If you have created or are planning to create a Revocable Living Trust, a Pour-Over Will is the companion document that ensures nothing gets left behind. Understanding how these two documents work together is essential to a complete Florida estate plan.
What Is a Pour-Over Will?
A Pour-Over Will is a type of last will and testament that works alongside a revocable living trust. Instead of distributing assets directly to named individuals, a Pour-Over Will directs that any assets you own at the time of death that were not already transferred into your trust during your lifetime — are ‘poured over’ into the trust after your death and distributed according to the trust’s terms.
Why Is a Pour-Over Will Important?
Many people create a revocable living trust with the intention of transferring all of their assets into it. However, life happens. You may acquire new property, open a new bank account, or simply forget to re-title an asset. A Pour-Over Will acts as a safety net — catching anything that was left outside the trust and ensuring it is brought into the trust to be distributed according to your wishes.
Does a Pour-Over Will Avoid Probate?
Assets that pass through a Pour-Over Will must still go through probate before being transferred into the trust. This is one reason why it is so important to properly fund your trust during your lifetime — meaning actually re-titling assets and updating beneficiary designations to name the trust. A Pour-Over Will is a backup, not a substitute for proper trust funding.
Who Should Have a Pour-Over Will?
Anyone who has a Revocable Living Trust should also have a Pour-Over Will. Without one, assets that were not transferred into the trust during your lifetime would be subject to Florida’s intestacy laws rather than your trust’s instructions.
Pour-Over Will vs. Traditional Will
• A traditional will names specific beneficiaries who receive specific assets
• A Pour-Over Will names your trust as the beneficiary of any remaining assets
• Both must go through probate for assets titled in your name alone
• A Pour-Over Will only makes sense if you have an existing trust
Ready to Get Started?
Estate planning is one of the most important steps you can take for your family. Attorney Erica Irizarry offers free, confidential consultations for all estate planning matters. Call 656-206-0609or complete our online intake form to get started today.
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