When people think about estate planning, they usually think about a last will and testament. A will outlines where your assets will go after you die. A will dictates who will care for your minor children. However, a will has weaknesses that can only be addressed by incorporating it into a comprehensive estate plan that also includes a Trust, Power of Attorney and Healthcare Directives.
Although a will directs what happens to your estate upon your death, it may require your loved ones to go through the probate process to administer your estate. Incorporating a pour-over will into a comprehensive estate plan ensures your assets are passed on efficiently and effectively, without the necessity or probate.
When you have a revocable living trust, your assets will be placed in the name of the trust so they can be distributed by the trustee upon your death. In the event there are assets that, for one reason or another, do not get placed in the name of the trust, the pour-over will states that all assets up to $100,000 not currently part of the trust be placed in the name of the trust. Thus, avoiding probate administration of the will.
Patterson Law Firm has more than 25 years of experience creating estate planning documents for people in Orange County. Contact us today to schedule an initial consultation. You can be confident that we can create a will that meets your needs.