Every St. Patrick’s Day enthusiast is aware of the cardinal rule: spilling your green beer is a celebratory taboo, that of which can only be recovered through another round of green beer. In the world of wealth preservation, however, we encourage the act of spilling all of your property into a trust, through the use of a “pour-over” Last Will & Testament.
The pour-over will effectively takes all of the property that passes through the will, and funnels it into a revocable living trust. That property is then distributed to the trust beneficiaries pursuant to the terms of the trust. “Separate share trusts” are used to provide that all of the property in your trust will preserve all of its protections, by requiring that all distributions continue in trust for your beneficiaries.
Consider the pour over will to be a tap of green beer. The tap pours the contents into a pitcher, ordered by you, the Grantor. The pitcher is like a Living Trust. Once the pitcher makes it to your table of beneficiaries (aka, the Grantor is deceased), it is poured into separate glasses. These glasses are considered the separate share trusts, as they continue to hold the contents for the benefit of the beneficiaries.
Whether it is green beer, or your wealth, be sure to take the necessary precautions to ensure maximum preservation. It’s a Wild World – is your Green Beer Protected?