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Pour-Over Will

In the vast spectrum of estate planning, a “pour over will” plays a key role. Simply put, a pour over will ensures that any assets not properly aligned with  your living trust at the time of your passing are transferred into the trust after your death. This is especially important as it helps maintain control over your assets and ensures that your estate is distributed according to your wishes. If you reside in Central Virginia and have a trust-based estate plan, it is crucial that you include a pour over will in your overall strategy.

Understanding How a Pour Over Will Works in Virginia

When you pass away, any assets that you own individually and have not named a beneficiary for generally need to go through probate. Probate is a court-supervised process in Virginia that confirms your will and oversees the administration of your estate. However, if you have a trust in place, it will not ordinarily be subjected to probate unless there are assets you still own in your own name at your death which have not been retitled to your trust, or transferred at your death directly to your trust by virtue of a beneficiary designation. In case your trust is imperfectly funded in this way, a pour over will acts as a safety net that “pours” any remaining assets into the trust using the probate process only for such unfunded assets. After that, the assets are distributed according to the terms of the trust.

Advantages of Having a Pour Over Will in Central Virginia

Having a pour over will brings several benefits. One advantage is that it covers any assets you may have unintentionally left out of your trust. This might occur because you acquired the assets close to your death, or simply forgot to transfer them into the trust. A pour over will also lets you maintain privacy, as the terms of the trust – unlike a will – are not public record. Additionally, a pour over will keeps you in control, ensuring that your assets are distributed according to the terms you specified in your trust.

Why You Need a Trustworthy Pour Over Will Lawyer in Virginia

While a pour over will is a great tool to include in your estate planning, it’s not a substitute for a complete estate plan, or for a competent funding of your living trust while you are still alive. It’s always advisable to consult with a seasoned estate planning lawyer. The lawyers at Commonwealth Life & Legacy Counsel in Central Virginia are committed to guiding you through the complexities of estate planning, including the role and use of pour over wills. Our team understands how crucial your estate plan is to you and your loved ones, and we dedicate our practice to help you create a well-thought-out plan that reflects your unique needs and circumstances.

Take the Next Step with Commonwealth Life & Legacy Counsel

Creating a comprehensive estate plan is not a one-time event but a lifelong process. With life’s unpredictability, it’s essential to have an estate plan that includes a pour over will to ensure that all of your assets are captured under the umbrella of your trust. Commonwealth Life & Legacy Counsel in Central Virginia can help. Call us in Central Virginia at (434) 589-2958 or in Powhatan at (804) 598-1348 or reach out online to set up a free consultation to discuss your estate planning needs. Your peace of mind is our priority.

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