What is a Pourover Will?
When considering options for estate planning, the terms used can be confusing: wills, trusts, power of attorney, living will. But one that is not as common is a pourover will. While most people make a choice between a will and a trust, a pourover will actually works with a trust to make sure that everything that should be in it is in it. Creating a trust is the best option for many people. But creating the trust isn’t the last step.
A pourover will is drafted mainly for the benefit of catching any assets you may have acquired during your lifetime that was not transferred into your trust. It is a special type of will that when used in conjunction with a revocable living trust provides for the transfer of assets to the trust once the grantor passes away. When someone dies, all of his or her property may not automatically go to their trust. Some of the assets may still have to go through probate. Instead of governing the distribution of all your property, a pourover will states that any assets that have not been funded into your revocable living trust should go there when you die. It effectively names your trust as the beneficiary of any property it does not already hold.
Like other wills, a pourover will nominates someone to serve as executor of the estate to wrap up the estate after your death. Normally, the executor’s duties include gathering the assets, paying debts and taxes, and eventually transferring the assets to the beneficiaries named in the will. In the case of a pourover will, however, the executor has just one job: to take all assets that pass under the will and put them into the living trust.
It can be a bit overwhelming, especially if you are just starting out with your estate planning. We advise that having an experienced estate planning attorney can provide a sense of understanding and security. Here at DAL Law Firm, we can help you navigate the planning process and make the best decisions for you and your family. Call or text us today at (206) 408-8158. We look forward to helping you.
19803 1st Avenue S.
Normandy Park, WA 98148
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