Trust Living Print With Pour-over Will
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FAQ
EXAMPLE: Joy transfers her valuable property to her living trust. She also makes a pour-over will, which states that any property she owns at death not specifically left to someone in the will goes to the living trust.
over will is a type of will with a provision to ?pour? any leftover or unallocated assets in a person's estate into a living trust when the person dies. The idea is to minimize the probate process and ensure that assets are distributed as the deceased wishes.
over will transfers assets into your trust while a testamentary trust is set up by your will. Both accomplish the result of transferring assets into a trust, but a pourover will moves your assets into an already existing trust.
A Pour Over Will can be a saving grace if you forgot to (or are unable to, or choose not to) move assets into your Trust while you're still alive. If everything you own is already in a Trust, a Pour Over Will may not be necessary. However, it can be a great safeguard and tool that you may want to consider.
With a pour-over will, any assets not included in your trust are automatically transferred to your trust after you pass away. Think of it as a kind of ?safety net,? capturing any property you didn't transfer to your trust while you were alive.