Easily Remove Alternative Choice in the Pour-Over Will

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How to Remove Alternative Choice in the Pour-Over Will

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- Today, were going to discuss pour-over wills. Welcome to 2 Minute Tuesday, where I attempt to discuss an estate planning topic in two minutes or less. Now, before we get started, if youre enjoying these videos every Tuesday, can you please do me a huge favor and hit the Subscribe button in the right hand corner below. I would really appreciate it. The other day, I got a call from somebody asking why their relatives had a pour-over will and not a last will and testament. Well, without knowing anything about their relatives, I attempted to answer their question. And at the same time, I thought this would be a great topic for 2 Minute Tuesday. So why do some people have a last will and testament, and some people have a pour-over will? Somebody usually has a pour-over will when they have a revocable living trust. The pour-over will acts as a kind of a catch-all, so if you have a revocable living trust, one of the main reasons is probably to avoid probate. No one wants to put their fami

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is the alternate residuary beneficiary?

Naming Alternates You can also choose to name an alternate residuary beneficiary, in case your first choice does not survive you by 45 days. If you do not name alternates for specific bequests, and the primary beneficiary dies before you do, the property will become part of your residuary estate.

What is a drawback of a pour-over will?

The main downside to pour-over wills is that (like all wills), the property that passes through them must go through probate. That means that any property headed toward a living trust may get hung up in probate before it can be distributed by the trust.

How do you remove an asset from a trust?

For example, if you transferred real estate into your trust, you would have done so by deed, granting it from your name personally into the name of your trust. If you want to take the property back, its simply a matter of drafting a new deed that grants title from your trusts name back to your name.

What is an alternative to a last will?

Common alternatives to a will include living trusts, designating assets, and joint tenancies. Each of these options has its own pros and cons and should be seriously weighed and considered.

What are the disadvantages of a pour-over will?

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.

What kind of trust does Suze Orman recommend?

Suze Orman, the popular financial guru, goes so far as to say that everyone needs a revocable living trust.

What are the benefits of a pour-over trust?

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.

What are the disadvantages of putting your house in trust?

The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork. Take a look at the pros and cons of creating a trust before you put your house into it.

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Remove Alternative Choice in the Pour-Over Will