It is easy to become overwhelmed with the sheer number of options when you begin the estate-planning process. If you have very straight-forward wishes for your future estate, choosing a simple will can suffice, but it’s important to know there are alternatives. One other option is to choose a pour-over will. If you choose a pour-over will, you should also contact an estate planning attorney to help you properly create it.
What Is a Pour-Over Will?
A pour-over will is used along with a living trust. It is similar to any other type of will, except that its primary beneficiary is the testator’s living trust. A pour-over will actually “pours” any property that the deceased person still owned at the time of their death into a trust. With this type of will, property left through it will usually need to go through probate before it is officially placed inside of the trust.
One of the main benefits and purposes of a pour-over will is to ensure that all assets that were not specifically classified in the name of the trustee of the living trust become part of that trust. This ensures that the trust will be the primary document to distribute the property. A pour-over will can control probate assets only, which are assets that are not in a trust, joint tenancy, inherited by a surviving spouse, or in an IRA or 401K.
A pour-over will can also:
- Name the executor of your estate.
- Name the guardian of your minor children.
If you are interested in creating a trust and drafting a pour-over will for your estate in Colorado, you should contact one of our estate planning attorneys at Skipton Law, LLC today. We can give you more information on what protection plan and trust works best for you. Or you can also attend our upcoming workshop on October 23rd. Just click here to save a spot today.