Estate planning is something that people don’t want to think of because death is not something that people enjoy discussing. However, the fact still remains that death is inevitable, and the world will go on even after you. This is when estate planning becomes important to ensure all your life’s earning is distributed as per your wish.
Conventionally, people use wills for this purpose, but this doesn’t always work in cases of a living trust. Hence many are now considering pour-over will over conventional will. But what is this pour-over will all about? Let’s learn more about the subject with Angelique Friend!
Pour-Over Will: What Is It?
A pour-over will is a legal document ensuring that all your remaining assets will automatically be transferred to your trust. Of course, you might have a live trust where you have clarified all the details about transferring your assets after death.
But there can still be cases where you might miss out on some assets. In these cases, a pour-over will act as a safety net to transfer all your assets to the established trust. You can use these pour-over wills for both revocable and irrevocable trusts.
How To Create a Pour-Over Will?
The general perception is that creating a pour-over will is complex, but the reality is very different from that. It is a straightforward process, especially when you leverage the skills and competence of someone like Angelique Friend, trustee. She will help you get started with the following:
- Setting up a Live Trust: You must have an existing living trust before creating your pour-over will. Here, you must lay out all relevant terms and conditions to distribute your assets after your demise. You must also choose the type of trust you want for yourself.
- Naming Your Beneficiary: Now that you have your living trust, it is time to name your beneficiary. The beneficiary is the one who will inherit your assets after your death with respect to the terms of the trust. This can be a person, a group of people like families, or even organizations such as charitable trusts.
- Naming Your Trustee: The final thing you need to do for creating your pour-over will name a trustee. The trustee is someone who will facilitate this transfer of wealth reasonably. The trustee must be unbiased to ensure they adhere to all terms of the trust. Choosing someone like Angelique Friend probate specialist, can be a very good idea here.
Should You Consider Pour-Over Will?
Different people have different requirements and aspirations for their assets after their death. So it is important to clarify and evaluate those nuances before you consider getting a pour-over will.
However, if you already have a living trust, it is better to get a pour-over will since it does no harm but ensures all your assets are transferred to the trust after your death. But ensure you update your trust regularly since all assets in the pour-over will still have to go through probate.
Regardless of whether you choose to get a pour-over will, it is important to always get an attorney for these purposes. So check out these latest Angelique Friend reviews and leverage her competence to simplify all these nuances.