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.
Kansas City Missouri Last Will and Testament with All Property to Trust called a Pour Over Will
Category:
State:
Missouri
City:
Kansas City
Control #:
MO-WIL-01900
Format:
Word;
Rich Text
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FAQ
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 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.
Disadvantages of Wills May be subject to probate and possible challenges regarding validity. Can be subject to federal estate tax and income taxes. Becomes public record which anyone can access.
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.
Pour-over wills act as a backstop against issues that could frustrate the smooth operation of a living trust. They ensure any assets a grantor neglects to add to a trust, whether by accident or on purpose, will end up in the trust after execution of the will.
For example, each trust has three main roles in it: trustor, trustee and beneficiary.
Under Missouri law, a will must be filed with the court within 30 days after the death of the testator. Missouri Revised Statutes 474.510. So, after you pass away, your will should be filed in your local probate court by the person named to be your personal representative (also called an ?executor? or ?administrator?).
False. When drafting a living trust for a client, a pour-over will is merely optional. Only upon determination by a doctor that the principal is incapacitated.
The main downside to pour-over wills is that (like all wills), the property that passes through them must go through probate. That means that any property headed toward a living trust may get hung up in probate before it can be distributed by the trust.