When setting up a living trust, you should also execute a pour-over will. A pour-over will allows the transfer any assets that were not properly moved into the trust or acquired or inherited after creation of the trust. Through the pour over will, all assets that remain in your personal estate at your death are transferred into the trust. In turn, the assets are transferred to your named beneficiaries.
On occasion, some assets are inadvertently left in your personal estate. It is important to remember that when funding a trust, property and assets must be retitled in the name of the trust. Assets that remain titled in your name make up your personal estate and must be probated.
More About Trusts:
- Introduction to Trusts
- Revocable Living Trusts
- Special Needs Trust
- Trusts for Family Owned Business
- Trusts for Minors & Spendthrift Trusts