Pour-Over Will Lawyer in CA
Deciding how your assets will be distributed after you're gone is an important task. A pour-over will can be a critical part of this decision, especially when combined with a trust. It's like a safety net that catches any of your assets not included in your trust at the time of your death and 'pours' them into it.
Why Do I Need a Pour-Over Will?
A pour-over will is a legal document that helps ensure that all your assets are distributed according to your wishes. This is important if you've established a trust but have failed to transfer all of your assets into it. The pour-over will essentially directs any remaining assets into your trust upon your passing.
It's an extra layer of protection, covering all assets not already in your trust. Without it, any assets not in your trust would be subject to intestate succession laws, meaning the state decides who inherits them.
Setting up a Pour-Over Will
Setting up a pour-over will involves a few critical steps. First, you need to create a trust. The trust is separate and holds your assets. It has its own rules and can continue to exist after your death.
Next, you'll want to transfer as many of your assets as possible into the trust. Remember, the goal is to have your trust, not your will, control as much of your estate as possible.
Finally, you'll create a pour-over will. This document simply states that any assets not already in your trust should be transferred to it upon your death.
Pour-Over Will vs. Traditional Will
A pour-over will differs from a traditional will in its relationship with a trust. A traditional will lists out who gets what after you're gone. A pour-over will, on the other hand, primarily serves to transfer any remaining assets into your trust.
One major benefit of a pour-over will is that assets in a trust are not subject to the probate process. Probate can be time-consuming and costly. A pour-over will helps minimize these issues.
Assistance with Your Pour-Over Will
Remember, estate planning isn't a one-size-fits-all scenario. Each person's situation is unique, and a well-crafted plan must reflect that uniqueness. As an Estate Planning Lawyer at the Law Office of Eric Ridley, I can guide you through this process and help you make the best decisions for your estate.
If you're considering creating a pour-over will, it’s important to have professional guidance. The rules for trusts and wills can be complicated, and you want to make sure everything is done correctly. With my assistance, we can ensure your assets are protected and distributed according to your wishes.
If you’d like to learn more, I’d be happy to talk to you about it. Just reach out. I don’t bite, and your consultation is free. Call me today at (805) 307-7713 or contact me online for a free initial strategy session and get the help you deserve.