Pour Over Will Lawyers
Meet Your Pour Over Will Attorneys
Life moves quickly, and sometimes assets get overlooked during trust funding. Perhaps you bought a new car or inherited property but hadn’t yet added it to your trust. Your pour over will catches these items and channels them into your trust, keeping your entire estate plan intact. Our pour over will attorneys craft these documents to work seamlessly with your existing revokable living trust.
What is a Pour Over Will?
Think of a pour over will as a safety net for your trust. This special type of will works alongside your living trust by directing any forgotten or recently acquired assets into your trust after your passing. At Clear Counsel Law Group, our estate planning attorneys help ensure no asset falls through the cracks in your estate plan.
Purpose of a Pour Over Will
The primary purpose of a pour over will is to ensure that any assets not already placed into a trust during a person’s lifetime are eventually transferred to that trust upon their death. This process offers a safety net for the grantor, ensuring that even if they neglect to transfer an asset to the trust, it will still be included under the umbrella of the trust’s provisions after their passing. Establishing a pour over will with an estate planning attorney provides a seamless transition of assets, streamlining the administration of the estate and ensuring consistent management and distribution.
In Nevada, assets affected by a pour over will bypass the full probate process and can be set aside.
Real-Life Examples of Pour Over Wills at Work
Let’s talk about how pour over wills safeguard your estate with real examples from our experience at Clear Counsel Law Group. Picture this: You’ve carefully placed your assets in a trust, but life keeps moving forward. New purchases happen, inheritances arrive, and sometimes assets slip through the cracks. Your pour over will acts like a protective net, catching these items and directing them into your trust.
Catching Overlooked Assets
Many of our Nevada clients find themselves in situations like Jessica’s. She created a solid living trust but later acquired new assets that never made it into the trust’s name. Without a pour over will, these forgotten items would face probate court and might not reach her intended beneficiaries. Her pour over will solved this problem by automatically directing these assets into her trust, keeping her estate plan intact.
Protecting Last-Minute Changes
Our pour over will attorneys also helped clients like Robert, who received an unexpected inheritance near the end of his life. With declining health, he couldn’t handle the paperwork to transfer his new property into his trust. His pour over will stepped in after his passing, ensuring this final asset joined his other trust property and followed his carefully planned wishes.
At Clear Counsel Law Group, we make sure your pour over will works in harmony with your trust, creating a safety net that protects your entire legacy. Let our experienced pour over will attorneys help you build this essential backup plan for your estate.
Assets Covered by a Pour Over Will
A pour over will can address a vast array of assets, acting as a safety net to catch any that might have been overlooked or unintentionally left out of the trust.
These can include:
- Real estate properties: Residential homes, vacation properties, or plots of land.
- Financial accounts: Checking and savings accounts, CDs, or brokerage accounts.
- Personal belongings: Jewelry, artwork, and collectibles to everyday items.
- Motor vehicles: Cars, boats, or motorcycles.
- Intellectual property rights: Copyrights, trademarks, royalties, and other intangible assets.
In essence, the pour over will serves as a protective measure in the realm of estate planning. It ensures that all of a person’s cherished assets, even those inadvertently missed, are ultimately governed by the trust’s terms. This facilitates a cohesive management and distribution strategy, simplifying matters for the beneficiaries and trustees.
The value of a pour over will is best realized when combined with comprehensive estate planning. Work with a knowledgeable estate planning attorney at Clear Counsel Law Group to start being proactive in consistently updating and transferring assets to your trust. This proactive approach, paired with the safeguard of a pour over will, ensures your legacy is honored in precisely the manner envisioned.