A pour over will is a type of testamentary document that is often used in conjunction with a trust. It is a will that directs the transfer of a person’s remaining assets to their trust upon their death.
The purpose of a pour over will is to ensure that any assets that are not already placed in the trust are transferred into the trust after the person’s death. This is important because it ensures that these assets are managed and distributed according to the terms of the trust, rather than being subject to the probate process.
One of the main advantages of using a pour over will is that it allows a person to retain control over their assets after they die. By transferring their assets to the trust, the person can specify how they want those assets to be managed and distributed. This can be especially useful for people who have minor children or who want to provide for a disabled relative.
Another advantage of a pour over will is that it can help avoid probate. Probate is the legal process by which a person’s assets are distributed after they die. It can be a lengthy and expensive process, and it can also be emotionally difficult for the deceased’s loved ones. By transferring assets to a trust through a pour over will, a person can avoid this process and ensure that their assets are distributed according to their wishes. Next related article.
There are a few key things to consider when creating a pour over will. First, it is important to make sure that the will is properly executed. This means that it must be signed and witnessed in accordance with the laws of the state where the person lives.
Second, the will should be kept in a safe place where it can be easily accessed by the person’s loved ones after their death. This might be with a lawyer, a financial advisor, or a trusted family member or friend.
Finally, it is important to review and update the will regularly. As a person’s circumstances change, they may want to make changes to the way their assets are distributed. By regularly reviewing and updating the will, a person can ensure that it reflects their current wishes.
In summary, a pour over will is a testamentary document that directs the transfer of a person’s remaining assets to their trust upon their death. It allows a person to retain control over their assets after they die and can help to avoid the probate process. To ensure that a pour over will is effective, it is important to make sure that it is properly executed, kept in a safe place, and reviewed and updated regularly.