Easily Remove Date into the Pour-Over Will

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How to Remove Date into the Pour-Over Will

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hey in this video Im gonna talk about the difference between a pour-over will and a regular wheel Im Paul rambling on a state planning attorney I help our clients get and keep their legal affairs in order as a bonus on this video Im gonna give you a shot of our beautiful Louisiana sunrise over my left shoulder okay so the reason Im doing this video is because a lot of I get so many questions whats a pour-over wheel and sometimes you know they get the pour-over word messed up but anyway whats a pour-over will I get that all the time so I came up with the term for purposes of this video a regular wheel because if someone doesnt have a pour-over wheel theyre gonna have our regular wheel and so I really need to give you the background so you can have a good understanding of really what a pour-over will is all about first lets talk about the regular will so the regular wheel is the kind of will that you probably you know think a will is its when someone gets their real will writte

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Why is estate planning so important?

Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too. Without an estate plan, and specifically a will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.

What should cause you to revisit your estate plan?

Birth, death, marriage, and divorce are the big ones. Any of these should cause you to revisit your estate plan, and may prompt a revision. New beneficiaries might be added because of a birth or marriage. They might be removed due to a death.

Is a last will and testament the same as a pour-over will?

A standard last will and testament dictates who should you receive your assets when you die, and a pour-over will is just a type of will that includes language covering any assets and you didnt get to transfer into your trust one that you already created during your life time, which is called a living or inter vivos

Can a codicil change beneficiaries?

Updating Beneficiaries A codicil allows you to add new beneficiaries, remove existing beneficiaries, or designate contingent beneficiaries.

What is a drawback of a pour-over will?

The main downside to pour-over wills is that (like all wills), the property that passes through them must go through probate. That means that any property headed toward a living trust may get hung up in probate before it can be distributed by the trust.

What are the most common estate planning mistakes?

Common estate-planning mistakes 1) Not having an estate plan. 2) Keeping your estate plan a secret. 3) Going it alone. 4) Not keeping your estate plan updated. 5) Failing to change beneficiary information. 6) Forgetting to include health care in your estate plan.

What are the 3 main priorities you want to ensure with your estate plan?

Three primary goals to estate planning are: (1) Maintain control while living, (2) Distribute responsibly and (3) Minimize expenses.

Why is it important to update your estate plan?

The Importance of Updating Your Estate Plan If you fail to review and revise your plan when you have had a life change or change of heart for some reason, your estate could end up in the hands of someone that it is no longer intended for.

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