Many people use wills in their estate plans, but there is a version that works in tandem with a trust: a pour-over will. This type of will typically covers your residual assets and transfers them into a trust after your death.
Before creating a pour-over will, it can be essential to establish a revocable living trust first, which can help you stay in control of your assets during your life. You can then determine what assets to use for funding and immediately keep them under the trust.
If you have properties and other assets left outside the trust for any reason, you can draft a pour-over will indicating your intentions to include them in the trust after passing on. You can use this type of will as a safety net when you are still going through your estate, which can take a long time, based on your situation.
Having this document can give you the peace of mind that all your assets left out of the trust will enter it eventually after your death. A pour-over will can help subject your residual assets to whatever conditions you enforce in the trust. Depending on their details and value, these assets may still go through probate. To maximize the benefits of your estate plan, regardless of what tools you incorporate, you could seek legal counsel. Experienced guidance can help you draft a comprehensive plan that can work as intended and preserve its validity over time.
]]>In Florida, if a person passes away without a will, all their assets will go to their spouse or closest relatives. State laws dictate the order of succession based on the decedent’s marital status and familial relationships:
Based on this, you can see that the law does not account for relationships not defined by law or the quality of relationships a person has with parents, siblings and other family members.
Preparing for the future is essential to provide for your loved ones when you are gone. When you have a valid will, the courts can distribute assets according to your wishes. This allows you to define your legacy and even avoid potential family disputes that can arise in the future.
Drafting a will has its complexities, from choosing your witnesses and naming your executors to identifying your beneficiaries and preparing strategies in case someone contests your will. A lot can happen in life and creating a will can give you and your loved one's valuable peace of mind during an otherwise tumultuous time.
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