What is a Pour Over Will and Do I Actually Need One in Florida?
A will is the foundation of an estate plan. In Florida, many people can benefit from including a pour over will as part of their estate. At Fisher & Wilsey, P.A., we are leaders in estate planning in Pinellas County. Within this article, our St. Petersburg estate planning lawyers provide a guide to pour over wills in Florida
Pour Over Will: Defined
Broadly explained, a pour over will is a specialized type of estate planning document that effectively acts as a safety device for a broader trust-based estate plan. Among other things, it directs that any probate assets held in the decedent’s name at death transfer into a previously established revocable trust. Florida law allows for pour over wills. Under Florida Statutes § 732.513, a will may validly devise property to a trust even if the trust is amendable or revocable during the testator’s lifetime. The will must still comply with all of the standard legal formalities, including being in writing, signed, and properly witnessed.
Why Draft a Pour Over Will?
Why bother going through the effort of setting up a pour over will? The core objective is to prevent the inadvertent fragmentation of the estate plan. Without it, any asset left outside the trust passes under intestacy or through isolated will provisions that may conflict with the trust’s distribution scheme. The pour over will help to ensure that the estate administration occurs under the trust’s terms as was the original intent.
Considerations to Determine If Actually Need a Pour Over Will
Do you actually need a pour over will? The short answer is “it depends.” To be sure, not every estate in Florida can benefit from the additional protection offered by a pour over will. Here are some of the considerations that you should evaluate when thinking about a pour over will:
- Extent of Your Use of Trust Planning: A fully funded revocable trust reduces reliance on a pour over will, but complete funding rarely occurs in practice. If you are using trusts, a pour over will may be a good idea.
- The Nature of Your Assets: Real estate, closely held business interests, and tangible personal property frequently remain titled in an individual’s name. Those assets require probate to transfer.
- Complexity of Terms of Distribution: Trusts that impose age-based distributions, discretionary standards, or asset protection provisions benefit from a pour over will. The more complexity, the more likely it is that you can benefit from a pour over will.
- Your Tolerance for Probate: A pour over will does not eliminate probate, but it limits its consequences. The proceeding becomes a transfer mechanism rather than the primary forum for distribution decisions.
Speak to Our St. Petersburg Estate Planning Attorney Today
At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney is standing by, ready to help you navigate a pour over will. If you have any questions or concerns about pour over wills, please do not hesitate to contact us for a strictly confidential consultation. From our St. Petersburg office, we handle estate planning matters in Pinellas County and throughout the region in Florida.
