Pour Over Wills

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Commonly Asked Questions about Pour Over Wills

What are the disadvantages of a pour-over will?

The Disadvantage of a Pour-Over Will It can take many months before the distribution of assets. A pour-over will only addresses assets that have not been moved into the revocable or irrevocable trust.

What is the difference between a pour-over will and a living will?

A standard will is intended to account for the entirety of the deceaseds estate. They provide instructions for distributing all assets. By comparison, a pour-over will only gives instruction for handling assets not included in the standard will.

What is the difference between a pour-over will and a standard will?

Pour-over wills automatically transfer an individuals remaining assets into a trust, which they set up prior to their death. This ensures that, even if certain assets were not accounted for in the standard will, they are still distributed ing to the deceaseds wishes.

Why would you want a pour-over will?

Pour-Over Wills and Inheritance If you die before funding inherited assets into your trust, a pour-over will can be helpful. It catches the assets from the estate of your deceased relative. It then directs your personal representative to transfer them from your estate into your trust.

What is a drawback of a pour-over will?

The main disadvantage of using a pour-over will in conjunction with a living trust is that assets captured by the will must go through the standard probate process. It is advantageous to transfer as many assets as possible into your living trust so they can avoid probate.

What is the role of the executor in a pour-over will?

You will also name an executor of your pour-over will. The executor is legally responsible for ensuring that property ends up being owned by the trust ing to the instructions in the will. Your will directs the executor to legally transfers your accounts and property into the trust at your death.

What is an example of a pour-over will?

Pour-Over Will Example When one spouse dies, their car, which the couple titled only in that persons name, ends up flowing smoothly into the trust. The other spouse continues to act as a trustee, so they may continue to use the car as if it were titled to them, even though its title gets transferred to the trust.