Purpose of a Pour-Over Will in Arizona
You may have heard the term “pour-over will”, but do you know what the purpose of a pour over will in Arizona is? A pour-over will is established by someone who has already completed all the steps in setting up a trust. Having a pour-over will ensure that all of the assets not included in the trust, will be poured into the virtue of the will. A pour-over will is a last will and testament that serves as a safety device that captures all assets that are not transferred to or included in a living trust. All remaining property is passed through the will at death and distributed to trust beneficiaries that were named while you are alive.
A pour-over will is necessary, otherwise, assets that are not transferred to the trust at the time of death will become a part of the estate. This would make some of the assets pass on to particular heirs that may not be the intended beneficiaries. Having a pour-over will makes sure that all of your assets will pass to intended beneficiaries. This avoids probate by easily passing assets on to heirs. Having a pour-over will is beneficial because everything is controlled by one document. This makes it clear who gets what after passing. The pour-over will also take care of the assets that you may not have gotten around to transferring to the trust before your death. Another benefit that your heirs will appreciate is that trusts are private, so the details of who inherits what will not become a private record, and the inheritances will remain private.
Pour Over Wills and Family Trusts
A pour-over will need to be consistent with the family trust and may name the trust as the beneficiary. The document will also nominate someone as the executor of the estate. All that the executor has to do in the case of a pour-over will, is take all assets that pass under the will and put them into the living trust. A pour-over will mainly keep you from dying intestate. A pour-over will still do need to meet the requirements of a legal will, and you can get assistance in creating this legal document with a lawyer. This document makes it easy for your loved ones because they can start distributing property after your death without having to go through probate court. This can also be beneficial for young heirs. When the assets are transferred to the trust, the trustee manages them, and this can prevent overspending by the youth.
It is important to note the items that cannot be included in a pour-over will. These items include assets owned in joint tenancy, items to be inherited by a living spouse, anything in an IRA or 401k, and anything prohibited for transfer by state law.
A pour-over will is beneficial for everyone as part of estate planning because it is almost impossible to include all of your assets in a living trust. You can contact an estate planning Attorney to assist you with preparing a trust and setting up a pour-over will to benefit your family, and to protect all of your valuable assets to be inherited at your death. Consult with an experienced attorney such as the wills lawyer Arlington, TX locals trust.
Contact our experienced Arizona Estate Planning Attorneys at (480)947-4339.
Special thanks to our authors at Brandy Austin for their insight on Wills and Estates.