Easily Replace Checkmark from the Pour-Over Will

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How to Replace Checkmark 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 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 a back up will?

In your backup will, you can name specific beneficiaries for your non-trust property, or you can make a pour-over will by naming your trust as the beneficiary of your non-trust property.

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 is a successor trustee?

Primary tabs. Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated.

What is a pullover will?

With a pour-over will, any assets not included in your trust are automatically transferred to your trust after you pass away. Think of it as a kind of safety net, capturing any property you didnt transfer to your trust while you were alive.

What does include backup mean in a will?

A backup (alternate) executor or two is important to ensure that your estate plan is handled the way you want no matter what. If you fail to name someone, your estate will be delayed as the probate court determines who it will appoint instead. And that person may not be who you wish. Distributions Upon Predeceasing.

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Replace Checkmark from the Pour-Over Will