Specific Living Trust With Pour-over Will
Description
How to fill out California Revocation Of Living Trust?
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FAQ
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.
Assets that generally do not go through probate are (1) jointly owned assets that transfer to the surviving owner, (2) assets that have a valid beneficiary designation, and (3) assets that are in a trust. However, these assets do not always avoid probate.
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.
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 legal document that ensures an individual's remaining assets will automatically transfer to a previously established trust upon their death.