A pour over will is a way to transfer assets held in a person’s sole name to a trust established for the benefit of the trust’s beneficiaries after the death of the person who made the will. A pour over will gives you the peace of mind that any assets which you may have forgotten to transfer to your trust, acquired after you establish a trust or hold in your sole name will be automatically transferred to a trust established for your beneficiaries upon your death. This includes your car or cash in your bank or financial accounts. The benefit of having a pour over will is that you get to decide who inherits your assets.
The assets from a pour over will can also be used for your funeral and burial expenses. Pour over will assets held in your sole name at the time of your death are still subject to probate approval by the Miami-Dade Probate Court. However, upon Court approval, they are transferred to the trust you previously established for the benefit of your beneficiaries.
How Does a Pour Over Will Work?
When you make a pour over will, you must also make a living trust. The pour over will designates an executor or administrator and gives your personal representative specific powers and authority regarding the management and distribution of your assets. The will can be changed at any time during your lifetime. If you have minor children who are designated as beneficiaries, you will need to designate a guardian for them.
What Happens If You Die Without Leaving Any Will?
If you die without having made a will, then you are considered dying intestate, and your assets are subject to Florida intestate laws. This means that your assets may not be distributed in the manner that you wanted. Your assets would be distributed according to Florida intestate right of succession laws. This means if you wanted a family heirloom to go to your sister, it could end up going to your spouse or your children. Also intestate matters can end up costing your family more money, time and delays in inheriting your assets. Your beneficiaries may end up inheriting less.
To avoid an intestate proceeding, it is recommended that you make a will and trust to make sure that your assets are distributed the way you want them to be distributed.
Miami Probate and Estate Attorney
Establishing a pour over will, trust and other necessary estate planning documents are complex and require the assistance of an experienced Miami probate and estate attorney.
If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.