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If your estate plan includes a revocable living trust, you may consider including a pour-over will to ensure that any remaining assets transfer to your trust when you die. This can simplify the probate process, saving your family time and money.
Managing the deceased person’s finances can be an added stress for a family during their time of grief, so taking this time-saving step can be a huge benefit. An experienced Prince William County probate attorney can help you decide whether a pour-over will is best for your situation.
Do I Need a Pour-Over Will?
One major benefit of having a living trust is that it will not become a matter of public record during the probate process. If you are concerned about protecting your privacy and the privacy of your beneficiaries, having a living trust with a pour-over will limit what information will be made public.
How Does a Pour-Over Will Work?
It may help if you visualize how a trust and a pour-over will work together. A trust is like a bucket that holds all of your assets. A pour-over will functions like a pitcher that can be used to collect any assets floating around outside of the bucket and pour them into the bucket.
For example, if you have an investment account that you forgot to put in the trust, the pour-over will ensures that this account is transferred into the trust. From there, the trust can distribute assets to the designated beneficiaries as previously decided. Without a pour-over will, the court would decide who receives this investment account, and it might end up going to someone you did not intend to inherit your hard-earned money.
Simplify the Probate Process
Without a pour-over will, the probate process could become complicated if there are additional assets outside of the trust. The court would need to ensure that beneficiaries received notice and distributions, which can be time-consuming.
When you have a pour-over will, the probate process simply verifies that the remaining assets transfer into the trust, and no further action by the probate court should be required.
Contact a Probate Attorney
Including a pour-over will as part of your estate plan can give you peace of mind regarding your assets and the well-being of your children should you pass away while they are minors. If you already have or are planning to create a living trust, a pour-over will could be an essential component of your estate plan.
Understanding the legal benefits of various types of estate plans can be complicated. Our experienced Prince William County probate attorneys can go through your financial situation in detail, including your wishes for the distribution of your assets after your death. From there, we can help you develop a plan that will meet your needs. Contact our law firm at 703-492-9955 to get started