Pour Over Will
What is a Pour-over Will?
If you prepare a Trust, then your Will is commonly referred to as a “pour-over” will. Under the terms of the Will, any assets held by you which have not previously been transferred into your Trust will be added to the Trust at the time of your death (but may be subject to a probate administration in order to do so). The purpose of this is to make sure all of your assets (whether in the Trust or not) are distributed according to the dispositive plan set forth in the Trust).
So Why Even Have a Pour-over Will Rather Than a Traditional Will?
A Pour-over Will tells the world that there is only one document that shall control. Things can get complicated if you are having to refer to a Will and a Trust in order to determine how the estate should be distributed and how all the other terms should be carried out.
Would Probate Be Necessary if Assets Weren’t Properly Transferred into the Trust?
Probate could be necessary if assets were not properly transferred into the trust or accounts did not have a beneficiary listed (i.e. Bank account, brokerage account). For your personal property, you can do a general assignment which transfers things like your cars, boats and blender, into the Trust. There is a simplified probate procedure if the assets not held “outside” of probate is less than $150,000.00.
A Pour-over Will is a last will and testament that serves as a safety device to capture any assets that are not transferred to or included in a Living Trust.
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