A pour-over will works in combination with a living trust to add extra protection to your assets. It ensures that any property not included in the trust when you pass away is transferred to the trust automatically.
You may believe your existing estate plan provisions are all you need, but here are two reasons a pour-over will may have a place in your arsenal.
To simplify your estate plan
A pour-over will may reduce the need to update your will every time you acquire a new asset. If something happens to you before you have time to address new property, a pour-over will automatically transfer eligible assets to the trust on your behalf.
It can save you time and money in the long run, but you still need to have your estate planning documents regularly reviewed and updated.
To name a guardian for your kids
You can use a pour-over will to designate a guardian for your children if you should die unexpectedly and they have no other living parent. Such a provision can give you peace of mind and may reduce court involvement in your children’s lives at a time when they need protection.
Consider getting legal guidance when you make estate planning decisions that may impact your kids.
Think of a pour-over will as a safety net that catches anything not protected under your other estate planning documents. It does not replace a living trust but complements your existing provisions.
A good next step is learning more about pour-over wills and how they work under Pennsylvania wills and trusts law. A legal representative can help you understand how to use these laws to protect your best interests.