One of the goals of estate planning is to allow your family members to avoid the stressful aspects of probate. If you’d like your family to bypass probate altogether, you can consider creating a pour-over will in conjunction with a revocable living trust.
What Is a Pour-Over Will?
A pour-over will is an estate planning device used alongside a revocable living trust. This type of will has only one beneficiary: your revocable living trust. As a result, a pour-over will ensures that any assets you left out of the trust will be transferred into the trust upon your death.
A revocable living trust allows you to give personal property and assets directly to beneficiaries when you die. Many people use this tool to help their family members avoid probate altogether, streamlining the process of dividing their property and closing their estate.
However, when you create a revocable living trust, you will need to specify all of the assets and property to include in it. Any assets you leave out of the trust will need to enter the traditional probate process after your death.
A pour-over will can ensure that any assets you accidentally leave out of a living trust will go to the trust when you die, streamlining probate and reducing the stress for your family members.
Benefits of a Pour-Over Will
Some people believe they do not need a pour-over will because they would never forget to include certain assets or property in their trust. However, as hard as you try to make your trust comprehensive, leaving out small items or belongings is easy. Additionally, if you acquire more property after creating the trust and forget to revise it, it may not be up to date when you die.
Creating a pour-over will can ensure that your trust is comprehensive. You won’t have to worry about remembering every asset to include in the trust.
Additionally, while wills are technically public information, trusts are private. As a result, only those who receive the property from your trust will know its contents.
Finally, creating a pour-over will can simplify the probate process after your death. Your loved ones won’t have to endure a drawn-out court process to determine who will receive your property. Instead, they can receive the contents in the trust and begin to move forward from your death.
How to Create a Pour-Over Will
If you’re considering creating a pour-over will alongside a revocable living trust, you’ll want to work with a knowledgeable estate planning attorney. Your attorney can walk you through the process of creating this document and ensure that it is legally binding.
Contact an Experienced Estate Planning Attorney in Central Virginia
At Commonwealth Life & Legacy Counsel, we have helped numerous clients throughout Central Virginia create comprehensive estate plans that reflect their wishes. Contact us today at 434-589-2958, or in Powhatan at 804-598-1348, to schedule your revocable living trust/pour-over will consultation with our qualified legal team.