Pour over Will
When people make revocable living trusts to avoid probate, it's common for them to also make what's called a "pour over will." A pour over will is a special type of last will and testament that serves as a safety net when used in conjunction with a trust based estate plan - it "pours" any assets that have not been funded, or explicitly stipulated, into your revocable living trust when you die. It effectively names your trust as beneficiary of any property it does not already hold and any property that does not pass directly to a living beneficiary through some other means. When the time comes to settle an estate, it ensures that all the assets, including the assets that were not specified in the trust, are automatically transferred to the trust. A pour over will makes things simpler for everyone as you can control the entire estate by a single document, which saves you time and makes it easier for all parties to manage the assets.
There are several other benefits to having a pour over will. One such reason is that it saves you time as you don't have to constantly change your trust to add or replace trust assets (imagine having to update every time you bought a nice pair of sneakers.) By simply having valuable assets in your revocable living trust, your pour over will pick up any stray assets not included upon your death. Another benefit is that it assists your family and loved ones by avoiding a lengthy and often stressful probate process. As your stray assets are funneled into your revocable living trust, they are given to your beneficiary and there is no added hassle of a probate of your estate. An additional benefit of a pour over will is that any assets or property that may have been forgotten or fail to be mentioned in the will before your death, as well as items that are obtained after the trust and will are created, are automatically included in the estate plan.
Teuninck & Debishoppe, your friendly San Jose Legal Document Assistant, will glaldy assist you in the preparation of your pour over will and give you and your family peace of mind moving forward. Contact us below and we will get back to you shortly!