Orange County Estate Planning Attorney Holly Nabiey Explains what a Pour-Over Will is and how it can help you!
Why Do You Need A Will If You Already Have A Trust?
Many of our clients ask why they need a will if they already have a trust, and vis versa? The Pour-over will works in conjunction with the living trust. I explain to them that the idea is to have all of their assets transferred into their trust while they are living to avoid probate with respect to those assets when they pass away. Unfortunately, that does not happen for all clients. More often than not, a client will pass with one, some, or even all of their assets entirely out of the trust.
Pour-Over Will To The Rescue!
That is where the pour-over will comes in. The pour-over will acts as a safety-net for those assets and transfers them into the living will so we avoid probate. The thing you have to remember is that a pour-over will can do this for only up to $150k in total. Perhaps the s most important reason to have a will, is that it allows you to name a guardian for your minor children in the event that you are not there to raise them yourself.
If you have questions about a pour-over will and whether it can benefit you, please call our office and set up an appointment to speak with one of our attorneys.Contact us today and set up an appointment.
We offer a many different resources and pamphlets on the subject of creating, updating and implementing estate plans. We also offer a regularly scheduled seminar in our office to help people determine what the best options are for them in their estate planning needs. We hope you sign up for one of our seminars to help you find your best options.