As estate planning attorneys, we work with clients every day to ensure that their hard-earned assets are distributed according to their wishes. A pour-over will is one estate planning tool that can be useful in achieving this goal.
At the Law Offices of Brenton C. McWilliams, we can help you understand how a pour-over will works together with your trust to create a comprehensive estate plan that gives you peace of mind about your legacy.
What Is a Pour-Over Will?
A pour-over will is a specific type of last will and testament that works in tandem with your trust. It directs that any assets not already held in your trust at the time of your passing should “pour over” into your trust. Think of it as a safety net that helps ensure all your assets ultimately become part of your trust’s carefully designed distribution plan.
How a Pour-Over Will Works with Your Trust
When you create a living trust, you’ll transfer most of your assets into the trust’s ownership. However, you might:
- Acquire new assets and not have time to transfer them to your trust
- Have certain assets that are impractical to transfer to your trust during your lifetime
- Inadvertently leave some assets out of your trust
This is where a pour-over will becomes valuable. It acts as a backup plan, ensuring that any assets not already in your trust will still be distributed according to your trust’s terms.
Benefits of Including a Pour-Over Will in Your Estate Plan
1. Simplicity
A pour-over will simplifies your estate plan by ultimately channeling all assets through your trust. This creates one clear set of instructions for distributing your assets to your beneficiaries.
2. Consistency
By directing all assets to your trust, you ensure consistent distribution of your entire estate according to the carefully considered terms you’ve established in your trust document.
3. Privacy
While a will becomes public record during probate, the terms of your trust remain private. Once assets pour over into your trust, their ultimate distribution remains confidential.
4. Completeness
A pour-over will helps create a complete estate plan by addressing assets that might otherwise be overlooked or acquired after you’ve established your trust.
When to Consider a Pour-Over Will
A pour-over will might be right for you if:
- You already have or are planning to create a living trust
- You want to ensure all your assets ultimately follow your trust’s distribution plan
- You value simplicity and consistency in your estate plan
- You appreciate the privacy benefits of trust-based planning
Creating Your Pour-Over Will
When you work with our law firm to create your pour-over will, we’ll help you:
- Coordinate your will with your existing or new trust
- Name an executor to handle the transfer of assets
- Include other important provisions beyond the “pour-over” clause
- Ensure your will works seamlessly with your overall estate plan
Common Questions About Pour-Over Wills
Does a Pour-Over Will Avoid Probate?
While a pour-over will doesn’t avoid probate for assets not already in your trust, it does ensure these assets ultimately become part of your trust’s distribution plan. The best approach is to transfer as many assets as possible to your trust during your lifetime.
Can I Name Guardians in a Pour-Over Will?
Yes, you can and should name guardians for minor children in your pour-over will. This important designation helps ensure your children’s care is entrusted to people you trust.
How Does It Differ from a Traditional Will?
The main difference is that instead of distributing assets directly to beneficiaries, a pour-over will directs assets to your trust, which then distributes them according to its terms.
Maintaining Your Pour-Over Will and Trust
Like any estate planning document, your pour-over will works best when it’s kept current. Consider reviewing your estate plan when you:
- Experience significant life changes
- Acquire substantial new assets
- Welcome new family members
- Move to a different state
Creating Your Estate Plan
At the Law Offices of Brenton C. McWilliams, we understand that estate planning is about more than just documents – it’s about creating security for your loved ones and peace of mind for yourself. We’re here to help you create an estate plan that reflects your wishes and values.
Contact our law firm today to start a conversation about how a pour-over will and trust might fit into your estate plan. Together, we can create a thoughtful strategy that safeguards your legacy and cares for your loved ones.
