Easily Replace Currency into the Pour-Over Will

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How to Replace Currency into the Pour-Over Will

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[Music] what is a poor over will youve probably heard that term and have no idea what it means and most people dont so let me explain hi im lynn st louis estate planning and elder law attorney here in washington so a poor over will is simply a will it is a type of will its no different than any other kind of will so why is it called pour over the reason its called pour over is if youve heard that term your attorney has said that to you you have a revocable living trust as a component of your estate plan so a revocable living trust is a document that you sign as your estate planning as part of your estate plan and the purpose of it is so that upon your death you dont need to go through a probate process so lets say you and your spouse have a revocable living trust the idea is is that when the first of you dies everything probably goes to the surviving spouse when both of you die maybe everything goes down to your children or wherever you want it to go the terms of the trust say

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Can you use percentages in wills?

If you feel concerned about possible fluctuations of the value of your estate, or the assets named within your estate, consider making percentage bequests. I hereby bequeath 50% of my estate to my daughter Sophia. This is an example of how you could leave half of your overall estate to one of your beneficiaries.

Should I leave dollar amounts or percentages in my will?

Attorney Katelyn Doyle recommends using a percentage rather than a dollar amount in your will. That allows the amount given to charity to go up or down with the size of the estate, and prevents a situation from arising where there are no assets available for other beneficiaries once the charitable bequest is paid.

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.

How should I divide my assets in my will?

Divide your estate equally, if necessary. Divide up assets based on their value. Instruct your executor to divide assets equally. Instruct your executor to sell everything and then distribute the proceeds to your beneficiaries equally.

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.

What should I put in my will?

How to write a will your home, and any other property you own. savings in bank and building society accounts. National Savings, such as premium bonds. insurance, such as life assurance or an endowment policy. pension funds that include a lump sum payment on death. investments such as stocks and shares or investment trusts.

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.

How much should I leave to charity in my will?

As well as the gift itself being tax-free, charitable gifts can also reduce the amount of inheritance tax that the rest of your estate will pay. If you give at least 10% of your taxable estate to charity, the inheritance tax rate for the rest of your estate drops from 40% to 36%.

What do you put in a pour-over will?

How do you write a pour-over will? Set up a living trust. Name your trustee as the beneficiary in your pour-over will. Name a will executor. Consider your other estate-planning needs.

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