Many New York City residents have gone through the process of updating or creating their estate plan. This is an important process for everyone, regardless of what stage they are in life. Although every person’s estate needs are different, many families choose to create a living trust. Part of a living trust plan usually includes a pour over will.
A pour over will is a last will and testament that transfers all of a person’s property at their death to a trust that the person established during their lifetime. It means that any property that passes through the will is transferred into the trust. The property that passes through the will still must go through probate, but it is typically abbreviated and less taxing than a full probate.
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A pour over will is a way to address assets that were not put in the trust. At the time of death, those assets go through probate and are put in the trust. This still makes sure that the individual’s privacy will be respected. Probate will show that assets were transferred to the trust and the terms of the trust will remain private. One document will govern all the grantor’s assets which makes the pour over will an essential part of an estate plan that has a revocable living trust. A pour over will can also be a place where parents name a guardian for their children.
A legal professional who is skilled in estate planning can help their client review their estate plan and make sure it includes everything to ensure their needs are addressed. Whether a person needs to create an estate plan or updating an existing plan, an attorney can be a valuable resource.