Pour Over Will: A Living Trust Safety Net
There’s a perception that Living Trusts are just for old people. Granted, there’s a little more immediacy as we get older and need to be thinking about how we’re going to distribute our assets to our heirs. But the reality is that nearly everyone—especially those with dependents—should have a Trust. Yet for a younger couple, it can be daunting to think of everything that needs to be included in the Trust. These couples also know that they will accumulate more assets over the years. They also may worry that something will happen to them before they can transfer their assets into the Trust. A Pour-Over Will: A Way for the Trust to accommodate these assets You may have heard of a “Pour-Over Will” that is often used in conjunction with a Living Trust. Under the terms of a Pour-Over Will, all property that passes through the Will at your death is transferred to—or poured into –your Trust. It’s then distributed to those Trust beneficiaries you identified when you prepared...