Maryland residents can take care of their estate planning needs in many ways. While researching this subject, learning about pour-over wills and living trusts is important. When you set them up properly, these two estate planning tools can provide several amazing benefits.
What are living trusts and pour-over wills?
A living trust is a helpful estate planning tool. Living trusts let you control your assets in a protected account. You can also use this account to hold and distribute your assets to beneficiaries based on your wishes.
You can use a pour-over will to protect assets left out of your living trust. People often use pour-over wills in case they forget about assets before passing away or becoming incapacitated.
Why are living trusts and pour-over wills beneficial?
Now that you understand the basics of living trusts and pour-over wills, it’s time to learn why they work together so well.
Great for forgotten assets
People accumulate lots of assets throughout life. Money, property, vehicles, stock accounts and more are all examples of potentially valuable assets. Forgetting about assets could mean they end up subject to division by a court, which most people don’t want.
Keeping matters private
It makes sense for people to keep their matters private, especially concerning their estates. You can help ensure that happens by combining a pour-over will with a living trust. Assets in trusts don’t become public records. However, assets in your will can be available for anyone to view. They can also learn about your beneficiaries and what they received from your estate.
Combining a pour-over will with a living trust takes time and effort. But it also provides peace of mind, making this time and financial investment worthwhile.