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A pour-over will is a legal document that states that all assets and properties of an individual be transferred, or "poured over" into his or her trust upon his or her death. A pour-over will typically goes hand in hand with a revocable living trust. There may be assets or properties belonging to an individual that, for one reason or another, were not a part of their trust at the time of their death. Having a pour-over will ensures that any such property or assets will be automatically put into the individual's trust by the will's executor so that it may be distributed to the trust's beneficiaries.
A pour-over will is seen as an added safety measure that ensures an individual's assets are distributed correctly, without leaving anything out. By having a pour-over will and thus having all assets transferred into a trust, all property and assets can then be distributed via the terms defined in one clear, accurate document - the trust.
However, one disadvantage of the pour-over will is that, as in any will, the assets must first go through probate before being distributed to the trust's beneficiaries. Typically the purpose of a trust is to avoid probate, so having assets in pour-over will could lead to unnecessary probate delays and costs.
Because pour-over wills are legal documents, they must be put together with care, like any other document in estate planning. If you have a living trust, or are considering one, an attorney can also help you determine if a pour-over will is right for you. An estate planning lawyer can set up a pour-over will for you so that you can be assured your assets and properties will be taken care of properly. An estate planning attorney can also help to ensure that the executor of your pour-over will follows through with transferring the assets in your will to your trust after your passing.
Estate planning lawyers understand the complexity of pour-over wills. If you need an experienced estate planning lawyer, contact Attorney Search Network today. We can help you find an estate planning lawyer to assist you with pour-over will questions or issues.
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