Transform your daily workflows and Protect Pour-Over Will

Aug 6th, 2022
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Straightforward instructions on how to Protect Pour-Over Will

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How to Protect 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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Probate is the process of the courts formally accepting a will, or, if the deceased did not have a will, appointing someone to act on their behalf. The process is designed to verify that the testator has passed away, that that person was the author of the will, and that its a valid 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.
A great way to keep your real estate free from probate taxes is to hold your property jointly. If the owner passes away, having joint ownership, in some cases, allows your property to be passed automatically to the propertys surviving joint owner without having to go through the probate process.
The four main types of wills are simple, testamentary trust, joint, and living. Other types of wills include holographic wills, which are handwritten, and oral wills, also called nuncupativethough they may not be valid in your state. Your circumstances determine which is best for you.
In Ontario, Canada, you must probate a will if the deceased person owned property in the province at the time of their death. This includes real estate, personal property, and financial assets such as bank accounts and investments.
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.
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.
Probate is not always required in order to administer an estate. The type of assets in the estate usually determine whether an estate should be probated. If the deceased owned real property or assets held by a financial institution, the estate normally must be probated.
A pour-over will only goes through probate if you have failed to attach all your assets to your living trust. The probate process with a pour-over will is much shorter than probate with a traditional will.
Assets that are not subject to probate in Ontario include: Assets that were held jointly (there are exceptions) CPP death benefit. RPPs, RRSPs, RRIFs, and TFSAs with a beneficiary designation or beneficiary declaration. RDSPs to which the deceased subscribed to but was not a beneficiary.

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