What is a pour-over will and how does it work?

A pour-over will is a type of estate planning document used in Arkansas that specifically directs how a deceased individual’s assets should be distributed after they pass away. It is usually used in conjunction with a revocable trust. A pour-over will is considered a “catch-all” will, as it transfers any property or assets that are not currently held by a trust to the trust after the individual has passed away. This ensures all of the individual’s property is accounted for and divided properly according to the wishes of the deceased individual. The way it works is, when a person passes away, their executor will first collect and distribute any assets that were already placed in the trust during the individual’s lifetime. Then, the executor will use the pour-over will to transfer any assets not held in the trust to the trust. This includes any assets that may have been overlooked or not put into the trust before the death of the individual, such as real estate, bank accounts, investments, and other personal property. Once the assets have been transferred into the trust, the trustee of the trust will manage and distribute the assets according to the estate plan set forth by the deceased individual. This helps to ensure that all of the person’s assets are accounted for, and that their wishes are carried out after their passing.

Related FAQs

What is a last will and testament?
What are the benefits of establishing a family limited partnership?
What is a marital deduction and how does it work?
Should I name my estate as the beneficiary of my life insurance policy?
What is a gifting program and how does it work?
What is a life insurance trust?
What is an estate distribution plan and how does it work?
What is the difference between a will and a trust?
Should I hire a lawyer to help with my estate planning?
What are the tax implications of estate planning?

What is a pour-over will and how does it work?

Related FAQs

Related Blog Posts