As a Torrance will lawyer, I often find clients are puzzled by the term “pour-over will.” While both traditional wills and pour-over wills serve important purposes, they function quite differently in your estate plan. Understanding these differences is crucial for ensuring your assets are protected and distributed according to your wishes.
Traditional Wills: The Basics
A traditional will directs how your assets should be distributed after your death. It names beneficiaries who will receive specific items or portions of your estate, designates guardians for minor children, and appoints an executor to manage the process. However, assets distributed through a traditional will typically must go through probate court.
Pour-Over Wills: A Different Approach
A pour-over will works hand-in-hand with your revocable living trust. Instead of distributing assets directly to beneficiaries, it “pours” any remaining assets into your trust upon your death. As an experienced Torrance will lawyer, I often recommend this approach when a living trust is part of your estate plan.
Your Safety Net Against Oversights
Think of a pour-over will as your backup plan. While most assets should be transferred into your trust during your lifetime, sometimes things slip through the cracks. Perhaps you acquired new property but didn’t update your trust, or maybe certain assets were accidentally left out. The pour-over will catches these forgotten items and ensures they end up in your trust.
Important Considerations
Keep in mind that assets passing through a pour-over will still require probate before they can be transferred to your trust. That’s why it’s important to properly fund your trust during your lifetime. Your Torrance will lawyer can help ensure your assets are properly titled and your estate plan works as intended.
Making the Right Choice
Deciding between a traditional will and a pour-over will depends on your overall estate planning goals. If you have a living trust, a pour-over will is typically essential. If you don’t have a trust, a traditional will is likely the appropriate choice.
Ready to create or update your will? Call our office at 310-782-6322 to schedule a consultation where we can help you determine the best approach for your situation.