Easily Replace Alternative Choice from the Pour-Over Will

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How to Replace Alternative Choice from 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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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.

Is a last will and testament the same as a pour-over will?

A standard last will and testament dictates who should you receive your assets when you die, and a pour-over will is just a type of will that includes language covering any assets and you didnt get to transfer into your trust one that you already created during your life time, which is called a living or inter vivos

Is a last will and testament the same as a pour-over will?

A standard last will and testament dictates who should you receive your assets when you die, and a pour-over will is just a type of will that includes language covering any assets and you didnt get to transfer into your trust one that you already created during your life time, which is called a living or inter vivos

What is another name for a pour-over will?

A living trust is a legal document that lets you direct how your assets are distributed after you die. A living trust owns the assets transferred to it, while still allowing you to use and control that property during your lifetime.

What is the legal terminology for wills?

Testator: The testator is the person who is making the will and signing his or her name. If the person making the will is female, the word testatrix is sometimes used. Beneficiary: A beneficiary is someone who receives an inheritance through a will.

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.

Why use a pour-over trust?

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.

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.

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Replace Alternative Choice from the Pour-Over Will

Reduce time allocated to papers management and Replace Alternative Choice from the Pour-Over Will with DocHub

A step-by-step guide regarding how to Replace Alternative Choice from the Pour-Over Will

PDF editing simplified with DocHub

Drive efficiency with the DocHub add-on for Google Workspace

How to Replace Alternative Choice from the Pour-Over Will

Related features

Got questions?

What are the disadvantages of a pour-over will?

Is a last will and testament the same as a pour-over will?

Is a last will and testament the same as a pour-over will?

What is another name for a pour-over will?

What is the legal terminology for wills?

What is a drawback of a pour-over will?

Why use a pour-over trust?

What is the alternate residuary beneficiary?

See why our customers choose DocHub

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