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How to Replace Value Choice to 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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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

What are the 3 kinds of will?

Generally speaking, there are three kinds of Wills: (1) holographicwritten entirely in the handwriting of the person writing the Will; (2) standard, formal typewrittenprinted or typed; and (3) partially handwritten and partially typed. The requirements for a valid Will are different for each type of Will.

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 a persons will called?

Simple will A simple willsometimes known as basicis the type most people associate with the word will. With a simple will, you can decide who will receive your assets and name a guardian for any minor children.

What are the advantages of will substitutes?

Will substitutes allow individuals to transfer their property to a beneficiary without proceeding with a more formal probate process. Not only do they help avoid the probate process, they also often result in fewer complications and allow things to proceed more quickly than other estate planning methods.

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

Pour-Over Wills vs. A pour-over will transfers assets into your trust while a testamentary trust is set up by your will. Both accomplish the result of transferring assets into a trust, but a pour-over will moves your assets into an already existing trust.

What is a substitute for a will?

Examples of will substitutes include revocable inter vivos trusts, payable on death accounts, property held jointly with right of survivorship, employee benefit plans and annuity contracts.

What is a substitution for will?

A Will Substitute is an instrument that transfers ownership of a property from the owner to the beneficiary upon the owners death while avoiding probate.

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Replace Value Choice to the Pour-Over Will