Your Estate Plan: Wills and “Pour-over Wills”
Secure Your Legacy with Naimish & Lewis, APC – Your Estate Planning Advocates
When it comes to safeguarding your assets and ensuring your final wishes are honored, having a comprehensive estate plan is paramount. Wills and “pour-over wills” are essential components of any comprehensive estate plan.
Your will can direct the disposition of all your property after death, nominate a guardian for your minor children, and name an executor to be in charge of distributing your estate after death. However, having a Will alone does not avoid Probate.
As a leading family law firm in San Diego, Naimish & Lewis, APC is dedicated to providing expert guidance on estate planning matters. Our job entails working with you to put a plan into place to avoid Probate.
Understanding Wills and Probate in San Diego
What is a Will?
A will is a legal document that allows you to specify how your property and assets will be distributed upon your death. It serves as a crucial tool for clarifying your intentions, nominating guardians for minor children, and appointing an executor to oversee the administration of your estate.
Directing Property Disposition
With a will, you have the power to ensure your assets go to the individuals or organizations of your choice. By explicitly stating your wishes, you provide clarity and minimize the potential for disputes among your loved ones.
Probate in San Diego
In San Diego, probate is the legal process through which a will is validated and the estate is administered. Understanding the threshold requirements for probate is essential. In 2023, estates with a total value exceeding $184,500 are subject to probate. It’s important to note that even with a will, your estate may still need to go through probate if it meets the threshold.
The Importance of Will Review
Regularly reviewing and updating your will is crucial to ensure its accuracy and reflect any changes in your circumstances or wishes. Major life events such as marriage, divorce, birth, or death in the family should prompt a review to ensure your will remains up to date.
The Significance of Pour-Over Wills
What are Pour-Over Wills?
A pour-over will is a specific type of will that works in conjunction with a trust. It is designed to “pour over” any assets not included in the trust into the trust at the time of your death, ensuring they are properly distributed according to your overall estate plan.
Protecting Assets and Addressing Trust Defects
By including a pour-over will, you can safeguard assets that were inadvertently left out of your trust. This helps avoid potential legal gaps in estate distribution and ensures that all of your assets are accounted for and distributed according to your wishes.
Nomination of Guardians
A pour-over will also allows you to nominate guardians for any minor children you have. This ensures that in the unfortunate circumstance where both parents are unavailable, you have designated someone to care for and raise your children according to your wishes.
The Importance of Professional Assistance
Creating a pour-over will requires careful consideration and expertise. Consulting experienced attorneys specializing in estate planning is crucial to ensure your pour-over will aligns with your overall estate plan and effectively addresses your unique needs.
The Significance of Pour-Over Wills
What are Pour-Over Wills?
A pour-over will is a specific type of will that works in conjunction with a trust. It is designed to “pour over” any assets not included in the trust into the trust at the time of your death, ensuring they are properly distributed according to your overall estate plan.
Protecting Assets and Addressing Trust Defects
By including a pour-over will, you can safeguard assets that were inadvertently left out of your trust. This helps avoid potential legal gaps in estate distribution and ensures that all of your assets are accounted for and distributed according to your wishes.
Nomination of Guardians
A pour-over will also allows you to nominate guardians for any minor children you have. This ensures that in the unfortunate circumstance where both parents are unavailable, you have designated someone to care for and raise your children according to your wishes.
The Importance of Professional Assistance
Creating a pour-over will requires careful consideration and expertise. Consulting experienced attorneys specializing in estate planning is crucial to ensure your pour-over will aligns with your overall estate plan and effectively addresses your unique needs.
Importance of Estate Planning and Review
The Significance of Estate Planning
Comprehensive estate planning requires more than just a simple will. It involves the strategic use of various legal instruments and strategies to maximize asset protection, minimize tax implications, and preserve your legacy for future generations.
Regular Estate Plan Review
To maintain an effective estate plan, regular reviews are essential. Life events such as marriage, divorce, birth, or significant changes in your financial situation should prompt a thorough evaluation of your estate plan. Collaborating with legal professionals ensures that your plan remains up to date and aligned with your current goals and circumstances.
We will be your advocate.
Contact Naimish & Lewis Today for Guidance from One of Our Experienced Attorneys.
At Naimish & Lewis, APC, we understand the importance of comprehensive estate planning tailored to the unique needs of our clients in San Diego, California. Our team of experienced attorneys is dedicated to providing expert guidance, personalized strategies, and compassionate representation to help you secure your legacy and protect your loved ones. Contact us today to schedule a consultation and take the first step towards creating a robust estate plan that reflects your goals and safeguards your assets.
