What Is a Pour Over Will in California?
Estate planning is an essential process that allows individuals to ensure that their assets are distributed according to their wishes after their death. One common estate planning tool used in California is a pour over will. This article will explain what a pour over will is, how it works in California, and answer some frequently asked questions about this topic.
A pour over will is a legal document that is used in conjunction with a revocable living trust. It serves as a safety net to ensure that any assets not specifically included in the trust are still transferred to it upon the testator’s death. In other words, a pour over will allows any assets that were not transferred to the trust during the testator’s lifetime to “pour over” into the trust upon their death.
In California, a pour over will is particularly useful due to the state’s probate laws. Probate is the legal process of distributing a person’s assets after their death. It can be a time-consuming and expensive process. However, when a revocable living trust is in place, the assets held within the trust can bypass probate altogether. The pour over will acts as a fail-safe mechanism to ensure that any assets not previously transferred to the trust are still protected from probate.
By using a pour over will, individuals can have peace of mind knowing that their assets will be distributed according to their wishes, even if they forget to transfer certain assets to the trust during their lifetime. This is particularly important for individuals who acquire new assets after establishing their trust or for those who simply overlook certain assets during the transfer process.
Frequently Asked Questions about Pour Over Wills in California:
Q: Do I need a pour over will if I already have a revocable living trust?
A: While a pour over will is not required if you have a revocable living trust, it is highly recommended. It acts as a safety net to ensure that any assets not specifically transferred to the trust are still protected and distributed according to your wishes.
Q: Can a pour over will be contested?
A: Like any other will, a pour over will can potentially be contested. However, the chances of a successful contestation are generally lower when a revocable living trust is in place, as the assets held within the trust are not subject to probate.
Q: What happens if I don’t have a pour over will and forget to transfer assets to my trust?
A: If you don’t have a pour over will and fail to transfer assets to your trust, those assets may be subject to probate. This can result in delays, expenses, and potential challenges to the distribution of your assets.
Q: Can I change my pour over will?
A: Yes, you can change your pour over will at any time by creating a new one or by executing a codicil, which is an amendment to your existing will. It is important to keep your pour over will up to date to reflect any changes in your assets or wishes.
Q: How do I create a pour over will in California?
A: To create a pour over will in California, it is recommended to consult with an experienced estate planning attorney. They can guide you through the process, ensure all legal requirements are met, and help you customize the will to suit your specific needs.
In conclusion, a pour over will is a valuable tool in estate planning for California residents who have a revocable living trust. By ensuring that any assets not previously transferred to the trust are still protected and distributed according to their wishes, individuals can have greater peace of mind regarding the distribution of their estate. Consulting with an estate planning attorney is vital to ensure that your pour over will and trust are properly executed and aligned with your estate planning goals.