You may already understand the benefits of a will, which is to express your wishes for how your assets and affairs are to be handled upon your passing. But you may still want to consider the extra safety net of establishing a pour-over will. Read on to discover the benefits of a pour-over will and how a seasoned Broward County will lawyer at The Probate Lawyers can help you in initializing this document.
What are some of the benefits of establishing a pour-over will?
Though you may have a will and a living trust in place, it may be in your best interest to go the extra mile and establish a pour-over will. This type of will comes with the following benefits:
- It will allow a grantor’s remaining assets to be automatically transferred to a preexisting living trust.
- It will allow a grantor’s remaining assets that have been mistakenly or intentionally excluded from a living trust to be distributed to desired beneficiaries.
- It will allow a grantor’s estate to avoid the state of New Jersey’s intestate succession laws, which would have the court distribute assets to surviving relatives based on their relationship to the grantor.
- It will allow a grantor’s estate to be protected against legal issues with their trust, which would stipulate that the assets be distributed to desired beneficiaries should it become invalid or should it become legally difficult or impossible to fund it at the time of death.
For example, you may have your real estate property as a remaining asset that is intentionally left out of your living trust. You may do this because you may come to the conclusion placing your real estate into a trust is more costly than placing it in a will.
Still, upon your unfortunate passing, your pour-over will has your real estate first go through the probate process. But then, it will seamlessly transfer to your living trust. From here, your trustee will manage your real estate property, and soon after distribute it to your desired beneficiary at the time directed in the terms of your trust.
How do I establish this type of will?
For your pour-over will to be effective, you must have a valid and enforceable living trust already in place. Understandably so, you cannot order your remaining assets to go to a trust that does not exist. This may open the doors to a contested trust, which may subsequently lead to a costly and time-consuming probate court process and an ultimate declaration of its invalidity.
You make a valiant effort toward establishing your estate planning documents. Reach out to a competent Broward County estate lawyer at The Probate Lawyers to learn how to get started on these documents.
