Arkansas residents often choose different estate planning tools to help them get their final affairs in order. Some parties may choose to plan simply, and others may want to ensure that they leave behind as many details as possible. Trusts are commonly used in these plans and have many benefits, but it is important to remember that other tools can help ensure that they work as intended.
Some parties may believe that they do not need a will since they have a trust. However, trusts only dictate what happens to assets that have been funded to the trust. In some cases, parties may forget to add assets to the trust, or they could pass away before adding them. As a result, any assets not in the trust would have to go through the probate process.
If individuals have not created a will to go along with their trust, the fate of those remaining assets is left up to the court and intestate laws. To avoid that outcome, parties can create a pour-over will that works in conjunction with the trust. The will can indicate that any assets not in the trust at the time of a person’s passing should transfer to the trust, which could prevent confusion and complications later.
Some people may not know that pour-over wills can help strengthen their trusts. Because estate planning is a complicated process, it is easy to overlook important details like this one. However, experienced Arkansas attorneys can help ensure that individuals create plans that work to achieve the desired results and that have tools that effectively work together.