Who Needs a Will?
Wills are needed for anybody who owns property and will pass away. So, everyone. A will is not something to skip out on.
A will is a legal document that expresses your final wishes. Your will is only effective upon your death. A will is used to distribute property, name guardians for your children, and describes how assets are to be used to pay off taxes and debts.
What’s a Pour-Over Will?
A pour-over will is a will designed to move all of your assets to your trust upon your passing. Your trust should be designed to provide for distribution of your assets upon your passing. A pour-over will usually works in conjunction with a revocable trust where high-value assets have already been moved into the trust to avoid probate.
A pour-over will is an essential element of BDR’s Four-Part Plan.