What Is a Pour Over Will?

You may have heard the term pour over will, but how is it different than a regular will and why would you need it?

What Is a Will?

A last will and testament is a legal document that disposes of one’s property after death. An improperly prepared, witnesses/notarized, or signed will is completely invalid and your estate will be treated as if you died without a will.

What is a Pour Over Will?

A pour over will is used in conjunction with a trust, directing any property that remains outside of a trust into it. It may also make a direct disposition into the trust. You may wish to have the trustee sell that property and distribute funds to your beneficiaries, or distribute items to them directly.

What Can a Pour Over Will Accomplish?

A pour over will can do many things including allowing your heirs to avoid probate, allocate tax burdens, name personal representatives, provide asset protection, and create requirements for distribution of property at death.

Additionally, it may be drafted in such a way as to avoid accidental omissions from your trust, transfer property improperly transferred to the trust (usually a result of either not transferring the deed or naming it incorrectly), and it may keep items out of the trust that you purposefully left out. It may also transfer previously unknown assets to your trust, as well as inherited assets and assets obtained before you had the chance to update your trust.

What are the requirements for a pour over will?

The same requirements as a regular will: it must be signed properly, attested, the person creating it must have capacity to do so and must be of legal age, and there must be an intent to create the will.

Do you need a pour over will if you have a trust?

Yes, otherwise the items left out of your trust will be distributed via statute and may cause your heirs to go through probate even though you had a trust.

Other Benefits of a Pour Over Will

A will without a trust still goes through the court system and is a public record. A pour over will can transfer property to your trust and keep it private.

If your trust fails for some reason, the pour over will may still be in effect if correctly drafted and will act as a safeguard to distribute assets per your wishes.

There are other more specific and complicated things that may be accomplished with a pour over will, depending on your needs.

To create an estate plan, contact me!