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

A pour-over will is a type of estate planning document used in California. It is used to transfer assets from the estate of a deceased person into a trust created while they were alive. The basic purpose of a pour-over will is to ensure that all assets of the deceased person or testator are accounted for and transferred into the trust. When a pour-over will is used, the deceased person’s assets are gathered and the creditors are paid. The assets remaining after creditors have been paid are then “poured over” into the trust created by the deceased. This ensures that the assets of the deceased are transferred to the trust and distributed as the deceased intended. Since these assets are now in the trust, they are no longer subject to probate court, which can save time and money for the beneficiaries of the trust. A pour-over will is typically used in combination with a living trust. When executing a living trust, the testator may not remember all the assets that they own or may acquire new assets before their death. To ensure that all assets are accounted for, a pour-over will is used to automatically transfer any assets that were missed or acquired after the living trust was created into the trust. Overall, a pour-over will is a type of estate planning document that ensures all assets belonging to a deceased person, no matter when they were acquired, are distributed according to the testator’s wishes. It is often used in combination with a living trust, and helps to avoid probate court, which can save time and money.

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

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