A pour-over will ensures that any assets left outside of a trust at the time of your passing transfer into the trust. This legal tool works alongside a revocable living trust to provide a streamlined estate planning process. In Texas, pour-over wills offer several advantages that simplify asset distribution and protect your wishes.
Keeps your estate plan organized
A pour-over will acts as a safety net by capturing any assets not explicitly placed in your trust during your lifetime. Without it, any overlooked property could be subject to intestate succession, meaning the state decides who inherits your assets. This document ensures that all your assets flow into your trust, keeping your estate plan consistent.
Simplifies probate
Although assets placed in a living trust avoid probate, anything left out may still go through the probate process. However, with a pour-over will, probate can be more straightforward because the will directs all assets to a single entity—the trust. In Texas, the state allows independent administration of estates, which can further reduce court involvement and delays.
Protects your privacy
Unlike a traditional will, which becomes public record during probate, a trust remains private. By using a pour-over will to transfer assets into a trust, the details of those assets remain confidential. This approach helps keep financial matters away from public scrutiny and protects beneficiaries from unwanted attention.
Provides flexibility for estate planning
A pour-over will works seamlessly with your trust to ensure all assets are managed according to your wishes. Since you can amend your living trust during your lifetime, this setup offers flexibility in adjusting your estate plan as needed. Texas law allows for the modification of revocable trusts, making it easier to adapt your plan to life changes.
A pour-over will provides a safeguard for assets that might otherwise be excluded from your estate plan. It ensures that your property follows your intended distribution while simplifying the probate process and maintaining privacy.