However, even the most carefully prepared estate plans can overlook an asset. A newly acquired piece of property, a forgotten bank account, or another asset may never be formally transferred into the trust. When this occurs, a Pour Over Will can play a critical role.

One of the most common misunderstandings about Revocable Living Trusts is that simply signing the Trust document is enough. It is not. In order for your Trust to work properly, your assets actually need to be transferred into the Trust, especially your real estate. If your home or other real property is not titled in the name of your Trust when you pass away, that property may still go through Probate. Probate can be time consuming, public, and expensive for your loved ones.

Estate planning encompasses more than just drafting a will. It involves drafting trusts, powers of attorney, and healthcare directives.