Easily Insert Fileds to the Pour-Over Will

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How to Insert Fileds to the Pour-Over Will

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[Music] what is a poor over will youve probably heard that term and have no idea what it means and most people dont so let me explain hi im lynn st louis estate planning and elder law attorney here in washington so a poor over will is simply a will it is a type of will its no different than any other kind of will so why is it called pour over the reason its called pour over is if youve heard that term your attorney has said that to you you have a revocable living trust as a component of your estate plan so a revocable living trust is a document that you sign as your estate planning as part of your estate plan and the purpose of it is so that upon your death you dont need to go through a probate process so lets say you and your spouse have a revocable living trust the idea is is that when the first of you dies everything probably goes to the surviving spouse when both of you die maybe everything goes down to your children or wherever you want it to go the terms of the trust say

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Who benefits from a discretionary trust?

A discretionary trust created under a will is a useful tool for protecting children who have a physical or mental disability. The beneficiaries under the trust are discretionary and are therefore not absolutely entitled to receive anything.

What are the disadvantages of a discretionary will trust?

They are a considerable responsibility for the trustees to take on and careful consideration should be given to who to appoint. Discretionary trusts could also result in disgruntled relatives who may not understand why they are not automatically entitled to receive money from the estate.

Who owns the money in a discretionary trust?

The structure of a discretionary trust enables you, as the person putting your assets or money into the trust (known as the settlor), to give those assets to a group of people chosen by you (the trustees) to look after.

What is meant by pour-over will?

A pour-over will is a type of will that works in partnership with a living trust. Its designed to catch property you didnt put in your trust during your lifetime letting the court know you want these assets transferred to your trust after you die.

Does a will override a trust?

Does a Will Supersede a Trust? Wills control the estate. Trusts control the trust estate, the assets that are placed within their ownership. They do not overlap and therefore cannot supersede each other.

Can you take money out of a discretionary trust?

Discretionary trust They are not entitled to receive anything from the trust as of right. The trustees have a massive amount of control over the trust assets and can ultimately decide who receives anything, when they receive it and how much.

How does a discretionary trust work?

Discretionary trusts These are where the trustees can make certain decisions about how to use the trust income, and sometimes the capital. Depending on the trust deed, trustees can decide: what gets paid out (income or capital) which beneficiary to make payments to.

What are the advantages of a pour-over will?

Whats The Advantage Of The Pour-Over Will? A pour-over will enables the living trust to make a smooth transfer of assets. The key advantage is that none of your assets will have to be settled ing to the intestate laws of the state.

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