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Does your trust-based estate plan need a pour-over will?

After looking over the various estate planning options available to you, you may have decided that a trust-based plan would best suit your needs. Many Nevada residents often come to this decision as trusts can offer a variety of protections for your property while also allowing surviving family members to avoid probate, if the proper steps are taken to do so. Plus, this tool could also help you better dictate how your assets should be handled after your death.

Because the amount of control offered by trusts may have acted as an appealing factor in your decision making, you may want to ensure that all of your assets go through distribution according to the terms of the trust. In order for that to occur, all of your property would need including in the trust. However, a chance does exist that certain assets could get overlooked or you may not update your trust before your death. Luckily, creating a pour-over will could ease your mind.

Pour-over will vs Standard will

Though you may think that a standard will could help cover your bases, this type of document does not act in the same way that a pour-over will does. With a standard will, you could detail how you would like your property distributed. If you have already created such terms with your trust, you could create a pour-over will which would indicate that any property left outside the trust should be distributed through the terms of the trust. Essentially, a pour-over will states that the trust should act as beneficiary.

Probate

If you created your trust in hopes that your family would not have to go through probate proceedings after your death, a pour-over will would not help in that respect. Any items addressed in the pour-over will would need to go through probate before the court allowed the assets to move to the trust. However, without a pour-over will, any remaining property would still have to go through probate, and state law would come into play.

Do you need a pour-over will?

Though a pour-over will may not be an essential estate planning document, it could help give you peace of mind. You may think that you will remember to place all of your assets into your trust before your death, but unexpected circumstances could always come about. Therefore, you may wish to consider creating a pour-over will as a safeguard.

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