What Is a Pour-Over Will and How Does It Work?
Within the realm of estate planning, there are many terms and phrases that can be very confusing to the average person. At times, it can feel like planning for your family’s future requires learning a new language altogether, just so you can know what tools and instruments to utilize. Most people are familiar with the idea of a will and have probably heard of trusts. But, did you know that wills and trusts are used in conjunction with one another in a comprehensive estate plan?
As an experienced estate planning lawyer, I understand the importance of teaching my clients as much as possible regarding how to plan for the future. It is my job to ensure that you have the information you need to make informed estate planning decisions.
Estate Planning and Trusts
A trust is an asset arrangement that allows you to place your property under the supervision of a trustee. The trustee is then responsible for managing the assets in the trust or dispersing them to beneficiaries as directed in the terms of the trust. A trust can be established in many ways, and most are not subject to the probate process, meaning that your trustees and beneficiaries receive access to intended assets much more quickly than in other arrangements.
When you create a trust for estate planning purposes, you will be required to identify which assets and property are to be transferred into the trust. In some cases, you may choose to transfer ownership of the assets while you are still living and remain a trustee so that you maintain control over your property.
A Pour-Over Will
Once you have drafted the terms of your trust and identified which assets are to be transferred to it, there may still be one more necessary step. What will happen to the property that you acquire between the time you establish the trust and your death? Do you wish for those assets to be included in the trust? If so, you can draft a pour-over will. A pour-over will is a simple version of a standard will that transfers all of your unallocated assets and property to an established trust at the time of your death. This can provide you peace of mind in knowing that your property will be fully protected by a trust and distributed properly to your beneficiaries.
Hoffman Estates Attorneys Help With Wills and Trusts
If you are in the process of getting your affairs in order and would like to know more about using trusts and pour-over wills, contact an experienced Naperville estate planning attorney at our firm. Call 630-756-1160 to schedule a confidential consultation at The Gierach Law Firm today.