A pour-over will is a specific type of will that makes it easy to ensure that any assets that are not explicitly covered by an existing estate plan find their way to their right beneficiaries. A Rockland County will attorney from our firm can help you draft this kind of will as a part of your estate plan. However, if you are still not sure if it is the right option for you, we suggest that you read on and learn more about pour-over wills and how they can work with trusts.
Why Use a Pour-Over Will?
A pour-over will is great for anyone who has already established a living trust. If you pass away without putting certain assets into your trust, then this will ensures that these assets will be transferred into it. There is still a probate process to go through, but it will take less time and be less costly than the typical probate process because you have already made plans for these assets to be controlled by your trust. Then they can be distributed as directed by you, just like the rest of your estate.
Will My Spouse Still Be Able to Use My Assets When I Pass Away?
This is one thing that is convenient about setting up a living trust and a pour-over will. If you do this, you or your spouse will still have access to your assets. You do not need to worry about somebody losing their right to their home, vehicle, or any bank accounts.
When both spouses have passed away, all of the assets that they had remaining are transferred to the trust. Then a successor trustee that they have agreed on is in charge of the trust and assets can be distributed to different beneficiaries in accordance with the couple’s wishes.
Should I Choose a Revocable or Irrevocable Trust When I Make a Pour-Over Will?
There are two types of trusts that can work well with a pour-over will. The first is a revocable trust. In this kind of arrangement, you and your spouse keep control of your assets. When one spouse passes away, the other becomes the trustee. When both spouses have passed on, the trustee they chose will help administer their estate in accordance with their wishes.
In an irrevocable trust, a separate trustee is in charge of the assets. This kind of trust is often used when estates have a significant value and could be subject to estate taxes.
Whichever trust you choose, a pour-over will ensures that any assets you have at the end of your life will roll over into the trust. This can save your loved ones from going through a lengthier and more expensive probate process in the courts.
Schedule a Consultation Today
Whether you are ready to set up an estate plan or you are thinking about making some changes to your will, the experienced attorneys at the Lauterbach Law Firm are ready to assist you. Contact us today and schedule your consultation.
