Learn about pour-over wills and how they can be used in conjunction with a trust to ensure that all assets are properly distributed according to your wishes.
A pour-over will is a legal document that is used in conjunction with a trust in estate planning. This type of will is designed to "pour" any assets that are not already included in the trust at the time of the individual's death into the trust. In essence, it acts as a safety net to ensure that all assets are properly distributed according to the individual's wishes.
When an individual creates a trust, they transfer ownership of their assets into the trust so that they are held by the trust, not by the individual. However, it is not uncommon for some assets to be left out of the trust due to forgetfulness or simply because they were acquired after the trust was created. In such cases, the pour-over will is used to direct these "poured-over" assets into the trust upon the individual's death.
By using a pour-over will in conjunction with a trust, individuals can ensure that all of their assets are eventually distributed according to the terms of the trust. This can help streamline the estate settlement process, as the assets will already be part of the trust and will not have to go through the probate process separately. Additionally, using a pour-over will with a trust can provide added flexibility and control over the distribution of assets to beneficiaries.
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