One of important pieces of your estate plan is the”pour-over will.”
Yet, a lot of people don’t understand what it is, what it does, or why it’s required.
First, what’s a”pour-over will?”
Simply put, It’s a last will and testament that says that if
There’s an advantage that was left from your revocable living trust, then the lost advantage is to be placed (“poured over”) into your revocable living trust so the missing asset will be transferred together with the other assets of your revocable living trust.
Another purpose of your pour-over is to revoke any prior wills you may have had. This avoids the potential for a conflict between what is said on your revocable living trust and what has been said on your prior will.
The pour-over will also can state your wishes with regard to who will care for any minor children you could leave behind. This is known as nominating a”guardian of the person” of your kids. Your revocable living trust will most likely include provisions for the use of your resources for your small children.
Does a”pour-over” will need probate? Yes. Probate is used to perform the terms of your will. A will has no effect unless and until it is admitted to probate.
Frequently, we won’t have to use the pour-over will to prevent probate if we have a General Assignment of Assets to our revocable living trust. You should consult your estate planning professional to determine if one is suitable for you.