What is a Pour-Over Will?

A pour-over will is a specific type of will that is designed to work in concert with a revocable living trust. It transfers any assets that were not included in the trust into a revocable living trust after you pass. In other words, if you forgot to include certain assets in your original will, the pour-over will directs these assets into the trust.

Pour-over wills are useful because it can be easy to overlook certain assets when funding a trust. You might acquire new property after creating your trust and forget to move them into it. A pour-over will is designed to catch those items and avoid distribution outside your intentions.

When you pass, the pour-over will directs any asset not included in the trust to be placed into the trust for the purposes of asset distribution. This streamlines the process and allows for an automatic mechanism to include assets and property in your will. The asset will be managed by the trustee instead of probate or state intestacy laws. The trustee will distribute the asset according to the trust’s terms.

One thing you should be aware of is that assets governed by the pour-over will still pass through the probate process. Nonetheless, this type of will aligns the assets with your estate plan, ensuring your intentions.

What are the benefits of a pour-over will? 

• Provides a safety net for your estate plan – You could forget to transfer certain assets into your revocable living trust. The pour-over will serves as your backup plan, ensuring no asset is left unmanaged or distributed against your wishes.

• Simplifies the probate process – Although assets managed by a pour-over will go through probate, the pour-over will simplifies the process. Once the asset is placed inside a trust, asset management and distribution follow the instructions you’ve established, which avoids delays.

• Ensures your privacy – Trusts protect your privacy and keep most of your estate administration details private. Transferring assets to your trust by way of the pour-over will allows you to preserve your privacy that wouldn’t be there if your assets passed through public probate.

• Keeps consistency – A pour-over will maintains the consistency of your estate plan. All of your assets will be handled as part of the trust instead of being subject to different rules or processes of distribution.

• Reduces the stress on your loved ones and executor – By consolidating all your assets in a single trust, you reduce potential confusion among your heirs, which results in the capacity to avoid disputes before they occur. This allows your loved ones to focus on honoring your memory rather than bickering about who gets what.

Talk to a Virginia Beach Trust and Estates Attorney 

The Law Office of Angela N. Manz represents the interests of individuals looking to draft a comprehensive estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing the virtues of a pour-over will for your estate.