Funding a trust can deprive an individual of immediate access to and control over key resources. Some people choose to delay the transfer of certain property until after their passing. They may include those assets in a will while using the trust to address their most valuable property.
Others arrange for assets to transfer to a trust they previously established to simplify the probate process. Individuals who have already established trusts may question whether they actually need a will as well. Those hoping to move property to a trust after their passing may need to draft a pour-over will to achieve that goal.
What is the function of a pour-over will?
A pour-over will is a testamentary instrument that transfers any residual property held in an individual’s name to the trust they previously established after they die. Personal property, real estate and other assets held in the name of the decedent can transfer directly to the trust after the testator’s passing to ensure enhanced control over those resources and limit opportunities for conflict.
Pour-over wills can help ensure the proper distribution of various estate resources by placing them under the control of a trustee. Particularly in scenarios where individuals have substantial residuary estates consisting of thousands of dollars of valuable personal property, a pour-over will might be an ideal tool for limiting conflict and ensuring the proper descent of assets after a testator dies.
A pour-over will can be a valuable estate planning tool for those using a trust to manage property distribution. Reviewing the contents of a trust and any remaining assets not previously transferred to the trust with a skilled legal team can help those thinking about their legacy and the administration of their estate achieve their personal goals.