Easily Replace Last Name Field in the Pour-Over Will

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How to Replace Last Name Field in the Pour-Over Will

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hey in this video Im gonna talk about the difference between a pour-over will and a regular wheel Im Paul rambling on a state planning attorney I help our clients get and keep their legal affairs in order as a bonus on this video Im gonna give you a shot of our beautiful Louisiana sunrise over my left shoulder okay so the reason Im doing this video is because a lot of I get so many questions whats a pour-over wheel and sometimes you know they get the pour-over word messed up but anyway whats a pour-over will I get that all the time so I came up with the term for purposes of this video a regular wheel because if someone doesnt have a pour-over wheel theyre gonna have our regular wheel and so I really need to give you the background so you can have a good understanding of really what a pour-over will is all about first lets talk about the regular will so the regular wheel is the kind of will that you probably you know think a will is its when someone gets their real will writte

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Does residuary estate include money?

A residuary estate is the portion of a persons assets that are left over after paying off their estates debts, taxes and expenses and after distributing any specific gifts of property or money. People often put instructions in their wills about what to do with their residuary estates.

What is residuary distribution?

It is also known as a residual estate or simply residue. As you may know, the residuary estate distribution clause distributes the remainder of ones estate once all expenses and specific bequests are compensated.

What happens if your name is spelled wrong in a will?

Some minor errors, such as misspelled names or other clerical errors, probably wont matter. However, mistakes of factsuch as the value of an estate, the existence of a valuable item, or a misunderstanding of legal termswill likely not be overturned by a judge.

What does residuary clause mean in a will?

A residuary clause is a provision in a will or trust that instructs how to transfer assets not specifically mentioned elsewhere. This is a valuable clause because you can pass on everything you own upon your death without anything going unclaimed.

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 are examples of residuary clauses?

I give the rest of my estate (called my residuary estate) to my husband, Tex. If he does not survive me, I give my residuary estate to those of my children who survive me, in equal shares, to be divided among them and the descendants of a deceased child of mine, to take their ancestors share per stirpes.

What is the difference between a pour-over will and a last will and testament?

The difference between a simple will and a pour-over will is that a simple will is meant to handle your entire estate, such as by leaving it to your spouse or your kids. A pour-over will exists only to move assets into the trust and works in conjunction with either a revocable living trust or an irrevocable trust.

What is residuary pour-over?

A pour-over will helps ensure that your residuary estate and any assets you neglected to include in your living trust will be transferred to that trust automatically after your passing (literally poured over into the trust), so your estate can be distributed the way you want.

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