Do I Need a Pour-Over Will in Palm Beach County?

While exploring the various estate planning options in Palm Beach County, you may have come across the term “pour-over Will.” Like many estate planning concepts, the phrase might seem somewhat daunting. However, the underlying mechanics are relatively simple, and a pour-over Will could be highly beneficial for numerous families. How do you know whether you need a pour-over Will in Florida?

Pour-Over Wills Are Only Necessary if You Already Have a Trust 

First off, pour-over Wills are meant to supplement revocable trusts. If you are not creating a revocable trust, you do not need to worry about creating a pour-over Will. Why is this the case?

When someone creates a revocable trust, they transfer their assets into a separate legal entity. Many estate planners begin this process early in life, and they may continue accumulating assets for years or even decades before their passing. The Revocable Trust provides a destination for assets that the planner would prefer not to have pass through probate after they die.

Depending on how often these transfers occur, there may be significant assets left outside the trust when the grantor passes away. These leftover assets are subject to probate and would be controlled by the pourover will.

A pour-over Will solves this problem by “transferring” these leftover assets into the trust when the grantor passes. In other words, it captures wealth that “spills” outside of a trust, “pouring” it back inside.  However, the “transfer” that happens pursuant to the directive in a pourover will is actually probate.

Can an Estate Planning Lawyer in Palm Beach County Help With Pour-Over Wills? 

An estate planning lawyer in West Palm Beach may be able to help those considering creating a Revocable Trust and pour-over Will. It is important to remember that pour-over Wills and Revocable Trusts represent only one potential estate planning strategy, and others may be more suitable for your specific needs. To that end, it may help to speak with Kitroser Lewis & Mighdoll, rather than limiting yourself to online research. Reach out today to continue this conversation.

Sources: 

rbcgam.com/documents/en/advisor-support/time-in-the-market-vs-timing-the-market.pdf

investopedia.com/terms/p/pour-overwill.asp