Easily Replace Conditional Fields to the Pour-Over Will

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How to Replace Conditional Fields to 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 a pour over clause in a will?

A pour-over will is a type of will that works in partnership with a living trust. Its designed to catch property you didnt put in your trust during your lifetime letting the court know you want these assets transferred to your trust after you die.

What is an example of a conditional bequest in a will?

For example: Jackie could bequest to her nephew $100,000 after attaining the age of 21. Louise can bequest her house to her daughter on the condition that the daughter graduates college. Public policy would nullify a conditional bequest that Paul would receive all of Jacks estate if Paul divorces his wife.

What is the difference between a contingent and conditional bequest?

The bequest may be conditional or contingent. A bequest that is bestowed only upon fulfillment of any stated conditions is called conditional bequest. A bequest that pass only upon occurrence or non-occurrence of an event is called a contingent bequest.

Does a beneficiary designation supercede a will?

Does Beneficiary Designation Override A Will? You might be wondering, does a beneficiary supersede a will? The answer is yes, and thats why you want to understand the difference between a will vs. beneficiary. Its important to be very careful when dealing with these two documents.

Does a will override a beneficiary on a retirement account?

Nonprobate assets generally are transferred automatically at death ing to a beneficiary designation or contract. So they override your will. They include life insurance policies, retirement plans and IRAs, as well as joint bank or brokerage accounts. Even savings bonds come with beneficiary forms.

What is an example of a contingent bequest?

Contingent Bequests This means that it is not guaranteed, making it unique from other types of bequests. Here is an example of how a contingent bequest might be worded: I hereby leave $30,000 to my daughter Ava, but only on the condition that she graduates from a four-year university before the age of 23.

What are the two types of conditional gifts?

There are two types of conditional gifts: A condition precedent is a condition which requires an event to be satisfied before the gift takes effect. A condition subsequent is a gift with an ongoing condition which, when it is no longer satisfied, terminates a gift which has already vested.

What is conditional inheritance?

Overview of Conditional Gifts in Estate Planning Conditional gifting is a way to put stipulations on someones receipt of property or other assets from an estate. The testator can require that the beneficiary either do or refrain from doing something to receive the gift.

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