This Legal Last Will and Testament Form with Instructions, called a Pour Over Will, leaves all property that has not already been conveyed to your trust, to your trust. This form is for people who are establishing, or have established, a Living Trust. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. A "pour-over" will allows a testator to set up a trust prior to his death, and provide in his will that his assets (in whole or in part) will "pour over" into that already-existing trust at the time of his death.
Alabama Last Will and Testament with All Property to Trust called a Pour Over Will
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FAQ
A Living Trust is a document that allows individual(s), or 'Grantor', to place their assets to the benefit of someone else at their death or incapacitation. Unlike a Will, a Trust does not go through the probate process with the court.
After reading about the benefits of a revocable living trust, you may wonder, Why do I need a pour-over will if I have a living trust? A pour-over will is necessary in the event that you do not fully or properly fund your trust.Your trust agreement can only control the assets that the trust owns.
When people make revocable living trusts to avoid probate, it's common for them to also make what's called a "pour-over will." The will directs that if any property passes through the will at the person's death, it should be transferred to (poured into) the trust, and then distributed to the beneficiaries of the trust.
Spillover Trusts definition: Spillover trusts are established to hold any remaining assets after all other instructions from the will are carried out.
Signature: The will must be signed by the testator or by another person in the testator's name, under his direction and in his presence. Witnesses: At least two witnesses must sign an Alabama Last Will in order for it to be valid. Writing: An Alabama will must be written in order to be valid.
Pour-over wills are subject to probate since the assets have not yet been transferred into the trust. Some states also require your assets to go through the probate process any time your assets or property are over a certain value.Even though pour-over wills don't avoid probate, there is still a measure of privacy.
A pour-over will is a just-in-case will that states that your living trust is the beneficiary for any property in your name that's not in the trust at the time of your death, thereby moving any forgotten or remaining assets into the trust.One of the main reasons to create a living trust is to avoid probate.
After reading about the benefits of a revocable living trust, you may wonder, Why do I need a pour-over will if I have a living trust? A pour-over will is necessary in the event that you do not fully or properly fund your trust.Your trust agreement can only control the assets that the trust owns.
A will and a trust are separate legal documents that usually have a common goal of coordinating a comprehensive estate plan.Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, in the event that there are issues between the two.