What is Pour-Over Will?
A “pour-over will” is often used in conjunction with a living trust. It is a special type of will because it states that any assets that were not funded into your revocable living trust should go there when you die. In other words, all property that passes through the pour-over will after the grantor’s death is “poured” or transferred into the grantor’s trust. Then it is distributed to the beneficiaries named in the trust.
Carlson & Work estate planners recommend having your assets covered by the terms of a single document, the trust document. This creates simplicity for the executor and trustee who are in charge following your death. It is also comprehensive of everything you own. A pour-over will ensure all assets are transferred into the living trust, even those that were not transferred into your living trust before you die. While property funded through the living trust avoids probate, property that is not funded into your trust before death will require probate.
Property left in a living trust can be distributed to the beneficiaries within a few weeks following the trust maker’s death. Unlike wills, trusts are private. The details of who inherits your property do not become public record and remain private after your death.
Carlson & Work recommends reviewing your trust documents each year for major life changes. Revocable living trusts can be amended at any time so long as you are mentally competent.
A pour-over will nominate someone to serve as the executor of the estate. Typically, an executor’s duties include gathering assets, paying debts, paying taxes, and transferring assets to the beneficiaries. However, the executor in a pour-over will have only one task. She or he takes all assets that pass under the will and put them into the living trust.
Successor Trustee’s Duties
After the assets are in the name of the trust, they are then the responsibility of the person you named in your living trust to take over at your death. This is the successor trustee. The trustee has control over the trust assets and will distribute them to the trust beneficiaries according to the instructions in the trust document.
Call Carlson & Work: Estate Planning Lawyers in Reno, NV
At Carlson & Work, we understand that going through a legal battle can be unsettling and the process can feel overwhelming. Rest assured, when you retain Carlson & Work you will have a dedicated Reno estate attorney by your side. If you need assistance with estate planning and finalizing a will, please call Carlson & Work at 775-386-2226.