Protect yourself and your loved ones

Pour-Over Will

What is a Pour-Over Will?

I had never heard of this until I started this website.  While doing lots and lots of research I concluded that a will is simply a ticket to probate court.  And probate will usually not leave your heirs thinking of you kindly.  It’s costly and public and usually doesn’t result in your family inheriting as you intended.  They may not get anything but large tax bills and attorneys’ fees.

So why do I like the Pour-Over Will?  Here’s why it makes sense to me for some people.

A pour-over will is a type of will used as part of an estate planning strategy, often in conjunction with a trust—typically a revocable living trust.

The main purpose of a pour-over will is to ensure that any assets not already included in the trust at the time of the individual’s death are “poured over” into the trust upon their death. This helps to ensure that all of the deceased’s assets are distributed according to the terms set out in the trust.

Here’s how it typically works:

Creation of a Trust: First, you set up a trust, which can hold assets and outlines how these assets should be managed and distributed upon your death.

Drafting the Pour-Over Will: You then create a will that states that any assets not included in the trust at the time of your death should be transferred to the trust when you die.  It’s a very simple document and you can find a template at many online sites.

Estate Settlement: Upon your death, the pour-over will go through probate, the legal process through which a deceased person’s will is processed and their assets are distributed. During this process, the assets that weren’t already in the trust are moved into it.  No one likes probate but I believe this Will would be finalized very quickly and cheaply.  Check with your estate attorney.

Trust Administration: Once the assets are in the trust, they are distributed or managed according to the terms you laid out when you established the trust.

I am not an expert at all but it seems this would take care of the salt and pepper shaker collection pretty darn quick.