ABC’s Of a Pour-Over Will and Whether It’s Right for You

Estate planning can be a catch-22 because there is so much at stake for you. Your assets, the welfare of your successors, and your legacy all depend on how you go about your estate planning. Another thing that complicates estate planning is the difficulty in the cords and concepts associated with this process. One of the concepts that a trust and estate planning attorney will take his time to explain to you is the “pour-over” will. This is an important and popular planning tool, but one that is also largely understood. In this blog we highlight the basic things you should know about pour-over wills and whether you need it. What Is A Pour-Over Will? As you probably know already, a will is a legal instrument you can use to assign pieces of your estate to specific people when you kick the bucket. You may fail to assign all your assets because of negligence or just because you thought you had more time. Upon your death these assets are immediately placed in a trust, something of a protective mechanism. What is a Trust? A trust is a legal mechanism for transferring assets that were not specified in the will to designated heirs in a manner gives you some control of how they use it and also protects them from specific taxes. A wills and estates lawyer can supervise a pour-over will and ensure it’s reflected in an established trust. While wills basically specify the heir of the said assets, a pour-over dictates that assets that you haven’t assigned to anyone at the time of your death should be placed in your trust-if they’re not already there. A trust and estate planning attorney can encourage you to create a pour over will as this will leave your trust as the beneficiary to the property you haven’t allocated. What Does It Take To Create A Pour-Over Will? A trust is the first thing you should talk to your trust and estate planning attorney about if you don’t have one already. The attorney can then help you create a pour-over will so that in case you forget to update the assets your acquired through your life; bank accounts, cars, a boat and other’s they will still be safe. If you prefer all your assets to be placed in a trust instead of drafting a will, creating a pour-over will prevent your heirs from emotional and financial stress brought by legal proceedings that happen in these cases. Conclusion Estate planning can be complicated especially if you don’t understand the terms being used. Seek the assistance of a reputable wills and estate lawyer to create a will, a trust and a pour-over will, which is the best protection for your acquisitions.