What is a Pour-over Will?
What is a Pour-over Will? Do you know what a "pour-over will" is? This type of will can ensure your assets go where you want them to. But there are many misconceptions about them. Here are the facts, according to Allison L. Lee is the Attorney-at-Law, Director Trusts & Estate Content for FreeWill. Learn more at www.finstream.tv.
Key Takeaways
- A pour over will is used in conjunction with a trust to capture any assets that weren't transferred to the trust during your lifetime
- Assets covered by a pour over will go through probate before being transferred into your trust, so they don't avoid the probate process entirely
- Pour over wills function as a safety net for unallocated or forgotten assets, ensuring nothing falls outside your trust
What is a Pour-Over Will? Do you know what a "Pour-Over Will" is? This type of Will can ensure your assets go where you want them to. But there are many misconceptions about them. Here are the facts about Pour Over Wills according to Allison Lee, Attorney-at-Law, Director Trusts & Estate Content for FreeWill.
A Pour-Over Will is a type of will that works in partnership with a living trust. It’s designed to “catch” property you didn’t put in your trust during your lifetime — letting the court know you want these assets transferred to your trust after you die. To avoid confusion, your Will shouldn’t include property that you’ve already transferred to your trust. Without a Pour-Over Will, assets not included in your trust are likely to be treated as if you died without a Will. This is known as “dying intestate.” When this happens, your non-trust assets will be distributed according to your state’s intestate succession laws — which may be very different from your personal wishes.
To learn more about Estate Planning, visit finStream's Estate Planning Center at this link: https://www.finstream.tv/videos/estate-planning/
{ "@context": "https://schema.org", "@type": "VideoObject", "name": "What is a Pour-over Will? - Finstream.TV", "description": "What is a Pour-over Will?: A \"pour-over will\" can ensure your assets go where you want them to. Attorney Allison Lee explains.", "thumbnailUrl": [ "https://www.finstream.tv/wp-content/uploads/2023/07/what_is_a_pour-over_will_1920.jpg" ], "uploadDate": "2023-09-05T13:36:29+00:00", "contentUrl": "https://finstreamtv-videos.s3.amazonaws.com/what_is_a_pour-over_will_%20(720p).mp4", "embedUrl": "", "publisher": { "@type": "Organization", "name": "Finstream.TV", "logo": { "@type": "ImageObject", "url": "https://www.finstream.tv/wp-content/uploads/logos/FinStream-800w-red.png", "width": "1920", "height": "1080" } }, "duration": "PT00M35S" }