A Pour Over Will specifies that all property that passes through the will at the time of your death be transferred to your trust. It is “poured over” into the trust. The property and assets are then distributed to the beneficiaries named in the trust.
Instead of directing the dispersal of your estate, a pour-over will stipulates that any and all possessions that have actually not been transferred into your revocable living trust ought to be dispersed to the trust. The legal document designates your trust as the recipient of any residential or commercial property it does not currently manage. The distribution does not pass straight to a particular person, which is the most typical approach utilized by the majority of conventional wills.
The main downside to pour-over wills is that your estate must go through probate. Property intended for your living trust may remain in limbo in probate before it can be distributed by the trust. This forces the trust to wait months (or even longer) to receive the property. If you’re considering executing a living will, we highly recommend consulting an attorney.
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