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What is a Pour Over Will?

A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust.  As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust.  For the most part, a Pour Over Will only has one beneficiary.  That beneficiary is the Revocable Living Trust which was created at the same time.  Of course, if the Trust has been funded correctly, very little will pass through this will.  The Pour Over Will simply serves as a safety net to capture any assets which have not been transferred to the Trust prior to death.  Also, if minor children are involved, the Pour Over Will can also be used to name potential guardians in the event of the deaths of both parents.

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Setting up a Living Trust

Setting up a living trust is one way of protecting your property and assets from going through the probate system upon your death.  This can save your heirs a lot of time and money.  Creating a living trust is actually fairly easy, although there are a few things that you need to keep in mind.  The first is that the trust documents must follow the laws of the state in which they are written.  Living trust laws do vary from state to state, so you will need to speak to a living trust attorney to make certain your document follows state law.  Once written, you have to execute the living trust in order to make it legally binding.  Below are the steps to setting up and executing a living trust.

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Advantages of a Living Trust

The purpose of creating a living trust is often not only because they want to set up a trust for their beneficiaries, but because they want to benefit from the advantages a living trust offers.  However, there are some disadvantages to creating a living trust as well, and it’s important to understand the various advantages and disadvantages to a living trust before creating one.

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Revocable and Irrevocable Trusts

When creating a trust, most people create a revocable trust.  A revocable trust, which is has several key differences from an irrevocable trust.  Both allow for transfer of property to heirs without the need of a probate court, which saves time, money, and protects the privacy of all parties involved.  However, in some situations, a revocable or an irrevocable trust may be more useful to all parties involved.

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Myths Concerning Revocable Trusts

Because most people do not know all the ins and outs of revocable trusts, there are a number of different myths surrounding them.  Some of these myths are simply misinformation, while others are wildly untrue.  If you’re thinking of creating a revocable trust, it is important to speak with an attorney who specializes in revocable trusts first, so that you understand exactly what the trust will do.

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