Will Basics
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A will, sometimes called a “Last Will and Testament,” is a document that states your final wishes. A will is used to leave instructions about what should happen to your property after death. An executor is named to carry out the terms of your will and has the legal responsibility to take care of any remaining financial obligations, including gathering information, safeguarding your estate, paying any claims or expenses, and ultimately distributing the balance of your assets. You are also able to name a guardian for minor children and their property. Your estate planning lawyer can help you draft a will that’s legally sound and tailored to your unique needs, ensuring your wishes are clearly documented and enforceable.
How a Pour-Over Will Works
A pour-over will is a crucial part of many estate plans and works alongside a revocable trust to ensure your property is handled according to your wishes after you pass. Essentially, it acts as a safety net for any assets you might forget to add to the trust during your lifetime. The pour-over will simply states that any assets not already included in the trust will be transferred into it upon your death, where the trust will then outline how and when they are distributed.
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In estate planning, trusts are designed to help you avoid the lengthy and costly probate process. Your estate planning lawyer can help to place assets in your revocable trust so they pass directly to your beneficiaries without needing to go through court. But if you forget to add something to the trust, the pour-over will ensures those assets are still included and distributed as you intended.
When it’s time to settle your estate, everything that’s properly funded into your trust is passed down to your beneficiaries based on the trust’s instructions. But if there are any assets you missed, the pour-over will makes sure those are “poured” into the trust and distributed according to the terms you’ve set. Without a pour-over will, those assets could be subject to probate and the state's intestate succession laws, meaning the state will decide who gets them — not you. A pour-over will also provides peace of mind if something goes wrong with your trust. If the trust becomes invalid or you’re unable to fund it properly at the time of your death, the will ensures that your assets are still distributed to the right people as you originally planned.
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Working with an estate planning lawyer to create your pour-over will and trust is crucial in making sure all your assets are properly accounted for and distributed according to your wishes. An experienced lawyer can help you avoid common mistakes, ensure that your trust is properly funded, and craft a comprehensive estate plan that protects both your assets and your loved ones.
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Your pour-over will acts as an important backup, making sure any overlooked assets are still directed to your trust and protecting your family from unnecessary legal complications. With the right guidance from an estate planning lawyer, you can feel confident knowing that your estate plan is complete and secure.​​​