A pour-over will can provide a convenient way for a Florida estate owner to ensure that assets find their way into a trust after they pass. The document states that any assets that haven’t been put into the trust are to be placed there upon the grantor’s death. It is important to note that a will itself is subject to probate even though a living trust is not.
Furthermore, assets only go into the trust if there is no other designated beneficiary. If a person fails to properly title assets, intestacy laws could determine who gets property left in an estate. Generally speaking, spouses and children tend to inherit most property if an estate owner doesn’t have a will or trust properly created prior to death. Therefore, siblings, cousins or other intended beneficiaries could receive nothing if the necessary estate plan tools are not used correctly.
To ensure that an estate plan meets certain goals, it should be reviewed at least once a year. Revocable living trusts may be changed as needed to best meet an estate owner’s needs. Changing the terms of a trust may be necessary after acquiring new property or deciding to add a new beneficiary to the trust. While pour-over wills can be effective, they should not be used as a safety net.
The loss of a loved one can be difficult under almost any circumstances. However, an individual may make their own passing easier to handle by creating a thorough and clear estate plan. The use of a pour-over will, trust or other documents can make it easier for beneficiaries to get their inheritances without family infighting or formal legal challenges. An attorney could help a client review their estate plan at any time.