two people sitting in front of estate planning documents

When planning your estate, you may think a traditional will is your only option. However, this is far from the truth. In fact, many use a living trust as their primary estate planning tool, with a pour-over will in place as a safety net. If you’re unsure what a pour-over will is or how it works, you’ll want to keep reading. You’ll discover the benefits of this estate planning option and learn how a Pasco County, FL estate planning lawyer can assist you through this complex process.

What Is the Purpose of a Pour-Over Will?

A pour-over will is used in tandem with a living trust. In many instances, someone will place their assets in a trust to help their beneficiaries avoid the probate process upon their passing. However, when they have additional assets that are not included in the fund, whether that’s because they forgot about it or did not have time to move it into the trust, it may end up in intestacy. Essentially, this means that the asset not included in the trust will be distributed according to Flordia’s intestate line of succession and will not be distributed according to your wishes.

To help avoid this possibility, many opt to create a pour-over will. This helps transfer the remainder of your estate to your trust upon your passing. As such, your assets will be distributed according to your wishes, helping to provide peace of mind. A pour-over will acts as additional protection to ensure all your assets are distributed as you intend.

How Can I Set One Up?

If you’re interested in this estate planning option, you must first establish a living trust. Once you have done that, you can create the will. Instead of naming people as beneficiaries of your will, you will name your trust. You must also state that the remainder of your estate that is not included in your trust is to be transferred upon your passing.

It’s important to know that the assets included in the pour-over will must go through probate. However, which process they endure depends on the size of the assets. They may qualify for summary probate, which is reserved for estates in Florida valued at $75,000 or less.

Planning your estate can be complex and complicated, especially if you’re unsure where to begin. As such, enlisting the assistance of an experienced attorney is in your best interest if you’re ready to begin planning.

At the Law Offices of Matthew J. Jowanna, our dedicated legal team understands how frustrating and confusing this process can be for many. As such, our dedicated legal team will do everything possible to help make this as simple as possible. Contact our firm today to learn how we can help you achieve peace of mind for the future of your estate.