A pour-over will is a legal document designed to transfer any assets remaining outside of a trust into the trust upon the death of the grantor, the person who created the trust.
What happens to assets *not* in my trust?
Many people assume that once a trust is established, all of their assets are automatically protected and managed by it, but that’s not entirely true. Sometimes, assets are acquired *after* the trust is created, or are simply forgotten during the initial funding process. According to a recent study by Wealth Advisor, approximately 20% of estates still require probate, largely due to un-titled assets or those not properly transferred into a trust. A pour-over will acts as a safety net, catching these stray assets and “pouring” them over into the existing trust, ensuring they benefit from the trust’s provisions and avoid the often lengthy and costly probate process. Without it, those assets would be subject to the rules of intestate succession, potentially contradicting the grantor’s wishes.
Can a pour-over will actually save me money?
Probate fees can vary significantly depending on the state, but they generally range from 3% to 7% of the total estate value. For a sizable estate, this could equate to tens of thousands of dollars in unnecessary expenses. A properly funded trust, combined with a pour-over will, can significantly reduce or even eliminate these fees, preserving more of the estate for the intended beneficiaries. I recall working with a client, Mr. Henderson, a retired teacher, who had established a living trust years ago but never updated it to include a recent inheritance. He believed everything was covered, but upon his passing, the inheritance, amounting to $150,000, ended up in probate. His family lost a considerable amount in fees that could have been avoided with a simple pour-over will.
What if I already have a will, do I still need a trust?
While a will is a crucial component of estate planning, it doesn’t offer the same level of control and flexibility as a trust. A will becomes a public record during probate, while a trust remains private. This can be particularly important for families who wish to keep their financial affairs confidential. Trusts also offer potential benefits in terms of estate tax planning and asset protection. However, a will is necessary even *with* a trust because it can act as a catch-all for any missed assets. I once met with a woman, Mrs. Davies, who was overwhelmed with the idea of setting up a trust. She insisted a simple will would suffice. After explaining the benefits of a trust, and the added layer of security a pour-over will provided, she agreed to explore both options.
How can Steve Bliss help me with a pour-over will and trust?
At Steve Bliss Law, we understand that estate planning can seem complex and daunting. We take the time to listen to our clients’ individual needs and goals, and develop a customized plan that is tailored to their specific circumstances. We can guide you through the process of establishing a living trust, drafting a pour-over will, and ensuring that all of your assets are properly titled and transferred. We recently assisted a family where the patriarch had meticulously planned his estate, yet overlooked a small brokerage account. The pour-over will flawlessly captured this forgotten asset, ensuring it flowed seamlessly into the trust and benefited his grandchildren as intended. Our commitment is to provide peace of mind, knowing that your wishes will be carried out efficiently and effectively, protecting your family and preserving your legacy.
“Estate planning isn’t about death; it’s about life.” – Steve Bliss
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “How does a living will differ from a regular will?” Or “What happens when there’s no next of kin and no will?” or “How does a living trust affect my taxes while I’m alive? and even: “What is the difference between Chapter 7 and Chapter 13 bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.