At the San Diego Law Office of David W. Foley we can assist you with creation of a living trust and also plan for assets that can later be transferred into your trust. Here’s how we handle that eventuality for you: Our comprehensive trust package includes a “Pour-Over Will”. What is a pour-over will and, why do you still need one if you have a living trust? A pour-over will is like a backup document. A trust is most effective when all of your assets are transferred into it. But throughout life, people can acquire other assets and forget, or choose not, to transfer them into their living trust. A pour-over will would not be needed if 100% of the assets would be in the trust at the time of death.
Even after you get a living trust set up, there may still be matters that need to be addressed about how you wish to handle certain assets. A Pour-Over Will can help you deal with unforeseen issues pertaining to assets. Thus the primary purpose of the pour-over will is to transfer (“pour-over”) those assets that are outside of the trust into the trust at death.
Please note: However, if the total of those assets outside of the trust is $150,000 or more, those assets will have to be first be probated before going into the trust.