A pour-over will is a special type of last will and testament used in conjunction with a trust based estate plan. It typically passes on only personal property such as jewelry, clothing, furniture, etc. It directs that all titled property (real estate, bank accounts, investment accounts, etc.) be disposed of via the Revocable Living Trust. It can save the day when the Settlor of the Trust neglects to transfer all his or her titled property into the trust over the years. The pour-over will ensures that the omitted property will be added to the trust at the Settlor’s death. However, a pour-over will should only act as a safety net for omitted assets as those assets will have to go through Probate before being transferred into the Trust. This is why “funding” the Revocable Living Trust is so important.
What are Pour-Over Wills?
Tags: Pour-Over Wills