Individuals and families create a living trust to simplify their estate plan. However, when not all of their assets are included in the living trust, California law allows the individuals to use a pour over will to ensure that their wishes are carried out. A pour over will transfers into the Living Trust the assets of the decedent that were not part of the trust, rather than by the regular probate proceedings.
- The ability to effectively transfer assets into the living trust upon the death of the testator.
- Where the decedent has minor children, any assets not originally part of the trust can be transferred into the trust and managed for the benefit of his or her children. ·
- Insures ·
- Insures property gets added to the Trust. ·
- Ensure that the Trustor/Testator has control over the appointment of a minor child’s guardian, in addition to funding the child’s trust. ·
- By causing the non-trust property to be sent to the Living trust, a pour over will can simplify the probate process.
This is a smart way to provide flexibility for individuals seeking to ensure an effective distribution of their estates.