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

A pour-over will is a will in the state of New York that transfers all of the assets of a person, who is referred to as the decedent, into a trust upon their death. This type of will is often used in conjunction with a trust that was already established while the decedent was still alive. When the will is used, it acts as a “catch-all” and ensures that any assets that are owned by the decedent are placed into the trust when they pass away. When the decedent passes away, the executor of the estate will be responsible for opening up the trust and using the pour-over will to transfer all of the decedent’s assets into the trust. The assets will then be protected under the trust and managed by the trustee. The trust will provide instructions on how the assets should be distributed to beneficiaries that the decedent has identified while they were still alive. With a pour-over will, an individual can help ensure that their assets are protected after they have passed away. This type of will is also beneficial for individuals who want to protect their assets from creditors and other forms of financial responsibility. It can also help ensure that the assets are properly distributed to the intended beneficiaries.

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

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