Our Centennial Estate Planning Attorney Explains
Previous blogs discussed the importance of estate planning. Without an estate plan in place, it may be more difficult to pass along your assets to your loved ones after your passing. An estate plan makes your last wishes known and legally binding. A pour-over will is another estate planning tool you can use to ensure that your assets transfer to a trust upon your death. Below, our Centennial estate planning attorney discusses how pour-over wills work.
How a Pour-Over Will Works
A pour-over will is a legal document that works with a previously established trust. When you create a trust, you place assets into it that pass along to your loved ones after your death or incapacitation.
If you had assets in a trust, those assets would pass to your beneficiaries in accordance with your wishes. A pour-over will cover assets that the grantor did not fund into the trust upon your death or incapacitation. If a grantor did not add certain assets to a trust, either intentionally or unintentionally, a pour-over will ensure those assets are included in the trust.
Pour-over wills only affect properties and assets that are not included in a trust, joint tenancy, in an IRA or 401k, or inherited by a spouse.
What Are the Benefits of a Pour-Over Will?
Pour-over wills are an extra layer of protection to ensure that the terms of a living trust are carried out smoothly. If you have a pour-over will in place, then your estate’s beneficiaries may have an easier time receiving an inheritance.
The main benefit of a pour-over will is to ensure that all assets that were not specifically classified in the living trust become part of that trust. By using a pour-over will, you ensure the trust is the primary document to distribute the property.
Pour-over wills can also provide additional clarification for certain legal matters. You can use a pour-over will to name the executor of your estate or the guardian of your minor children.
Consider Working With an Estate Planning Attorney to Create a Pour-Over Will
Interested in creating a pour-over will in Colorado? We can help. Our estate planning attorney can:
- Help you create a revocable living trust. You can use a revocable living trust to transfer the ownership of your assets to your beneficiaries.
- Work with you to create a pour-over will, supplemental needs trusts, and a variety of other plans that will not deprive your heirs of receiving public benefits.
- Help you update your estate plan after a major life event, such as additions to your family or a divorce.
You can schedule a consultation with our estate planning attorney to learn more about pour-over wills and living trusts. We can walk you through various options for creating an effective estate plan for your family. To schedule a consultation with Skipton Law, LLC, call (720) 770-3880 or use the contact form on our website.