A pour-over will accompanies a revocable trust. This type of will protects assets that were originally excluded, newly acquired, or left out of the trust by allowing them to be moved into the trust.
The advantage of a pour-over will is having all of your assets covered by the terms of one document because that provides simplicity, completeness, and privacy.
The disadvantage of a pour-over will, or any will, is that your property must go through probate and that could delay your heirs from getting their grant from your estate.
Yes. Even if you have a modest estate, protecting your assets from being distributed by probate court is best for you and the loved ones you name as heirs.
The lay person will find probate law difficult to understand, but when you hire an attorney experienced in estate planning and drafting wills, you can be assured your attorney will handle everything the law requires.
Hiring an attorney versed in this area of law also may thwart challenges to your wishes by your heirs or creditors.
Your pour-over will attorney will be your guide through the maze of after-death asset distribution.
First, your attorney will ask you what you want to have happen to your property after your death. In other words, who you want to get what and any limitations or conditions you choose to impose.
Second, your attorney will explain the law so you understand why certain things must be done.
Third, your attorney will make recommendations based on what you want to have accomplished after your death and explain the pros and cons involved.
Fourth, your attorney will prepare all the necessary documents, explain those documents to you and instruct you in making changes later to keep pace with your life, such as if you remarry.
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