A pour-over will is an estate planning tool that is designed to ensure that all of a decedent’s assets are transferred to their trustee – and ultimately to their beneficiaries – as efficiently as possible. It acts as a legal safeguard to ensure that no assets are left unaccounted for.
How Does a Pour-Over Will Work?
A pour-over will is typically used when an individual’s estate is comprised of both assets that are properly organized (held in a trust) as well as assets that were never transferred – either intentionally or unintentionally – to the trust.
To ensure that those erroneously excluded assets are accounted for, the pour-over will includes a provision stating that any additional assets – outside of the ones currently held in the trust – be “poured-over” into the trust. This allows the decedent’s trustee to take charge of the remaining assets and ensure that they are properly handled and that the decedent’s wishes are honored.
What Are the Benefits of Utilizing a Pour-Over Will?
The main benefit of a pour-over will is that it helps to simplify and streamline the probate process. This is because all of the decedent’s assets are taken care of at once, and the trustee doesn’t have to track down and locate any missing assets – they are all automatically transferred to the trust.
Additionally, a pour-over will helps to ensure the decedent’s wishes are followed, as they can specify in their will how their assets should be distributed. This eliminates any potential disputes over asset distribution and ensures that the decedent’s wishes are respected.
Do I Need a Pour-Over Will?
The decision to utilize a pour-over will is ultimately up to individuals and should be discussed in detail with their estate planning attorney. That said, individuals who are looking to simplify the probate process and ensure that all of their assets will be distributed according to their wishes should strongly consider utilizing a pour-over will.