Many people believe that once they create a trust, they no longer need a will, but that is not entirely true. A pour-over will acts as a safety net, ensuring that any assets left outside your trust are still distributed according to your wishes. Here’s how it works and why it is an essential part of every complete estate plan.
Understanding the Role of a Pour-Over Will
When you create a living trust, the goal is to transfer ownership of your property into the name of the trust so that your loved ones can avoid the probate process when you pass away. However, it is very common for people to forget to transfer all of their assets. You might buy a new property, open a new bank account, or acquire an investment after creating your trust and forget to retitle it.
This is where a pour-over will becomes important. A pour-over will is a document that legally directs any remaining assets that are still in your individual name to be “poured” into your trust when you pass away. Simply put, it serves as a final safeguard to make sure that all of your property is ultimately governed by the terms of your trust.
Why You Still Need A Will Even If You Have A Trust
Even if you carefully fund your trust, life happens. Over time, new assets are purchased, accounts are opened, and personal property is acquired. A pour-over will ensures that these assets are not left out of your estate plan. Without it, any property that is not titled in the name of your trust at the time of your death would pass under Florida’s intestacy laws, which may not reflect your wishes.
A pour-over will directs the probate court to transfer any assets that are not already in your trust after your passing. This allows your successor trustee to distribute everything according to the instructions you included in your trust document, thereby keeping your overall plan consistent and coordinated.
How a Pour-Over Will Works in Florida
In Florida, a pour-over will still needs to go through probate. However, the process is often simpler and faster because the will directs all of the assets to one place: your trust. Once the assets are “poured over,” the trustee follows the trust’s instructions for distribution.
Common Mistakes to Avoid
- Relying on the trust alone:
Many people believe that once they sign their trust, they no longer need a will. Without a pour-over will, any unfunded assets could be left out of your estate plan entirely.
- Failing to fund the trust properly:
A trust only controls the assets that are legally transferred to it. Deeds, bank accounts, and investment accounts must be retitled in the name of the trust. A pour-over will can fix mistakes, but proper funding is always the goal.
- Assuming a pour-over will avoids probate completely:
The will still needs to be probated, but the process is much simpler. The main benefit is that all of your assets end up where they were intended to go.
A Complete Estate Plan Includes Both
A trust and pour-over will work best when used together. The trust provides ongoing control, privacy, and probate avoidance for assets that are properly transferred into it during your lifetime. The pour-over will acts as a backup to capture anything that might have been missed.
Together they ensure that your loved ones are protected and that your property passes smoothly according to your wishes.
If you would like to learn more about how a pour-over will can strengthen your estate plan, our team is here to help guide you through each step and make sure your documents work together exactly as needed.
