Pour-over Will in Maryland
Based in Glen Burnie, MD. Providing estate planning services statewide.
Placing finances, real estate, and other assets in a trust is an effective way to control the distribution of your estate after your death. However, you may not have the time or opportunity to transfer all your assets before you pass.
This is where pour-over wills come in, ensuring that leftover assets automatically transfer to a trust upon your death.
At Chesapeake Wills and Trusts, we can explain your options and help you set up a pour-over will. We are based in Glen Burnie, MD, but serve clients across Maryland. Call 443-232-9385 or contact us online to schedule a consultation with our estate planning attorneys.
What Are Pour-over Wills, and How Do They Work in Maryland?
The term “pour-over will” is somewhat of a misnomer. A pour-over will isn’t a separate document but a provision you can insert into your regular will. The purpose of this provision is to “scoop up” and “pour over” into a trust any leftover assets you own in your name at the time of your death.
Do You Need a Pour-over Will if You Already Have a Living Trust?
Wills and trusts are legal instruments people use to pass assets and property upon their death. While you may opt for a revocable living trust in place of a will, they aren’t mutually exclusive. At Chesapeake Wills and Trusts, we usually recommend that you have both and reinforce your will with a pour-over provision.
A pour-over will can give you peace of mind. If you forget or cannot transfer any assets into the trust during your lifetime, a pour-over clause can ensure they end up in the trust regardless. Think of it as a safety net that gives you more control over your estate.
What Are the Benefits of a Pour-over Will?
The advantages of having a pour-over will include:
- Ensuring that assets don’t inadvertently end up outside the trust, such as property you acquired after drafting your will or last updating the trust
- Ensuring all your assets have an allocation plan to avoid the courts distributing them under Maryland’s intestate succession laws
- Potentially simplifying estate planning by channeling all assets into one trust instrument
- Potentially taking advantage of tax breaks
Unlike trust assets, pour-over property may not avoid the probate process. Probate is a court-supervised procedure in which a judge oversees the distribution of assets owned solely in your name at the time of death. Leftover assets you didn’t transfer to the trust in your lifetime will likely still go through probate before pouring over to the trust.
Talk to a Pour-over Will Attorney Today
Estate planning can be emotionally challenging. At Chesapeake Wills and Trusts, we can help you take control of your assets and protect the interests of your spouse, minor child, or other beneficiaries after you pass. Our attorneys can draft your will, pour-over will, or trust document and advise you on all estate planning matters.