What is a Pour-Over Will?

Your San Jose Wills and Trusts Lawyer knows that many people are familiar with the term “Will”. However, few who have gone through the estate planning process know what a Pour-Over Will is. A Pour-Over Will is used in conjunction with a Trust, usually a Revocable Living Trust, and it serves as a safety net for your assets to help ensure your estate can avoid the court having control over your assets. 

While Wills and Trusts lawyers in San Jose typically advise their clients to put all of their assets into a Revocable Living Trust (depending on their individual situation), this may not always be the case, and some assets will remain outside of the Trust. In situations like these, a Pour-Over Will is an extremely important estate planning tool to have. The Pour-Over Will directs remaining assets not already held in the Trust at the time of death to be transferred directly into the Trust. Basically, it acts as a safety net to make sure that all your solely-owned assets will be distributed according to the terms of the Trust after you pass away.

Unfortunately, just like a Last Will and Testament, the Pour-Over Will is subject to probate proceedings. The length and complexity of the proceedings depend on the amount of assets that were held outside of the Revocable Living Trust at the time of death, but the privacy factor will not be affected when the Will goes through the probate process. The Trust will have to continue to exist for however long the estate is in probate, so Trustees should understand that their fiduciary responsibilities may extend for longer than they thought if any property is held outside the Trust and must go through probate.

If you have any questions about the difference between a Last Will and Testament and a Pour-Over Will, or if you’d like to review your existing estate plan to make sure your assets will be distributed according to your wishes after you pass away, please contact our California Wills and Trusts law firm at 800-244-8814 to set up a consultation. 

If you have any further questions about estate planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at one of our offices located throughout the state of California 800-244-8814 to set up a consultation.