Pour over wills Northern Virginia
The Law Firm of Northern Virginia Trusts and Estates
The estate planning attorney at Northern Virginia Trusts and Estates in Northern Virginia will add a pour over will to your revocable living trust package which starts at just $2,295. Contact us today to get started.
Importance of Planning
Although most people do not enjoy thinking about drafting their will or creating an estate plan, proper estate planning will ensure that your final wishes are carried out and that the heirs you intend will receive your assets in a timely manner, without wasting money on the costs associated with probate court and inheritance taxes. Depending on your specific situation, a pour over will may be a good choice as part of your overall plan.
What is a pour over will?
A pour over will is a will that is created in conjunction with a revocable living trust. The will specifies that all assets belonging to a person transfer into, or “pour over” into the trust, when the person passes away.
Why do people create pour over wills?
1. Protect Your Assets: When the revocable living trust is created, most people choose to put the majority of their assets into the trust. However, they may choose to leave some assets out for issues such as liquidity or convenience or because they simply forgot to include them.
For example, it doesn`t make sense to put certain kinds of stocks into a trust, nor do many people put tangible assets, such as jewelry or furniture into a trust. These assets can be liable to probate if a pour over will is not in existence, creating difficulties for your heirs and potential confusion about the best way to transfer ownership of those assets.
2. Name guardians for your dependents. Another reason that some people create a pour over will in addition to their trust or trusts is so they can designate guardians of their minor children or any dependent adults. In the case that both parents pass away at the same time, it is preferable if they have specified the person or people they prefer to take on the responsibility of raising the children.
Count on our estate planning attorney for peace of mind
While a pour over will and revocable living trust may be more complex than you had in mind for your estate plan, these components may be the best means of handling your assets. When you take the time to meet with an experienced estate planning attorney, they will be able to offer guidance and options for your specific situation, assets, and needs.
If you are seeking estate-planning services in Virginia including pour over wills and revocable living trusts, contact the staff at Northern Virginia Trusts and Estates. With over two decades of experience in estate planning law, we offer the experience you want at a price you can afford.