One of the most beneficial tools a person can use in their estate plan is a trust. Trusts provide many advantages, including the ability to avoid probating the assets that are contained in the trust. However, there are situations where after the trust is created, the individual passes before they had the opportunity to transfer certain assets into the trust that should have been included. This can happen for various reasons, such as acquiring new assets after the creation of the trust or unintentionally omitting certain assets from the trust. In these situations, a pour-over will can ensure that any overlooked assets will still be managed and distributed according to the terms of the trust.
Advantages of a Pour-Over Will
One of the key advantages of a pour-over will is its ability to simplify the probate process. When a person passes away, their estate typically goes through probate, which involves validating the will and distributing assets. However, if a person’s assets are primarily held in a trust and they have a pour-over will, the pour-over will directs any remaining assets to the trust, bypassing probate for those assets. This can save time and money, and reduce the complexity of the probate process.
Pour-over wills also offer flexibility in estate planning. They allow individuals to make changes to their asset distribution without the need to amend the trust itself. This can be particularly useful when circumstances change, such as acquiring new assets, selling existing assets, or changing beneficiaries. By updating the pour-over will, individuals can ensure that their estate plan remains current and aligned with their wishes.
It is important to note that pour-over wills should be carefully drafted and coordinated with the trust to ensure they work seamlessly together. Working with an experienced estate planning attorney is recommended to ensure that the language used in the pour-over will accurately reflect the intentions of the person creating the estate plan and complies with all applicable Illinois probate laws.
Contact a Hyde Park Trusts Lawyer for Legal Assistance
Trusts and pour-over wills are just two of the many different types of estate planning options that a Chatham, IL estate planning attorney can use to provide you peace of mind that your family will be taken care of when you are no longer here. Whether you need to create a new estate plan or would like to update your current one, Attorney Constance Sherrod can help. Call [[title]] at [[phone]] to schedule a free consultation.
Source:
https://ilga.gov/legislation/ilcs/documents/075500050K25-1.htm