A Pour-Over Will simply directs your named Executor to “pour over” any asset which you failed to included in your trust, for distribution under the terms of your living trust.
Virginia Pour Over Will for Husband
Category:
State:
Virginia
Control #:
VA-LS-049
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FAQ
Many married couples own most of their assets jointly with the right of survivorship. When one spouse dies, the surviving spouse automatically receives complete ownership of the property. This distribution cannot be changed by Will.
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust.
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.
The pour over will does not need to be notarized; however, in California it does need to be signed by two disinterested witnesses.
If your spouse passed away in California without a Trust, you may think you'll need to go through probate. However, in many cases, the surviving spouse does not need to probate the estate of their loved one to gain access to his or her assets. Instead, you may only need to file a Spousal Property Petition.
Probate is required when an estate's assets are solely in the deceased's name. In most cases, if the deceased owned property that had no other names attached, an estate must go through probate in order to transfer the property into the name(s) of any beneficiaries.
The surviving spouse has the right to Family Exempt Property.The surviving spouse has the right to receive Letters of Administration, which means that ahead of all other family members, he/she has the right to serve as the Administrator when someone dies intestate.
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.
Most married couples own most of their assets jointly. Assets owned jointly between husband and wife pass automatically to the survivor.This requires the will to be probated and an executor to be appointed in order to secure the assets. There are exceptions to the probate requirement for estates of $50,000 or less.