A pour over will is an essential part of any estate plan even if you have a living trust. A living trust is only effective if assets are properly placed into trust. A pour over will only distributes property that falls within probate, so it would distribute assets within a trust, property held in joint tenancy, 401(k) and other retirement accounts, and life insurance policies.

A pour over will also distributes personal property, such as automobiles, jewelry, or family heirlooms. Importantly, a pour over will provides for the guardianship of minor children, which a trust cannot do.

It is important to note that although you may think assets are within the trust, often times, they may not be there anymore. For example, lenders often require property to be taken outside the trust if real property is refinanced. Often times, you will need to place property back into the trust if this occurs.

If you have any questions regarding a pour over will, would like a review of your current trust and its assets, or would like to draft a new trust or pour over will, please contact Anthony Marinaccio at (818) 839-5220.