Revocable living trusts help shelter estate assets from probate. They help to shield private finances from public scrutiny and provide additional control over the disposition of assets after their owner’s death.
A pour-over will is a legal document that ensures an individual's remaining assets will automatically transfer to a previously established trust upon their death. These wills are normally created alongside a trust.
Estate planning is not a one-size-fits-all type of process. The path taken depends on the amount of assets in the estate, the goals for the estate and the complexity of relationships within the family.
Trusts are created to give legal protection for a person’s assets, to make sure those assets are distributed according to that person’s wishes and to save time, and in some cases avoid or reduce inheritance or estate taxes.