I often get asked why do I need to do a will if I already have a revocable living trust. A pour-over will is used when there is a revocable living trust in order to ensure that property gets transferred to the revocable living trust. If property is not owned by the revocable living trust, a probate may need to be opened in order to transfer property to heirs.
A pour-over will is a commonly used estate planning tool that allows a person to transfer property to a revocable living trust. The assets of a person are transferred to the revocable living trust by certain language in the pour-over will. A pour-over will is valid if the revocable living trust is identified in the language of the will and the trust existed either before the will was was executed or at the same time as the will is executed.
Although when a revocable living trust is executed, you should place property into the revocable living trust, a pour-over will also ensures that property you acquire after the trust is created is placed into the trust. I recommend that every so often you should ensure that property is placed into the trust you created or is still in the trust.
Please contact Attorney Anthony Marinaccio at 818-839-5220 if you are looking to draft a pour-over will, a revocable living trust, or make an amendment to your estate planning documents.