The Basics

A will is a written document outlining who inherits your assets after your death. A will controls assets which are not owned by a trust or do not have designated beneficiaries. This distinction is important. If assets are owned by a trust, the terms of the trust control. And, if you designate beneficiaries to your assets, those beneficiary designations control over the terms of the will.

Despite all of this, even if you have a trust, it is still good practice to have a will. The will in the trust context is called a "Pour Over Will" because it acts as a failsafe mechanism, transferring any assets which were not own by the trust, or did not have proper beneficiary designations, into the trust after death. At GoGo Estate, every Standard Plan and Complex Plan comes with a Pour Over Will.

The Details

The Pour Over Will starts out by stating that you created a trust, either individually or jointly with your spouse or partner, and "incorporates" the trust into the Pour Over Will. When we say that the trust is "incorporated" into the Pour Over Will, we mean that the trust instrument becomes a part of the Pour Over Will.

From there, the Pour Over Will appoints a personal representative (sometimes known as an executor) to manage and control your estate. This person will be the same person that you designate as successor trustee in the GoGo Estate Questionnaire.

Now, because wills generally dispose of property, the terms of the Pour Over Will state that the trust becomes owner of all property subject to probate after your death. That's right, the Pour Over Will must go through probate in order to be effective. That is why it is so important to fund your trust prior to death.

Importantly, for those with minor children, the Pour Over Will designates guardians to care for those children after your death. Depending on the state, when a guardianship proceeding is opened in court, the court will typically grant guardianship to whomever is designated guardian under the terms of the will. The same is true of guardianship designations in Pour Over Wills. So, if you do have minor children, it is of the utmost importance that you select good, competent, and compassionate guardians to care for your children in the event of your death.

Create a Pour Over Will

When you purchase a Standard Plan or Complex Plan from GoGo Estate, you automatically receive a Pour Over Will as part of the plan. If you believe that a trust is right for you and your family, consider purchasing a Standard Plan or Complex Plan today.