Add Field Settings Legal Wyoming Pour Over Will Forms For Free

Disadvantages of Pour-Over Wills That means that any property headed toward a living trust may get hung up in probate before it can be distributed by the trust. This may force the living trust to go on for months after the death of the will and trust maker.

To make a living trust in Wyoming, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.

Tax Advantages — Wyoming residents avoid state income taxes, extending to non-residents with income in irrevocable trusts. Additionally, there's no corporate, gift, inheritance, capital gains, or mineral ownership tax.

With a pour-over will, any assets not included in your trust are automatically transferred to your trust after you pass away. Think of it as a kind of “safety net,” capturing any property you didn't transfer to your trust while you were alive.

I give all of my probate estate, after expenses and taxes are for under this Last Will and Testament, to the then-acting Trustee of the Trust Name, dated Trust Date, and any amendments thereto (the “Trust”), executed before this Last Will and Testament, to be added to the property of that trust.

Protect your assets - update your estate plan today Luckily, there are solutions. First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.

Generally the summary procedure takes less than a year to complete. If a loved one dies with more than $200,000 of “probatable” assets in his/her estate, the probate process is more involved. The probate process begins with the court appointing a Personal Representative (Executor/Executrix).

In Wyoming, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on.

In it, you specify that any assets you and your spouse obtain, that aren't included in your wills, should transfer into the trust upon your death. You also make sure to outline what should happen if there are complications with the trust, stating that your assets will automatically go to your beneficiaries.