When most people think about estate planning, they think about a will. A will is a document that sets out your wishes for what should happen to your property after you die. If you have a pour-over will, any property that is not specifically left to someone in your will go into a trust. This can be a helpful tool for those who want to make sure their property goes to the right person, but there are some pros and cons to consider before making a pour-over will.
When it comes to estate planning, there are many different will types to choose from. One option is a pour-over will. Pour-over wills can be a helpful tool for people who want to simplify their estate planning or who have a small estate. Here are some of the pros of pour-over wills:
- They can be used to transfer property to a trust.
- They offer a bit of privacy as trusts do not become public records after a person’s passing.
Another great pro is that these types of wills will give you the flexibility to change the beneficiary of your trust at any time. If you have a change in circumstance, you can simply update your pour-over will instead of having to create a new trust. These types of wills can provide peace of mind knowing that your assets will be managed according to your wishes.
However, before making this decision, you should be aware of several potential disadvantages to using a pour-over will. First and foremost, pour-over wills only come into effect after you die, which means that they cannot be used to protect you or your assets in the event of incapacity. If you become incapacitated and do not have powers of attorney in place, your loved ones will have to go through the costly and time-consuming process of petitioning for a conservatorship.
If you've been putting off creating a pour-over will, now is the time to take action. A pour-over will is an essential tool for ensuring that your property and possessions are distributed according to your wishes after your death. Without a pour-over will, the state will decide how your assets will be divided, which may not be in line with your wishes.
When you’re ready to begin this journey, contact the Pearson Butler attorneys at (800) 265-2314 or contact us through our website.