When planning your estate, you may think creating a will is the only way to protect your assets. While this is an important document, it is not your only option! In fact, many opt to place their assets in a living trust for a number of reasons, but mainly to avoid probate. However, ensuring all your assets can be included in the trust can be complex, so creating a pour-over will can assist. Keep reading to learn more about how this works and discover how a Washtenaw County estate planning attorney can guide you through this process.
How Does a Pour-Over Will Work?
A pour-over will acts as a safety net for your assets. Many people place their assets in a living trust so they do not have to go through the probate process upon passing. This is because the assets not included in your trust would go through the probate process, meaning they will be authenticated and validated by the court before being distributed according to Michigan’s intestate succession line. As such, creating a pour-over will can help ensure your assets are protected.
Essentially, any assets not included in your trust would be included in a pour-over will. Then, upon your passing, these assets would be transferred into your trust. Essentially, you can dictate that the remainder of your estate should be transferred to your living trust upon passing. As such, it will be inherited by the beneficiaries of your estate without being in control of the state.
How Do I Create One?
To create a pour-over will, you’ll first need to establish a living trust if you have not done so already. Once you set up the trust and appoint a trustee, you can begin creating a pour-over will. When setting this document up, you must understand that, unlike a traditional trust, you will not name people as beneficiaries. In this instance, you will name your living trust as the inheritor. It’s essential to clearly explain that any assets in your estate that are not in your trust should be transferred upon your passing.
While many people create a living trust to avoid probate, it is necessary to know a pour-over will may still go through probate. However, it may qualify as a small estate, meaning the process will be simpler and less expensive for your beneficiaries.
Creating a pour-over will can help you achieve peace of mind that your assets will be taken care of how you intend upon your passing. As the process of planning your estate can be tricky, ensuring you have an experienced estate planning attorney there to help is essential. At Collis, Griffor & Hendra, we can help ensure you have the peace of mind that your estate will be handled according to your wishes upon your passing. Contact us today to learn how we can assist you.
