If you are planning your estate, we can help you figure out what kinds of arrangements will work best for you. For example, our lawyers can make it easy to see if a pour-over will is a good fit for you, your assets, and your beneficiaries. Here is what you need to know about this type of document before you meet with a Woodland Hills will attorney.
Why Use a Pour-Over Will?
A pour-over will ensures that all of your assets can be split up in the way that you want them to be. You establish a trust and this type of will. Any assets that are not in your trust when you pass away “pour over” into your trust, meaning that where they end up is governed by your wishes. It also does not matter whether you forgot to put an asset in your trust or if you held it back on purpose. Everything goes right into your established trust once you pass away.
Can My Spouse and I Both Use a Pour-Over Will?
Yes, you and your spouse can both elect to use a pour-over will. If you pass away, any of your held assets pass into the trust and your spouse or a selected trustee is left in charge. Once your spouse passes, their assets are put into the trust and everything is passed on to your chosen beneficiaries.
What Kind of Trust Do I Need With a Pour-Over Will?
A revocable trust or an irrevocable trust can work well with a pour-over will. A revocable trust keeps you and your spouse in control of all of your assets and you can edit the parameters of the trust at any time. An irrevocable trust, often used when there are enough assets to trigger an estate tax, is governed by a trustee that you have selected. Either option works just fine if you prefer a pour-over will.
Will There Still Be a Probate Process?
When people die without a will, the court usually decides how assets are passed down through the probate process. This can be costly and there is no guarantee that what you wanted to happen with your estate will happen.
When you have a pour-over will, the assets that are not already in your trust do have to go through probate, but it is a simpler process. This is because those assets go into your trust and are governed by the wishes that you and your spouse have already outlined. So the assets can take longer to pass to the right person than they would have if they had been a part of the trust initially, but this is far better than having no will and dealing with the typical probate process.
Schedule an Appointment With Our Estate Planning Lawyers
When you are ready to plan out your estate and ensure that you can pass down assets without a complicated probate process, contact the Law Offices of Yacoba Ann Feldman. We can schedule an appointment and help you figure out the best way to be certain that your beneficiaries get everything that they deserve.