A pour-over will is a will that works with a revocable or irrevocable trust. When you want to protect your privacy, one of the ways is to create a pour-over will and a trust. Instead of listing everything in the will, you fund the trust. The pour-over will refers to the trust. In the event that you forget to put a new asset into the trust, the pour-over will directs the asset to the trust; however, the asset must go through probate first.
In a nutshell, the pour-over will transfers assets to the trust if you forget to transfer them during your lifetime. You will be able to control the distribution of all property instead of letting the intestate laws of Georgia determine who gets the asset and you will still maintain privacy because the trust is not introduced to probate.
Funding the Trust
Just having a pour-over will and a living trust isn’t enough. You must fund the trust, or your assets will still have to go through probate. Our last 5 blogs have focused on several aspects of funding your trust. Our Georgia estate planning attorneys can help you create an estate plan that includes a pour-over will and a trust that best meets your needs. Not everyone benefits from a revocable trust, and not everyone benefits from an irrevocable trust.
Once we determine which trust is best suited for your circumstances, we can create the pour-over will and the trust to protect your privacy.
Inevitably, you will acquire more assets as the years go on. Every year, you should review your assets and be sure to add newly acquired assets to the trust. Although you have a pour-over will that protects those assets from intestate distribution, the privacy of those assets is not protected.
Contact a Georgia Estate Planning Attorney
To create a pour-over will and a trust, contact our attorneys at Grissom Law, LLC for a consultation. Our attorneys will help you determine the best type of trust to use with a pour-over will and will help you with the documents required to fund the trust, including deeds to transfer real estate.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.