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Easy guide on how to Move Page Pour-Over Will

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How to Move Page Pour-Over Will

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A pour-over will is a specific type of will associated with a revocable living trust, explained by Lynn St. Louis, an estate planning and elder law attorney. The term "pour-over" refers to the function of the will: it directs that any assets not placed into the trust during the individual's lifetime "pour over" into the trust upon their death. This ensures that assets are managed according to the trust terms, avoiding the probate process. For instance, if a couple has a revocable living trust, upon the death of one spouse, assets typically pass to the surviving spouse. Upon both spouses' deaths, the assets are distributed to their chosen beneficiaries as outlined in the trust.

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Does a pour-over will avoid probate in California?

A pour-over will can help the family and beneficiaries of the testators will avoid probate on non-trust assets by transferring them into the trusts care after the testator dies. If the value of the pour-over assets does not exceed Californias statutory limits for trust funds, the assets will not move into probate.

Does a pour-over will avoid probate in Illinois?

Probate cannot be avoided simply by using a pour-over will. Of course, Illinois does not require that all estates be probated. In particular, an executor can use a small estate affidavit if there is no real estate and the total value of the estate does not exceed $100,000.

What do you put in a pour-over will?

You should include language in your Pour Over Will that clearly states: any assets or property that are not in the Trust at the time of death, and that do not have a named beneficiary, should be transferred to the Trust after you pass.

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

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.

What is a rollover will?

What Is a Pour-Over Will? A pour-over will is a legal document that ensures an individuals remaining assets will automatically transfer to a previously established trust upon their death.

Why is it called a pour-over will?

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.

What is a pullover will?

With a pour-over will, any assets not included in your trust are automatically transferred to your trust after you pass away. Think of it as a kind of safety net, capturing any property you didnt transfer to your trust while you were alive.

Does a pour-over will avoid probate in Arizona?

Does a Pour-Over Will Avoid Probate? Just like any other type of will, a pour-over will must be signed by yourself and two witnesses in order to be considered valid in Arizona. However, it must still go through probate and be validated by the court before your assets can be distributed to the living trust.

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Move Page Pour-Over Will