If you are a Floridian who set up a living trust, you also may wish to consider executing a pour over will. As FindLaw explains, a pour over will is one stating that any of your assets that you neglected to transfer into your living trust during your lifetime will automatically go there upon your death, and from there to your designated trust beneficiaries.
A pour over will gives you many advantages, including the following:
- It is the only document you need to ensure that your entire estate will go into your living trust at your death. Consequently it is the most efficient way to accomplish this goal and also makes things simple for your estate executor.
- It relieves you of the responsibility of remembering each and every asset you have and specifically mentioning them in your will or trust.
- It keeps your assets and therefore your financial information as private as possible. While your will, pour over or otherwise, may become a matter of public record during probate, your living trust and the assets in it are completely private.
Downside to a pour over will
The only downside to a pour over will, or any will for that matter, is that a will must go through probate before its assets can be distributed. In the case of a pour over will, however, all your executor must do is get permission from the court to "pour over" your assets, after payment of your outstanding debts, to your living trust. (S)he will not have to administer those assets as such.
To ensure that your living trust and your pour over will do, in fact, work together as intended, make sure that your living trust mentions your pour over will and vice versa. This information is only intended to educate and should not be interpreted as legal advice.