Individuals and families have many options during the estate planning process. Regardless of a person's age, they can put plans in place that will help them manage their assets, provide for the needs of themselves and their loved ones, and ensure that their property will be distributed to their beneficiaries. While wills may be used to address how assets should be passed to heirs after a person's death, trusts may also be used to manage assets during a person's life and ensure that they are distributed correctly to their beneficiaries. In some cases, a person may wish to combine these tools through the use of a pour-over will.

Using a Will to Transfer Assets to a Trust

Trusts can provide a number of benefits, including allowing a person to maintain control over their assets, provide for their own needs, and make sure assets are used for specific purposes when distributed to beneficiaries before and after the person's death. Ownership of assets may be transferred to a trust, and a trustee will be provided with instructions on when and how to distribute assets to different beneficiaries. 

With a revocable living trust, a person will often act as the trustee and maintain control over their assets during their lifetime. Irrevocable trusts may also be used in certain situations, such as when a person wants to make sure their assets will be protected from creditors. A trust will include detailed instructions for how assets should be distributed after a person's death. However, there may be some situations where a person owned assets that were not included in a trust, and they may want to make sure these assets will be handled the same as other assets after they die.

A pour-over will can be used to ensure that assets will be transferred into a trust after a person's death, allowing them to be properly distributed to beneficiaries. This can help avoid any issues related to intestate succession for assets that were not otherwise addressed in a will. In some cases, a will may provide instructions for passing certain assets to heirs and state that any remaining assets will be transferred to a trust. In other situations, a person may choose to transfer all of their assets to a trust, and the trustee will then follow the instructions provided by the person regarding how assets should be distributed to beneficiaries.

One of the benefits of trusts is that they allow for assets to be transferred to beneficiaries without the need for probate. With a pour-over will, probate will usually be necessary, although the executor of the estate may be able to quickly and easily address the transfer of assets into a trust. In some cases, a small estate affidavit may be used to address assets other than real estate property that total less than $100,000, which will allow an estate to be settled without the need to go through the full probate process.

Contact Our Evergreen Park Wills and Trusts Attorney

If you want to know more about the benefits of a pour-over will, or if you need to determine which estate planning tools will provide the best solutions for your family, The Marques Eason Law Group can provide you with experienced legal help. We will work with you to create a comprehensive estate plan that will meet your family's needs. Contact our South Side of Chicago estate planning lawyer today at 773-973-3755 to learn more about our services.

Sources:

https://www.investopedia.com/terms/p/pour-overwill.asp

https://www.thebalance.com/pour-over-will-3505584

https://ilga.gov/legislation/ilcs/documents/075500050K25-1.htm