A Pour-Over Will is often used in conjunction with a Living Trust.
A Pour-Over Will is often used in conjunction with a Living Trust. Because a Living Trust only applies to assets that are deposited into the trust, a Pour Over Will acts as a safety net for anything that is not covered by the Living Trust, either intentionally or unintentionally. In general, you should ensure that the majority of your assets are placed into the Living Trust throughout your lifetime. You have undermined the aim of avoiding probate if you have to employ the Pour-Over Will for property.
It is important to note that the use of a Living Trust does not normally modify your income tax obligations throughout your lifetime. The tax-saving measures included in complicated wills for bigger estates may also be found in a Living Trust.
Finally, one of the most significant reasons to form a Pour-Over Will is to choose a guardian for any young children, since this provision is not often included in a Living Trust deed.
