Understanding Pour-Over Wills
Feb. 6, 2023
Creating an effective estate plan is essential for managing and distributing your property after death according to your wishes. For many individuals, creating a pour-over will helps protect their legacy by ensuring all of their property is handled properly after their death. Understanding what this document is and who could benefit from having one can help ensure peace of mind that everything has been taken care of accordingly.
If you are thinking about creating a pour-over will, contact James P. Peterson Attorney at Law for legal assistance. James P. Peterson is an estate planning attorney who helps clients develop and implement effective estate planning documents, including pour-over wills, in San Antonio, Texas, and surrounding areas, including but not limited to New Braunfels and Boerne.
What Is a Pour-Over Will?
A pour-over will is a document that ensures any property or assets that you own at the time of your death are transferred to an existing trust. The property or assets in the trust are non-probate assets, meaning they do not need to go through probate court before they can be transferred. The pour-over will essentially “pours” any assets not already in the trust, into the trust, ensuring that all of your property is handled according to your wishes as expressed in your trust.
Who Can Benefit From Having a Pour-Over Will?
Anyone with an estate plan that includes a Living Trust, should consider having a pour-over will as part of their plan. This document ensures that even if something isn’t included in the initial trust, it can still be moved into the trust after you pass away. Additionally, those with complicated estate plans may benefit from having a pour-over will as it acts as an additional safeguard against unwanted issues during probate court proceedings.
What Happens If I Don’t Have a Pour-Over Will?
If you do not have a pour-over will, any property or assets that you own at the time of your death could be distributed according to the laws of intestacy in your state. This means that if you do not specify who gets what before your death, the distribution will not necessarily reflect your true wishes.
Having a pour-over will ensures all of your assets are transferred into an existing trust so they can be managed and distributed according to your wishes instead. It also serves as an additional safeguard against potential issues during probate court proceedings for those with complicated estate plans.
Pros of a Pour-Over Will
The most obvious benefit of creating a pour-over will is its simplicity. This type of will is usually very straightforward and easy to execute. Finally, because all assets are accounted for in one place—the trust—there may not be any other loose ends after you pass away.
Get the Guidance of a Skilled Estate Planning Attorney Today
By including a pour-over will in your estate plan, you can rest assured knowing that all of your wishes regarding asset distribution have been accounted for. If you’re interested, contact James P. Peterson Attorney at Law for help in determining whether you could benefit from creating this type of will. The firm proudly serves clients in San Antonio, Texas, and surrounding areas, including but not limited to New Braunfels and Boerne.