Transform your daily workflows and OCR Pour-Over Will

Aug 6th, 2022
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Simple guide on how to OCR Pour-Over Will

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How to OCR 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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Generally speaking, assets that are titled solely in the decedents name need to be probated, while assets that are jointly-owned or have a designated beneficiary can transfer ownership outside of probate. For example, a car.
Avoiding Probate with a Beneficiary Deed The Arizona Beneficiary Deed Law allows you to avoid the possibly lengthy probate process. It allows you to sign and record a deed, during your lifetime, that transfers real property to one or more people upon your death.
Four Ways to Avoid Probate in Arizona Establish a Trust. Title Property with Rights of Survivorship. Make Accounts Payable on Death or Transfer of Death. Provisions for Small Estates.
When is probate required in Arizona? In Arizona, probate is required when an estate is worth more than $75,000. If the estate is worth less than that amount, the beneficiaries can file a Small Estate Affidavit to claim their inheritance without going through probate.
There are two main types of Wills, attested Wills and holograph Wills. Both types of Wills perform the same function by allowing you to name people who will receive your property when you die, and name a personal representative to make sure that your wishes are carried out.
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.
The pour-over will is designed to take any and all personal assets that were either acquired later, or omitted from the trust transfer, and transition these assets into trust assets. The assets will not be treated as personal, and wont go through probate.
Not necessarily. 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.

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