Insert Value Choice in the Pour-Over Will and eSign it in minutes

Aug 6th, 2022
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How to Insert Value Choice in the Pour-Over Will

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the following BL TV program is brought to you by OFlaherty law please enjoy welcome to learn about law my name is Kevin o Flaherty from OFlaherty law and today were gonna answer the questions what is a pour-over will and do I need a will if I have a trust so first theres three things that a will can accomplish for you one is distribution of your assets when you pass away two is naming an executor to manage the distribution of those assets and third is naming a guardian for your minor children should you pass away or become mentally incompetent a will cannot avoid probate so a lot of people ask if I have a will will that avoid a probate case so a probate is a court case thats often necessary in order for the executor to collect the assets of a deceased person and then use them to just to distribute those assets to creditors and beneficiaries of the will or heirs under state statute we want to avoid probate if we can because probate costs a lot of money and attorneys fees because it

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A standard last will and testament dictates who should you receive your assets when you die, and a pour-over will is just a type of will that includes language covering any assets and you didnt get to transfer into your trust one that you already created during your life time, which is called a living or inter vivos
The Disadvantage of a Pour-Over Will There is really only one disadvantage to this type of will. A pour-over will, like a traditional last will and testament, does need to go through the probate process. The probate process is not fast. It can take many months before the assets can be distributed.
Assets in a pour-over will only avoid probate if their total value is under $184,500, thereby qualifying the estate for a small estate affidavit. If the assets total more than $184,500, then they will have to go through probate.
The difference between a simple will and a pour-over will is that a simple will is meant to handle your entire estate, such as by leaving it to your spouse or your kids. A pour-over will exists only to move assets into the trust and works in conjunction with either a revocable living trust or an irrevocable trust.
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.
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 its distributed to the trust beneficiaries you named while you were alive.
How do you write a pour-over will? Set up a living trust. Name your trustee as the beneficiary in your pour-over will. Name a will executor. Consider your other estate-planning needs.
The Disadvantage of a Pour-Over Will There is really only one disadvantage to this type of will. A pour-over will, like a traditional last will and testament, does need to go through the probate process. The probate process is not fast. It can take many months before the assets can be distributed.

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