Pour-Over Will

What is a pour-over will?

To fully understand a pour-over will, you must also understand how a living trust works. Unlike a will, a living trust distributes the personal assets owned by a deceased person, known as the decedent, to their beneficiaries without going through the probate process. When creating the trust, a trustee is appointed who will manage the assets placed into the trust upon the decedent’s death or incapacitation. This person serves in a role similar to the executor of a will, in many cases.

In order for assets to avoid probate court when distributed through a living trust, they must be explicitly placed into the trust before the assets’ owner dies. A pour-over will makes provisions for any assets not already in the trust to be placed into the trust upon the decedent’s death, although the transfer of these assets must still be approved by a probate court.

While it doesn’t allow the decedent’s beneficiaries to avoid probate entirely, moving these assets into the trust can still save a lot of time and energy for the executors of the estate. By consolidating the assets, the trustee can settle the estate more quickly and efficiently and ensure nothing gets overlooked during the process.

FAQs 

What should be included in a pour-over will?

A pour-over will is intended to be a catch-all for assets not already included in a living trust, so it should cast a wide net. Typically they include terms directing all assets not already named in the trust be transferred to the trust upon the decedent’s death.

Do you need a lawyer for a pour-over will?

A lawyer is not legally required to draft a pour-over will, but it is a good idea to consult with an experienced estate planning attorney when creating this type of document. Attempting to create your own pour-over will, without any experience navigating the probate process, will often wind up costing you more time and money than you would save with a properly drafted pour-over will.

Why would I use a pour-over will instead of a traditional will?

Certain assets benefit from tax advantages when placed in a trust. To this end, it makes sense to keep those assets in a living trust when possible, and a pour-over will simply consolidates those assets with any other assets the decedent might have that can’t, or shouldn’t, be placed in a trust while the owner is still alive.