A pour-over will is a legal document used in estate planning that directs any assets not already included in a previously established trust to be transferred ("poured over") into that trust upon the individual's death. Essentially, it acts as a safety net to ensure that any leftover or unallocated assets in the estate are moved into the trust for distribution according to the trust's terms
. Key points about a pour-over will:
- It works in conjunction with a living trust (also called an inter vivos trust), which holds assets during the individual's lifetime and distributes them after death without probate for those assets already in the trust
- Assets covered by the pour-over will still go through probate before being transferred to the trust, unlike assets already in the trust that typically avoid probate
- The trust must exist at the time the will is executed or be created concurrently for the pour-over will to be valid
- The pour-over will can include provisions for what happens if the trust becomes invalid or unfunded, ensuring assets still go to intended beneficiaries
- It simplifies estate administration by consolidating assets under the trust, helping ensure the deceased's wishes are fulfilled even if some assets were not transferred to the trust during their lifetime
In summary, a pour-over will is a testamentary tool that "pours" any remaining estate assets into a trust upon death, providing a backup mechanism to manage and distribute those assets according to the trust's instructions
