Remove Alternative Choice into the Pour-Over Will

Aug 6th, 2022
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How to Remove Alternative Choice into 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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A will is not the only way to distribute your property when you die. Other common will alternatives include intestacy, nonprobate assets, revocable living trusts, and community property agreements.
An alternate beneficiary is someone who will benefit from or gain ownership of property only if the primary beneficiary is unable or unwilling to take ownership.
Examples of will substitutes include the Payable on Death (POD) designation of a bank account or the beneficiary designation of a life insurance policy. PODs and insurance contracts are powerful agreements!
Generally speaking, there are three kinds of Wills: (1) holographicwritten entirely in the handwriting of the person writing the Will; (2) standard, formal typewrittenprinted or typed; and (3) partially handwritten and partially typed. The requirements for a valid Will are different for each type of Will.
Using a trust entails legal expenses and the cost of transferring property titles to the trust. There also are expenses for ongoing asset management and legal compliance. In the event of both a will and a trust, generally a trust will take precedence over a will.
The best alternatives to Trust Will are Willing, Farewill, and Posterity. If these 3 options dont work for you, weve listed a few more alternatives below. What do you think of Trust Will? Make a plan in the event something happens to you, and share it with your loved ones.
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.
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.

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