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DAL Law Firm: Why You Need A Pour-Over Will with a Revocable Living Trust

Introduction

When you own real estate in multiple states, a Revocable Living Trust is a great tool to avoid multiple probates. But what happens if you acquire new property and forget to transfer it into your trust? That’s where a pour-over will becomes essential. In this blog, we’ll explore why having a pour-over will ensures that any property not included in your trust is still covered in your estate plan.

What Is a Pour-Over Will?

A pour-over will is a special type of will that works alongside your trust. If you acquire new assets, like real estate, and forget to transfer them into your trust during your lifetime, the pour-over will “pours” those assets into your trust upon your death. This ensures that all your assets are eventually managed under the terms of your trust, even if you didn’t transfer them yourself.

While we include a pour-over will with all of our clients’ trusts, we don’t intend to use it. Because ideally, you would title any future-acquired real estate directly into your trust. But in the event of an oversight, a pour-over will can do this for you, but it will only do so through probate. So, for instance, if you bought a future property in Arizona, and didn’t get it titled into the name of your trust, that Arizona property could be subject to probate. Now, the pour-over will would state that any assets that are subject to probate are to be distributed in accordance with the terms of your trust, that property would likely have to go through probate in order for it to get into your trust. 

Conclusion

A pour-over will is a crucial safety net for real estate owners who use a Revocable Living Trust but might forget to transfer future properties into the trust. By having a pour-over will, you can avoid the risk of probate for assets outside the trust and keep your estate plan simple and efficient. 

If you would like to consult with our office regarding estate planning services, we would be happy to assist you! Our telephone number is (206) 408-8158.

You can also learn more about our services by visiting our website:

https://www.dallawfirm.com

Or visit our YouTube channel here: https://www.youtube.com/@dallawfirm.

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
F (206) 374-2810

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