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Is a pour-over will different from a regular will?

Is a pour-over will different from a regular will?

A pour-over will is a legal document that ensures an individual’s remaining assets will automatically transfer to a previously established trust upon their death.  These wills are normally created alongside a trust.

A trust is usually created to avoid probate once the grantor passes away. The grantor moves their assets into the trust and the trust distributes assets to the beneficiaries.  However, there will be assets that the grantor is not able to move into the trust in time. A pour-over will automatically transfer any remaining assets that are outside of the trust, into the trust.

This type of will provides extra protection against legal issues with a trust by designating the assets intended for the trust to be distributed to the trust beneficiaries should the trust be unfunded.

As most people understand, an ordinary will is created when there is no trust established. This is the type of will that a majority will use to transfer their assets after their death. A standard will accounts for the entirety of the deceased’s estate and includes instructions for distributing all assets. A pour-over will only give instructions for handling assets not included in the standard will. Individuals with trusts will usually have both types of wills.

Want to know more about creating a pour-over will? Contact Kevin Miller here.