Why Do I Need a Will and a Trust?
It is important to understand that, even if you establish a Trust, you still need a Last Will and Testament. Why? Because there are still going to be some things that you own outside of the Trust. Maybe it is a car, maybe there is some real estate, a business, etc… Whatever it is, that Asset will likely be considered a “probate asset”. You do not want that, which is exactly why you established a Trust in the first place.
At HagEstad Law Group, this is why we always advise our Surprise Wills & Trusts clients that just because you have a Trust does not mean you any longer need a Last Will & Testament. You do. However, there is a key distinction between a standard Last Will & Testament and a Last Will & Testament that is made in conjunction with a Trust: The Pour Over Provision.
What is a Pour Over Provision in a Will?
The Pour-Over Provision is a catch-all provision in an attempt to save your assets not held in the name of the Trust from becoming subject to Probate. As part of life, we know that you are going to continue to purchase and dispose of assets in your own personal name, rather than in the name of the Trust. Why? Because life happens. Sometimes you forget or inadvertently take an asset of value in your personal name. It happens.
This is why the Pour-Over provision is so important in order to capture those remaining assets so that your Estate does not become subject to Probate. After all, this is why we are establishing Trust in the first place, right?