Estate planning can be manageable, especially with the right tools; you can create a solid plan for your assets. One such tool is a pour-over will, which works hand-in-hand with a living trust.
This particular type of will acts as a safety net, catching any assets you might have missed. Understanding pour-over wills can help you make smarter choices about your estate plan.
What is a pour-over will?
Think of a pour-over will as a backup plan for your living trust. This tool can help catch any assets you could not put in your trust while you were alive.
- Here are some things you should know about pour-over wills:
- They move leftover assets into your trust after you are gone
- They prevent forgotten assets from being distributed without a plan
- They act as a safety net for your estate
- They can make probate easier for assets outside your trust
Remember, pour-over wills can be very helpful, but they do not replace the need to keep your living trust up to date.
How does a pour-over will work with your living trust?
Pour-over wills and living trusts team up to cover all your bases. The pour-over will can catch any stragglers, making sure everything ends up where you want it.
Keep these points in mind when using both:
- Update your trust regularly to minimize assets left out
- Know that assets caught by the pour-over will may still go through probate
- Use the pour-over will as a backup, not your main plan
- Talk to an expert to help you set everything up correctly
Implementing the living trust and the pour-over will together can help strengthen your California estate plan.
Pour-over wills can be a game-changer in your California estate planning playbook. They offer peace of mind, knowing that any forgotten assets will still end up in your trust. Getting to know pour-over wills can help you protect your legacy.