Pour-Over Wills are often companions of Trusts. The purpose of a Pour-Over Will is the transfer of the assets in your estate which aren’t owned by a Trust after you have passed on. Legislators and Judges are human too, and understand the impracticality of transferring all of your assets to a trust during your lifetime. Thus, all of the assets outside of your trust are “poured over” into your Trust. Failure to have this kind of document alongside a Revocable, or Irrevocable, Trust will result in those assets being subject to intestate laws.
It is important to note that this “Pour-Over” Will, although a companion to a trust, is still a Will at the end of the day and still must be admitted to Probate, and those assets not in your trust prior to your passing, must still be transferred to your trust through the Probate Court. The process of taking a Pour- Over Will through Probate is similar to that of a regular Will in some ways, while certain aspects are less stringent.
With the help of experienced Estate Planning attorneys, and careful forethought, the Probate process can dramatically reduce how expensive, time consuming, and invasive the process can be. The Legacy you’ve built deserves to end up in the right hands. Make sure it does.