A pour-over will is a will used alongside a living trust. You can use it to transfer assets not already held in your trust before you die into your trust after your death.
A Pour-Over Will is a special type of Last Will and Testament that works together with a Living Trust. This document transfers—or pours—any missed property into your Living Trust when you pass away. ... A Pour-Over Will is simpler than a normal Will, since it excludes detailed instructions for property distribution.
Why is it called a pourover will? Because it “pours” assets into the trust and applies to assets that are usually titled in the name of the decedent only. The pourover will is a back-up for any property that might not have been properly transferred to the Living Trust during the settlor's/trustor's lifetime.
Executor's Duties
Like other wills, a pour-over will nominates someone to serve as executor of the estate—that is, to wrap up the estate after your death. Normally, the executor's duties include gathering the assets, paying debts and taxes, and eventually transferring the assets to the beneficiaries named in the will.
When people make revocable living trusts to avoid probate, it's common for them to also make what's called a "pour-over will." The will directs that if any property passes through the will at the person's death, it should be transferred to (poured into) the trust, and then distributed to the beneficiaries of the trust.
After reading about the benefits of a revocable living trust, you may wonder, “Why do I need a pour-over will if I have a living trust?” A pour-over will is necessary in the event that you do not fully or properly fund your trust. ... Your trust agreement can only control the assets that the trust owns.
Does a Pour Over Will Avoid Probate? Unfortunately, no, a Pour Over Will does not avoid probate. Because assets in a Pour Over Will are not yet owned by the Trust, they must go through probate before they can be transferred over, and it's only then that they can realize any benefits a Trust has to offer.
In your pour-over will, you'll name a residual beneficiary. This is the person who receives your residual estate — that is, the assets that weren't transferred into your trust before you died. If you want your residual estate to be transferred to your trust, then you can name your trustee as your residual beneficiary.
Unlike your other documents, your “Pour-Over Will” should not be notarized. Again, do not notarize your “Pour-Over Will”. Rather it needs to be signed by two disinterested witnesses that are at least 18 years old.
A Pour-Over Will is a will in which the estate owner names only one beneficiary: the Living Trust. ... This can include things like real estate, vehicles, stocks, bonds, IRA, or 401K, and any other probate-able assets.
The property that passes through a pour-over will must go through probate before it can be transferred to your trust. The result is that it may take months after your death to distribute the assets in the trust to your beneficiaries.
A will is a legal document that spells out how you want your affairs handled and assets distributed after you die. A trust is a fiduciary relationship in which a trustor gives a trustee the right to hold property titles or assets for the benefit of a third party.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
A living trust is a common California estate planning tool that helps you avoid probate. ... To address this, it is a good idea to have a “pour-over” will, which is basically a last will and testament that gives any remaining property in your probate estate to your living trust at death.
A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.
No, all Wills do not go through probate. Most Wills do, but there are several circumstances where a Will could circumvent the entire process. Some property and assets can avoid probate, and while the actual rules may vary depending on the state you live in, some things may be universal.
The two main reasons to avoid probate are the time and money it can take to complete. Remember that probate is a court process, and along with the various proceedings and hearings, simply gathering assets and paying off debts of an estate can take months or even years.
Your financial institution can provide you with a form for each account. The person who you choose to inherit your account is referred to as the beneficiary. After your death, the account beneficiary can immediately claim ownership of the account.
A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. ... 1 Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, when there are discrepancies between the two.
A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately.
Regardless of whether the trust is revocable or irrevocable, any assets transferred into the trust are no longer owned by the grantor. ... In such cases, the terms of your trust will supersede the terms of your will, because your will can only affect the assets you owned at the time of your death.
While a revocable trust supersedes a will, the trust only controls those assets that have been placed into it. Therefore, if a revocable trust is formed, but assets are not moved into it, the trust provisions have no effect on those assets, at the time of the grantor's death.
A trustee is responsible for administering a trust to the beneficiaries according to a legal agreement. Whereas an executor distributes a deceased person's assets according to a will. Executors must obtain a court order to act on a will.