Even if you’ve been careful in your estate planning and spent hours upon hours combing through your assets and plotting contingencies, there may be something you’ve overlooked. If your goal is to create a trust-based estate plan, you’ll likely want to ensure everything is accounted for. That’s where a pour-over will can help.
tCause Law Office has over four decades of experience in estate planning and probate law, and our expertise can be a valuable asset during this process. Plus, our flat-fee pricing means you won’t be surprised by extra costs.
What is the purpose of a pour-over will?
These wills are meant to be complementary to a trust. In the event an asset was overlooked and does not get funded, or transferred, into an estate, a pour-over will can serve as a safety net for those assets. It will name your trust account as the beneficiary of the leftover property.
This means all of your assets, even the ones that slipped through the cracks, will be subject to the terms of your trust. Your personal representative, which you will name in your pour-over will, is responsible for identifying any property that was not added to the trust prior to your passing.
What are the advantages of creating a pour-over will?
There are many reasons why a pour-over will could be advantageous. One such example is a wrongful death claim, which would lead to proceeds being distributed to your estate following your passing. It is also perfectly reasonable to expect an asset or two will not get transferred to your trust. This can be because it was overlooked, or there simply wasn’t enough time to accomplish it all. If you implement a pour-over will, these possible situations can be planned for ahead of time.
Working with us to create a pour-over will means that your document will include language that solidifies and supports your trust. These two legal documents can make an incredible team if executed properly.
Are there disadvantages to a pour-over will?
Florida law generally does not require assets in a trust account to go through probate. However, property titled in your name and included in a pour-over will is required to complete the probate process. Don’t worry about privacy or distribution issues, though.
The assets handled by your pour-over will can still qualify for some of the benefits of your trust. Probate normally means that the details of the estate will become public record, but in this instance, the distribution will still remain private as that element is controlled by the trust. This is a small price to pay for the protection a pour-over will offers.
If you are feeling uncertain about the security or coverage of your current trust, consider allowing us to review your documents and make suggestions for strengthening your estate plan. Our team uses a down-to-earth approach in order to help our clients with complicated matters, so please call us at 727-477-2255 and give us a chance to demystify estate planning.