Using a Pour-Over Will with a Living Trust

A Pour-Over Will Generally accompanies a Living Trust. Because a Living Trust only applies to the assets that are actually transferred into the trust, a Pour Over Will is like a safety net for anything that isn’t covered by the Living Trust, either purposely or inadvertently.  Generally, you should make sure that most of your assets are transferred during your lifetime into the Living Trust.  If you have to use the Pour-Over Will for property, you have defeated the purpose of avoiding probate.

Note that the use of a Living Trust generally does not change your income tax requirements during your lifetime. The tax minimizing provisions that are included in complex wills for larger estates can also be included in a Living Trust.

Finally, one of the most important reasons to create a Pour-Over Wil is to appoint a guardian for any minor children, since this provision generally isn’t in a Living Trust document.

 

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.