you will want to fully fund your trust while you are living with assets that would otherwise pass through probate. Any assets placed into the trust via a pour-over will at your death must pass through probate. You should discuss your plan with a skilled legal professional. Together, you can tailor an estate plan that best suits your needs.