Easily Replace Text Fields to the Pour-Over Will

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How to Replace Text Fields to the Pour-Over Will

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- Hello there, my name is Kevin Snyder of Snyder Law. And Im an estate planning and Elder Law planning attorney. And today Id like to talk to you about, what a pour-over will really is. I get asked often, Whats the difference between a will and a trust, and do I need either or both? You can look at my one of our other videos, that we have here on the website, if you wanna know a little bit more about the difference between a will and a trust. Today Im gonna talk about the pour-over will. And the fact that if youre creating a revocable living trust, then youre also going to be creating in tandem or together a pour-over will. And what a pour-over will is, is its your safety net. In the event that you pass away, with some items that you own, assets that you own in your name only that were not in your trust. Cause remember, any assets that are in your trust, and if we think about a trust as a box, if its in this box, then the trust controls the assets that are in the box. But ever

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What is a pour-over will in Washington state?

A pour-over will is a type of will that pours all of those remaining assets of the testator into a trust that is set up before his or her death. The pour-over will guarantees that the assets are transferred to the trust and then distributed to the beneficiaries of the trust.

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.

Does will and testament mean the same thing?

A will traditionally included only instructions regarding real estate. It dealt with the disposition of land and structures on it that were owned by the testator. A testament originally contained instructions for personal property, such as money, jewelry, vehicles, precious goods, etc.

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.

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 last will and testament the same?

A Will, also known as a Last Will and Testament, is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death.

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.

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

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