Should You Pair a Pour-Over Will With a Revocable Trust Here's What You Need to Know

Estate planning is all about protecting your assets and ensuring your wishes are carried out. For those looking for an extra layer of security, combining a pour-over will with a revocable trust can be a smart solution.

What Is a Pour-Over Will?

Think of a pour-over will as a safety net for your estate. If any assets aren’t placed into your trust during your lifetime, this type of will ensures they’re transferred to the trust after you pass.

This creates a centralized approach to distributing your assets, simplifying the process for your family. While the pour-over will still undergo probate, it provides peace of mind knowing that nothing important will be left out.

How Does It Work With a Revocable Trust?

A revocable trust, also known as a living trust, is a legal tool that allows you to transfer ownership of your assets to the trust during your lifetime while maintaining control. You can update or dissolve the trust as your needs evolve.

When paired with a pour-over will, any assets you might have overlooked—like newly acquired property—are funneled into the trust after your passing. This ensures your estate remains aligned with your wishes, even if you didn’t formally transfer all assets to the trust.

When Should You Use This Combination?

A pour-over will and revocable trust pairing is ideal if:

• Your Assets Are Dynamic: If you frequently acquire or change assets, a pour-over will can capture anything you miss transferring to the trust.
• You Value Flexibility: A revocable trust lets you make adjustments as needed, while the pour-over will provides a safety net for unexpected changes.
• Privacy Matters: Trusts are private, unlike wills that go through probate. Using a pour-over will ensures any straggling assets ultimately benefit from this privacy.

Benefits of a Pour-Over Will Paired With a Revocable Trust

This estate planning strategy offers several advantages:

1. Streamlined Management: Consolidating all assets within a single trust simplifies administration for your trustee.
2. Reduced Family Conflicts: A clearly defined process minimizes misunderstandings or disputes.
3. Reassurance: Knowing no asset will be forgotten or left outside your plan provides confidence in your estate’s future.

Are There Downsides?

While effective, this setup isn’t without its challenges:

• Probate Still Applies: Assets covered by the pour-over will must go through probate, which may delay their distribution.
• Additional Steps Required: You’ll need to ensure assets are actively transferred to your trust during your lifetime to minimize what’s left for the pour-over will.

Despite these factors, the benefits often outweigh the drawbacks for those seeking a comprehensive estate plan.

How to Set Up a Pour-Over Will With a Revocable Trust

An estate planning attorney can help you draft these documents, ensuring all assets are accounted for and that your plan provides maximum protection. Together, they’ll work to establish a seamless process that respects your wishes while simplifying things for your loved ones.

Take Control of Your Estate Planning

Pairing a pour-over will with a revocable trust provides:

• Protection for Missed Assets: Ensuring nothing is left out of your estate plan.
• Simplified Asset Management: Consolidating everything into your trust.
• Privacy for Beneficiaries: Keeping details about your assets and heirs confidential.
• A Smoother Probate Process: Reducing the time and complexity involved.

At The Werner Law Firm, we specialize in creating estate plans that offer security and clarity. Whether you’re starting from scratch or updating an existing plan, our estate planning attorneys are here to guide you every step of the way.

Have questions? Schedule a free appointment with us through our online appointment page.

You can also read reviews from some of the hundreds of clients we have helped over the years.

Reference: Investopedia (April 1, 2024) “Pour-Over Will Definition and How It Works With a Trust”