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Chicago Pour-Over Will Attorney

Chicago Pour-Over Will Attorney

What Is A Pour-Over Will?

There are numerous different types of tools that can be used during the estate planning process. A last will and testament is one of the fundamental parts of any estate plan, but it is important to understand the types of wills that are available and how they may be used in different situations. Pour-over wills can ensure that a person's assets will be properly distributed to their beneficiaries, and they are used in conjunction with trusts. To ensure that this type of will is created correctly along with other estate planning tools, it is important to work with an experienced attorney.

At The Marques Eason Law Group, we work to provide our clients with experienced guidance during the estate planning process. In addition to assisting with the creation of wills and trusts, we can ensure that your wishes will be followed as you address issues related to end-of-life care, financial management, and numerous other concerns. We will advise you on the best tools that will meet your needs, and we will ensure that all documents are created and executed correctly. We will answer any questions you may have and make sure you fully understand your rights and options as you address matters related to your property, your medical treatment, and your last wishes.

Transferring Assets to a Trust With a Pour-Over Will

Trusts can be some of the most powerful and flexible tools that allow a person or family to protect and manage their assets while making provisions to distribute them to their loved ones. When you create a trust, you will transfer certain assets into the trust and provide instructions that will be followed by a trustee regarding how assets should be distributed to your beneficiaries. With a revocable living trust, you will usually be able to manage and control your assets while you are still alive, and a successor trustee will assume control of the trust after your death and continue distributing the assets to your beneficiaries according to your instructions. Other types of trusts may also be used for different purposes, such as irrevocable trusts that can provide protection for your assets.

While the assets in a trust can be quickly and easily distributed to your beneficiaries after your death, you may own other assets that will need to be addressed. This is where a pour-over will can be useful. This type of will may state that some or all of your assets will be transferred into a trust after your death. This can prevent confusion about how you would have wanted certain assets to be distributed to your heirs, and it can make the process of distributing assets easier and more efficient.

One of the key benefits of a pour-over will is that it can avoid issues related to intestacy. If you fail to account for any assets in your will, these assets will be distributed according to the laws of intestate succession. These laws will generally divide your assets between your spouse and your children or other descendants, and they may not follow what you would actually have wanted. With a pour-over will, you can specify that any assets that have not otherwise been accounted for will be transferred into a trust, and they can then be distributed to your named beneficiaries by the trustee. This can take a great deal of confusion out of the probate and estate administration process, and it can allow your estate to be settled more quickly and easily.

Contact Our Chicago Pour-Over Will Attorney

A pour-over will can be used to ensure that your property will be distributed according to your wishes, and it can be an important part of your estate plan. To learn more about this type of will and how it can benefit you, contact The Marques Eason Law Group at 312-973-3755. We will work closely with you to understand your unique needs and goals, and we will help you create a comprehensive estate plan that fully addresses your assets and provides you with the assurance that your wishes will be followed correctly.

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