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.
Lee's Summit Missouri Last Will and Testament with All Property to Trust called a Pour Over Will
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State:
Missouri
City:
Lee's Summit
Control #:
MO-WIL-01900
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Word;
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How to fill out Missouri Last Will And Testament With All Property To Trust Called A Pour Over Will?
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FAQ
over will is a will used in conjunction with a revocable living trust to dispose of property owned by a person at their death which not transferred to the trust during the person's lifetime.
A pour over will functions after an individual has already created a trust and funded the trust?meaning, they have placed certain assets in the trust to be given to beneficiaries after their death in order to avoid the probate court process.
However, in Florida, a pour-over Will does go through probate. This means that whatever property has not been transferred prior to death will become part of the public record and count toward your estate administration fees and estate taxes.
If the Will is not filed with the Probate Court within the required one year period, the Will becomes invalid ? it is no longer any good. The Will essentially ?expires?.
Although Missouri does not require a will to be notarized, most Missouri practitioners use two witnesses and a notary to make the will self-proving (see Drafting Note, Self-Proving Affidavit).
Missouri does not recognize holographic wills (wills that are handwritten by the testator and are not signed and attested by witnesses). All wills must be attested to by two or more competent witnesses. A handwritten will that is witnessed properly by two witnesses is valid.
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.
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?).
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.
Although there are many differences between wills and trusts, the biggest difference is that wills do not avoid probate, while the purpose of a revocable living trust is to avoid probate. Probate is what happens when someone passes away with assets still titled in their own name.