Brooklyn Estate Planning Lawyer Theodore Alatsas Explains How Pour-Over Wills Work and How to Know if You Need One
You're working hard to build a legacy for your loved ones. You may have a living trust in place, but what happens to assets that aren't included in the trust when you pass away?
A pour-over will can help ensure these assets go to your intended beneficiaries. A pour-over will is a legal document that acts as a safety net for your living trust. It ensures that any assets not previously transferred to your trust will be "poured over" into the trust upon your passing. This crucial step helps to protect your legacy and provides peace of mind for you and your loved ones.
As an experienced Brooklyn estate planning lawyer, Theodore Alatsas can help you decide whether a pour-over will should be part of your estate plan and ensure your comprehensive estate plan meets your goals.
How a Pour-Over Will Works With Your Living Trust
When you create a living trust, you must transfer your assets into the trust to ensure they are properly managed and distributed according to your wishes. However, it's common for people to acquire new assets after their trust is established or forget to transfer some assets into the trust. This is where a pour-over will comes into play.
A pour-over will names your living trust as the beneficiary of any assets not already included in the trust at the time of your death. When your will is probated, these remaining assets will be transferred, or "poured over," into your living trust. From there, the assets will be distributed to your beneficiaries according to the terms of your trust.
It's important to note that a pour-over will does not replace the need for a living trust. Instead, it works with your trust to ensure all your assets are distributed according to your wishes.
Advantages of a Pour-Over Will
One of the primary benefits of a pour-over will is that it ensures all of your assets will be distributed according to your wishes, even if you forget to transfer them into your living trust. This comprehensive approach to estate planning provides several advantages:
Simplicity After Your Passing
A pour-over will simplifies the process of transferring any remaining assets into your trust after your passing. This helps to avoid confusion and potential disputes among your beneficiaries.
Flexibility During Your Lifetime
As you acquire new assets throughout your lifetime, a pour-over will ensures that they are added to your trust without the need to constantly update your trust document.
Privacy
When a pour-over will is probated, only the assets not already in your trust will become part of the public record. The terms of your living trust, including the distribution of assets and beneficiary information, will remain private.
While pour-over wills have many benefits, a potentially significant disadvantage exists. A pour-over will does not allow you to avoid probate entirely. Assets transferred through a pour-over will must still go through the probate process, which can be time-consuming and expensive. However, probate may be less expensive and time-consuming than it would be if you did not have a living trust and pour-over will.
Protect Your Legacy With a Brooklyn Estate Planning Lawyer
Creating a comprehensive estate plan that includes a pour-over will and living trust may be essential to protect your assets and provide for your loved ones. While the process may seem overwhelming, our team works hard to make it comfortable, easy, and productive for you. Here is what just a few of our clients have said about working with us:
- Attorney Alatsas is a sharp and patient listener. He had explored all options and suggested the best route to solve our family problems with regard to living trust. Our mother is Asian and we were pleasantly surprised that he understands her unique culture. His expertise in solving special problems cannot be found in any books we had read. We are very grateful for his assistance. – Lon E.
- I had a great experience working with Alatsas Law Firm to create an estate plan and trust. Ted and his team are knowledgeable, welcoming, and kind. Everything was clearly explained and the process was very smooth. I'd recommend Ted to anyone looking for estate planning guidance. -Pamela C.
- Attorney Alatsas is professional, responsible & efficient! I would definitely recommend him to my friends & family. -Lily
Theodore Alatsas, a dedicated Brooklyn estate planning lawyer, can discuss your estate planning options with you and guide you through the process so that your legacy is secure and your estate plan reflects your wishes.
