Pour Over Wil

What is a Pour-Over Will?

A pour-over will is a type of will that works in conjunction with a trust. A trust is a legal arrangement where a trustee manages and distributes assets on behalf of the trust’s beneficiaries. A pour-over will is designed to transfer any assets that were not transferred to the trust during the grantor’s lifetime, such as assets that were inadvertently left out of the trust, to the trust after the grantor’s death.

How Does a Pour-Over Will Work?

When a person creates a trust, they transfer assets into the trust during their lifetime. These assets are then managed and distributed according to the terms of the trust document. However, it’s not uncommon for a person to forget to transfer an asset into the trust or to acquire an asset after the trust was created that they didn’t transfer to the trust.

In these situations, a pour-over will can help ensure that any assets not transferred to the trust during the grantor’s lifetime are still distributed according to the trust’s terms. The pour-over will is designed to transfer these assets into the trust after the grantor’s death. The pour-over will acts as a safety net, catching any assets that were not transferred to the trust during the grantor’s lifetime and directing them into the trust.

Why Use a Pour-Over Will?

A pour-over will is often used as a backup plan to ensure that all of a person’s assets are eventually distributed according to their wishes. By having a pour-over will in place, a person can have peace of mind knowing that any assets not transferred to the trust during their lifetime will still be distributed according to the trust’s terms.

In addition, a pour-over will can help simplify the estate administration process. Without a pour-over will, any assets not transferred to the trust during the grantor’s lifetime would have to go through the probate process, which can be time-consuming and expensive. By using a pour-over will, these assets can be transferred directly into the trust, bypassing probate.

Conclusion

A pour-over will is a type of will that works in conjunction with a trust. It is designed to transfer any assets that were not transferred to the trust during the grantor’s lifetime into the trust after the grantor’s death. By using a pour-over will, a person can have peace of mind knowing that all of their assets will eventually be distributed according to their wishes and can help simplify the estate administration process. If you have questions about how a pour-over will works or if you should include one in your estate plan, consult with an estate planning attorney.