What To Know About Pour-Over Wills In Massachusetts

Do you have a revocable living trust? If so, you should generally also have a pour-over will. A pour-over will is a key estate planning tool that works alongside a revocable living trust to ensure a seamless transfer of assets. At Fisher Law LLC, we help clients put comprehensive estate plans in place. Here, our Boston estate planning lawyer provides an overview of the key things to know about how pour-over wills work in Massachusetts. 

What is a Pour-Over Will? 

A pour-over will is not a replacement for a more traditional last will & testament. Instead, it is a more specialized type of estate planning document that is designed to work together with a trust. Unlike a traditional will that directly distributes assets to beneficiaries, a pour-over will ensures that any assets left outside of your trust at the time of your passing are automatically transferred—or “poured over”—into the trust. 

Pour-Over Wills are Used in Conjunction With Trusts 

Pour-over wills are not meant to be standalone documents. Instead, they work in combination with a revocable living trust—a type of trust that allows you to retain control over your assets during your lifetime and specify how they should be managed after your death. When you create a trust, the goal is to place all significant assets into it so that they avoid probate and be distributed in accordance with your wishes. However, despite careful planning, some assets may accidentally be left outside the trust. Alternatively, a person may acquire certain property/assets relatively shortly before they pass away—before they have an opportunity to formally place them within a trust. 

Why Set Up a Pour Over Will if You Have a Revocable Living Trust 

You might wonder: If I already have a revocable living trust, do I really need a pour-over will? For most people, the answer is “yes”—and the reason is that it is an estate planning tool that provides protection. Here are some advantages of a pour-over will in Massachusetts:

• Coverage for Any Missed Assets: If you forget to transfer an asset into your trust, the pour-over will helps to ensure that these assets still end up in the trust.
• Easier Estate Administration: Rather than dealing with multiple separate assets, your executor only has to transfer them to your trust. It makes the process less difficult.
• Enhance Privacy: Trusts generally avoid probate, keeping your financial matters private. A pour-over will helps direct assets into the trust. It can keep the specifics private.
• Limit Conflict: A well-structured estate plan—which can include a pour-over will—can help to limit the risk of conflict between your loved ones.

Contact Our Boston Estate Planning Attorney for a Confidential Consultation

At Fisher Law LLC, our Boston estate planning lawyer is standing by, ready to protect your rights and your interest. If you have any questions about pour-over wills, please do not hesitate to contact us today. Your initial consultation is completely confidential and it carries absolutely no obligations. We provide estate planning representation throughout the Greater Boston area.