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What is a pour-over will?

On Behalf of | Jun 19, 2019 | Estate Planning |

As you plan for what happens once you leave this world, you will have many choices. Just considering your options in wills can be tough. There are many different types you can create. Each has its own benefits and some drawbacks. You need to think through your options carefully so you make the decision that is best for your estate. One option you have is a pour-over will.

According to Bankrate, a pour-over will is a good option if you have set up trusts. The will makes sure that your assets transfer to the trusts upon your death. Essentially, it helps to “pour over” your assets from your estate into the trusts.

This type of will simplifies your estate. It makes it easier on the executor as well. Everything is laid out clearly in the will and ready to transfer upon your death with little need for interference. It also allows you to get the benefits of using trusts to ensure your heirs get the assets you want them to have.

However, using this type of will does not prevent probate. Your estate will still have to go through that process. This does mean that your assets will not immediately transfer to the trusts, so there could be a delay.

It is often better to use your pour-over will for minor assets. The larger ones should be dictated clearly in your will so they can move through the process quicker and get to your heirs as soon as possible. However, you can use this type of will as you wish. This information is for education and is not legal advice.