Jack is married to Francine and has two children. He and Francine created a revocable living trust on the advice of their attorn
ey to reduce probate costs. They want to know how they can make sure that all property, probate and non-probate, make it into the trust after they die. What do you recommend they do?
Create a pour-over will and transfer all newly acquired assets into your revocable living trust imediately.
Explanation:
One thing to do is to create a "pour-over" will at the same time you create and fund your trust.
A pour-over will can direct that any assets you own outside the trust should move into the trust at the time of your death to be administered to your trust's beneficiaries under the terms of your trust agreement.
But any property left outside your trust will still require probate, even if your pour-over will send the property into your trust at your death. You owned it at the time you died, so probate will be required to transfer the assets to someonethat is still "living." Your best option is to make it a point to transfer all newly acquired assets into your revocable living trust immediately.
