Florida Estate Planning Law Firm Focuses on Pour-Over Wills
North Central Florida Trust and Wills Attorneys Explain Pour-Over Wills
A pour-over will is a type of will that is used in conjunction with a living trust. A pour-over will essentially “pours” any property the deceased person still owned at the time of death into a trust that the person set up while he or she was still alive. The property caught by a pour-over will must still go through probate, but will eventually be distributed according to the instructions of the deceased person, as opposed to the provisions of state law.
Advantages of Pour-Over Wills
Many estate planners recommend having all your assets covered by the terms of only one document, a trust. This arrangement has several advantages, including:
- Simplicity. All terms are controlled by just one document, making it easier for the executor and trustee to conclude an estate after someone’s death.
- Completeness. A pour-over will takes care of all the assets a person doesn’t get around to transferring to the trust before their death.
- Privacy. Unlike wills, trusts are private and don’t ever become public records, keeping all details, including who will inherit what, private.
The main disadvantage of a pour-over will is that the property that passes through it must go through probate, meaning that any property designated for a living trust may get hung up in probate before it can be distributed by the trust — potentially forcing the living trust to remain in effect for months after the decedent’s death. In contrast, property left directly through a living trust can usually be distributed to beneficiaries within a few weeks after the decedent’s death.
Contact Our Florida Estate Planning Attorneys Today
If you have questions about trusts and pour-over wills, Dean & Dean, LLP provides assistance with a variety of estate planning, probate, and real estate matters. Contact our firm online or call (352) 515-9221 to set up your initial consultation today.
