Month: September 2016

The Pour Over Will: When is it the Right Estate Planning Tool for Maine Residents?

Estate planning can be a daunting process at any stage of life, but planning along the way can ease the process and help educate individuals about the challenging decisions they are making. The initial planning steps can introduce clients to new terminology, strategic family decisions that need to be made, and the use of various planning tools or documents. One particular vehicle that clients may not be familiar with is the pour over will, used in conjunction with a revocable trust which is a trust created during life that is fully revocable by the individual who creates it until it becomes irrevocable on death. When facing a decision as to whether or not to use a particular planning tool, such as a pour over will, one should understand the potential advantages and disadvantages as they relate to his or her specific situation. . . .