Have you ever heard of a pour over will or pour over trust? Do you want to learn how these adjustments to your West Palm Beach estate plan can save everyone time in the probate process? Check out this quick introduction to the pour over will. Is this set up right for you?
Pour Over Wills & Trusts
- Normally a trust will fail if it is not funded with property.
- One of the exceptions to this rule is the so-called pour over trusts.
- Have any of your friends mentioned these when discussing their estate plans with you?
- You can set up a pour over trust when you are executing your will in West Palm Beach and fund it later.
- It will get funded when your will is probated by the West Palm Beach probate court.
- In other words rather than having your personal representative break up all the property in your estate he simply transfers it to a trust.
- From there the trustee that you have selected will take over and administer the trust pursuant to your wishes.
- Can you see why these are becoming a popular addition to estate plans in West Palm Beach?
- If you have been involved in the probate process before you know what a great time saver this could be.
Benefits of a Pour Over Trust
- First of all a pour over trust cuts the time your case is in the probate court and that is good for everyone.
- Furthermore a trustee is going to handle the matters after the trust is funded.
- While normally a personal representative administers an estate with the supervision of a probate judge the trustee is a bit more independent.
- That is not to say that your heirs (now technically beneficiaries) cannot petition the judge when they find (or suspect) bad behavior afoot but it is certainly more hands off than a typical probate administration.
- More and more people in West Palm Beach are choosing to cut probate short so that their loved ones can enjoy the estate sooner.
- Does this sound like the right move for you?
- No one expects you to know all the answers to estate planning on your own, or from glancing over a quick blog post.
- Experienced Palm Beach probate litigators are prepared to assist you and break down the intricacies of the probate system in a way you can understand.
- If you have questions just ask!
- If you think a pour over will is right for you take the time to meet with an Experienced Palm Beach probate attorney today.