You understandably want to make sure your loved ones are taken care of when you’re gone. To do that, as part of your estate planning in California, you should include a will. A pour-over will might be the right option. You should know what this is and when you need it.
What is a pour-over will?
A pour-over will is a type of will included in estate planning that is used alongside a trust. If you have a trust and forget to transfer some of your property into it over a period of years, a pour-over will can keep that property and your beneficiaries protected in the event of your death.
How does a pour-over will work?
A pour-over will allows you to designate where your assets and property that have not been put into a revocable living trust should go after you have passed away. The trust itself can hold the property if you haven’t named a beneficiary.
How does a pour-over will impact probate?
When you have a trust, you can avoid the probate process for any property you’ve funded into that trust. However, property you haven’t included into your trust before you pass away does go through probate.
With a pour-over will, your property does not have to go through probate. Instead, it can go to your next of kin, whether that person is your surviving spouse, children, parents or grandchildren. If you don’t have other estate planning documents stating where you want property and assets to go, something might end up going to a family member with whom you’ve been estranged for years.
A pour-over will is a great way to ensure that your property goes to the heir of your choice. You may want to consider creating one to go with your trust.