The Pour-Over-Will

The Revocable Trust is a powerful tool in your estate plan. However, there are items that cannot be included in the Revocable Trust. The Pour-Over-Will works in tandem with a Revocable Trust to help ensure that your wishes are honored after your death.

From MetLife.com, “If any assets are unaccounted for, a pour-over will ensures they’re automatically placed in a trust for a grantor’s named beneficiaries. This type of will can also include a backup plan, should the trust dissolve or become invalid. In that case, a pour-over will provides instructions to distribute any assets previously in the trust to the named beneficiaries.”

From Edelman Financial Engines, “A pour-over will doesn’t replace a trust; it complements it. The trust is the primary tool for managing and distributing your assets, while the pour-over will acts as a safety net to catch anything left out. Without a trust, a pour-over will serves no purpose. . . [A] pour-over will is best viewed as a supporting document within a comprehensive trust-based estate plan. It’s not a substitute for thorough planning, but it helps ensure nothing slips through the cracks. Combined with a fully-funded trust and updated beneficiary designations, it can help you manage your legacy.”

Contact us today to get started with your estate planning.