Estate Planning Series: Pour-Over Will

A pour-over will accompanies a revocable living trust in a well-crafted estate planning portfolio. The purpose of a pour-over will is to “catch” assets that may not have been appropriately titled to your revocable living trust and direct that those assets be “poured over” into your trust to be distributed pursuant to the terms of that trust.

When a revocable living trust is being administered, it is sometimes discovered that an asset, such as a bank account or a piece of real estate, was not titled to the trust, and therefore is not subject to the control of the trustee or governed by the terms of the trust. Typically, an asset outside of a trust will need to go through probate to be distributed out of the decedent’s estate.

However, in some instances, a court petition may be filed that will present your Pour-Over Will and other evidence of an intention that the asset be titled to the trust, and request that the court order that the asset be titled to the trust. Once court approved, the asset will become subject to the control of the Trustee and may be administered as part of the overall trust estate. This process is far less expensive and time-consuming than a full probate process and a pour-over will is crucial to its success.

A pour-over will also contains important provisions such as the nomination of an Executor, the person who will be in charge of administering your estate. This is typically the same person named as the successor Trustee of your trust. If you have minor children, the will also is used to nominate a guardian for your children to care for them if you are unable to.

For more information on Wills, Trusts, Probate or the creation of an estate plan, please contact the Estate Planning Attorneys at Chauvel & Glatt. 

The material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute, legal advice or promise similar outcomes. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500.

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