When estate planning in Golden, Arvada, and Jefferson County, Colorado, people often get overwhelmed about the number of choices they have. Depending on what you want to do with your assets and the number of assets you have, there can be many different avenues that you can take. One of those avenues is to create a pour-over will. Let’s look at pour-over wills and how they make work for your situation.
Will Attorney in Wheat Ridge: Definition of a Pour-Over Will
In Wheat Ridge, a pour-over will works in conjunction with a living trust. It is a document that essentially ensures that any property still owned at the time of your death is ‘poured-over’ into a trust. This property will usually have to go through probate before being placed in the trust. A pour-over will can only control probate assets (meaning those not specifically assigned to the trust, those that are jointly owned, those that are inherited by a living spouse, or those in a retirement fund). The pour-over will can also include the executor of your estate and the guardian of your children.
How a Living Trust and Pour-Over Will Work Together in Arvada
Generally in Arvada, people like to create a living trust because by doing so, your family will avoid probate. You will not have to worry that your assets will get tied up in the court system. The living trust continues after you pass, and because the trust is the owner of the property, it can legally distribute the property according to your wishes. The pour-over will provides a safety net for this living trust. If there is any property or assets that you did not include in your living trust, the pour-over will can account for that.
Benefits of a Pour-Over Will
An important benefit of a pour-over will is to make sure that all your assets are protected. Any assets that may have been overlooked, forgotten, or obtained before you were able to update your estate plan. This way, all your assets will be able to become a part of your trust and your trustee will be able to manage and distribute them.