Because the topic of death and dying is so morbid and stressful to contemplate, some folks tend to procrastinate preparing a Power of Attorney, a Health Directive, a Will and/or a Living Trust until much later in life, and sometimes, until they delay until last minute or only after experiencing a...
A pour-over will is a type of will which provides that any assets or property owned by the testator at their death that was not titled in the testator's living Trust, will transfer (or pour over) into the trust, and will pass as per the terms of the trust. A pour-over will works in conjunction with a living trust and names the trust as the sole beneficiary of the will.
Your estate plan in California can include several documents, many of which may require beneficiaries, like any trusts you may have set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully.
Even in the most “simple” circumstances, a California Probate takes a bit over a year from start to finish. For that reason, finding the right probate attorney can make a world of difference with how efficiently the case can be handled. Here are some things to look for when hiring a Probate attorney.
A pour-over will is a type of will stating that any assets or property owned by the Settlor of a living trust that were omitted from the Trust at their death will transfer (or, pour over) into the trust after death. In this way, the pour-over will serves as a safety net for any assets not formally transferred into a living trust during the Trust Settlor's life.