There are many tools that individuals could utilize in order to create an estate plan that best suits their needs. In fact, some tools could work in conjunction with other estate planning documents and allow Texas residents to better protect their estates and their surviving loved ones. One option that some parties may wish to consider is the pour-over will.
Though most people have heard of and have used a standard will, a pour-over will can work together with a trust. When a person creates a trust, he or she can dictate how the assets placed in the trust will be distributed. However, there may be instances in which all of the individual’s property may not be included in the trust for whatever reason.
When property is not included in a trust, it will likely go through the probate process. If an individual created a pour-over will, that document can ensure that after assets go through probate, they will still be distributed by the terms of the associated trust. Essentially, the pour-over will can act as a safety net to ensure that assets still get distributed according to the decedent’s wishes.
Whether or not a pour-over will could work for an estate depends on the exact details of a person’s estate. Therefore, Texas residents interested in this option may wish to determine whether they have a need for this estate planning tool. In order to gain reliable information on this type of will as well as other planning documents, interested parties may wish to seek advice from knowledgeable legal counsel.
Source: pasadenajournal.com, “The Pour-Over Will”, Marlene S. Cooper, Oct. 11, 2017