Do I need a will if I have a trust?
When creating a will, it’s common to use a trust in order to distribute assets efficiently, to avoid probate and to provide privacy. You may wonder if a Last Will & Testament is still necessary if you use a trust for the distribution of your estate assets. What is a Pour Over WillA pour over will is a legal document which directs that any assets you owned when you died, but were not included in your trust be “poured over” to your trust. The trust is responsible for the distribution of most of your assets. A Pour Over Will ensures that any assets not included in the trust will still be distributed according to your wishes. This can occur for many reasons, including acquiring new assets after the trust has been created or forgetting to transfer ownership. 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. This document will give you the confidence that, even if assets are accidentally left out of your trust, they will end up where you want them to. It is a safeguard that ensures no asset will be left out of your estate plan. Without a Pour Over Will assets that are not in your trust may be distributed according to the default laws of your State, which might not reflect your personal preferences. The Pour Over Will ensures that these assets will be funneled into the trust and distributed in accordance with the trust’s terms. 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. Over time, you may acquire more assets and it can be difficult to keep track of them. Pour Over Wills provide peace of mind because they ensure that any assets not transferred into the trust are still taken care of regardless of whether or not you had the opportunity to do so before your death. If you die without a will or a Pour Over will, any assets that are not in the trust may be subject to intestate inheritance laws. The state will decide how your assets are distributed. Close family members usually get priority. This may not be in line with your wishes, especially if you are part of a blended family or wish to leave assets to charities or friends. A Pour Over will helps to prevent this by ensuring all assets are distributed in accordance with the terms of the trust. The Trustee distributes the assets in the trust according to the trust terms, bypassing probate, upon your death. Pour Over Will is used for assets that are not in the trust when you die. Pour Over Wills do not completely avoid probate. For more information about how a will works with a trust, please join our FREE seminar. If you have any questions or concerns regarding how your Will will work with your trust, please contact an experienced Indianapolis estate planner at
Frank & Kraft
, by calling
(317) 684-1100
, to schedule an appointment. Read More!
Latest Posts by Paul A. Kraft Estate Planning Attorney
(see all)
