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.
Atlanta Georgia Last Will and Testament with All Property to Trust called a Pour Over Will
Category:
State:
Georgia
City:
Atlanta
Control #:
GA-WIL-01900
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Georgia Last Will And Testament With All Property To Trust Called A Pour Over Will?
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FAQ
Deciding between a Will and a Trust depends on your circumstances; there are pros and cons of each. For example, a Trust can be used to avoid probate and reduce Estate Taxes, whereas a Will cannot.
Essentially, a Pour-Over Will is used in conjunction with a Trust, usually a Revocable Living Trust, and it directs that any assets you own outside of the trust at the time of your death should be placed into your trust and distributed according to trust guidelines.
Under the terms of a pour-over will, all property that passes through the will at your death is transferred to (poured into) your trust. Then it's distributed to the trust beneficiaries you named while you were alive.
While a well drafted Will in Georgia can almost always accomplish the required estate planning objectives, a Revocable Trust may be the best option for individuals seeking heightened privacy or those with unique family situations.
With a trust, you can appoint a successor trustee to handle your affairs if you become incapacitated or need additional assistance as you get older. On the other hand, a will may be more appropriate and affordable for those without many assets to manage.
Draw up the trust document: You can do this online with a program or get the help of a lawyer. Get the document notarized: Sign the document before a notary public. Put your property into the trust: This does take some paperwork, so while you can do it by yourself a lawyer may be useful.
over will only goes through probate if you have failed to attach all your assets to your living trust. The probate process with a pourover will is much shorter than probate with a traditional will.
over will is a will used alongside a living trust. You can use it to transfer assets not already held in your trust before you die into your trust after your death.
over will is a last will and testament that serves as a safety device to capture any assets that are not transferred to or included in a living trust.
Drawbacks of a living trust The most significant disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
