How To Write A Pour-Over Will
A Pour-Over Will funnels any assets in your name into an already-created Trust when you die.
This essentially means that any assets that you hadn't moved to your Trust before your death be automatically moved (or "poured") into the Trust after your death. Once in the Trust, those assets will be subject to the terms and stipulations of the Trust.
Reasons For Creating A Pour-Over Will
It's like having a safety net for any assets you may have forgotten about or intentionally left out of a Trust that you would like to move into a Trust after death. This can help your heirs avoid Probate, or at least make the Probate process go faster. Though Probate laws vary from state to state, for the most part the assets that “pour” into the Trust will avoid Probate if they total less than $100,000.00. However, you should check with a trust and estate attorney in your state to learn about your state’s laws.
How To Create A Pour-Over Will
In order to create this, a Revocable Living Trust must already have been properly established. If you are interested in setting one up, consult with a trust and estate attorney in your state.
To learn more about trusts, see Establish Trusts.
- All You Need To Know About Advance DirectivesWhen you can’t make health decisions for yourself, this is the north star...Read more
- Trusts Cheat SheetTrust us when we say this is as basic as we can make Trusts.Read more
- How To Create A Do Not Resuscitate Order (DNR)A DNR is a medical order that states you don't want cardiopulmonary...Read more
- How Organ Donation WorksIf the person who died was a registered organ donor, measures will be taken...Read more