When creating an estate plan, it is common to utilize a trust to distribute assets efficiently, avoid probate, and provide privacy. If you decide to use a trust to distribute your estate assets, you may wonder if you still need a Last Will and Testament. The Indianapolis attorneys at Frank & Kraft explain why you do need a Will if you are relying on a trust to distribute your estate assets.
What Is a Pour Over Will?
A Pour Over Will is a legal document that directs any assets you owned at the time of your death, which were not already included in your trust, to be “poured over” into your trust. While the trust governs the distribution of the majority of your assets, a Pour Over Will acts as a safety net, ensuring that any assets left out of the trust are still distributed according to your wishes.
It is common for people to create a trust as their primary estate planning tool, only to unintentionally leave some assets outside of the trust. This can happen for a variety of reasons, such as acquiring new property after the trust was created or simply forgetting to transfer ownership of certain assets into the trust. Without a Pour Over Will, these assets would have to go through probate and be distributed according to intestate succession laws, which may not align with your wishes.
Benefits of a Pour Over Will
A Pour Over Will ensures that all your assets are ultimately governed by the trust you created. By having this document, you can feel confident that even if some assets were left out of the trust by mistake or circumstance, they will still end up where you intended. It acts as a safeguard to guarantee that no asset is left unaccounted for in your estate plan. Moreover, without a Pour Over Will, assets left outside of your trust could end up being distributed based on the default laws of your state, which may not reflect your personal wishes. The Pour Over Will guarantees that these assets are funneled into your trust and distributed according to the terms laid out in the trust. This simplifies the process for your heirs and ensures that your assets are distributed in a consistent and organized manner.
Having a Pour Over Will in place also acts as a backup plan. You may acquire new assets over time, and keeping track of whether they have been properly transferred into your trust can be overwhelming. The Pour Over Will provides peace of mind, knowing that anything left out of the trust will still be taken care of, regardless of whether you had the chance to transfer it before your death. In addition, if you die without a Will or a Pour Over Will, assets not placed in the trust will be subject to intestate succession laws. This means the state will determine how your assets are distributed, typically giving priority to close family members. However, this may not reflect your preferences, especially if you have a blended family, wish to leave assets to friends or charities, or have other unique circumstances. A Pour Over Will helps prevent this by ensuring that all your assets are distributed according to the terms of your trust.
How Does a Pour Over Will Work with a Trust?
When you create a trust, you transfer ownership of your assets to the trust during your lifetime. Upon your death, the assets in the trust are distributed by the Trustee according to the terms of the trust, bypassing probate. The Pour Over Will comes into play for any assets not included in the trust at the time of your death. Once these assets go through probate, they are poured over into the trust, allowing the Trustee to distribute them as outlined in the trust document.
It is important to note that the Pour Over Will does not allow you to completely avoid probate. However, it ensures that any assets not transferred to the trust will eventually be subject to the terms of the trust, rather than distributed according to state intestacy laws.
Do You Have Questions about How a Will Works with a Trust?
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about how your Will works with your trust, contact an experienced Indianapolis estate planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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