A “last-will-and-testament” is what most people think of when they hear the term “will.” It’s a legal document where you pick someone to manage your estate, spell out who gets your belongings and name a guardian for your minor children (if you have any).
A regular will is a pretty straightforward document. Once you pass away, it needs to be submitted to probate, so your assets can legally change hands, your final debts can be paid and your final instructions honored.
A pour-over will is a different kind of tool
A pour-over will is a bit different, and it works in conjunction with a living trust.
A living trust is a legal entity where you can place your assets (like property, bank accounts, vehicles and more) during your lifetime – while still keeping full control over everything. It is a type of revocable trust. However, the moment you die, the trust becomes irrevocable and takes over. Everything it holds will then be distributed according to the terms of the trust, bypassing probate entirely.
This is where the pour-over will comes into play. Almost everybody continues to acquire new assets after they create a living trust, and some of those assets may not make it into the trust before you die. A pour-over will grabs those “forgotten” assets and automatically “pours” them into the trust. In other words, a pour-over will is a backup plan for your living trust.
Estate planning can feel very complicated, but knowledge is definitely power. You can learn more about your legal options by seeking out experienced assistance with your estate plans.