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

A pour-over will is a type of estate planning document that ensures all of a person’s assets are transferred to a trust they have created. It’s used to “pour” assets from non-trust accounts into the trust upon the person’s death. This allows people to make sure their estate passes in accordance with their wishes. In North Carolina, a pour-over will has to be executed (signed) in accordance with the state’s laws to be considered valid. The will must also name a trustworthy person, called a personal representative, who will handle the decedent’s estate. This person is required to follow the instructions in the will and to distribute the decedent’s assets according to their wishes. When the will is executed, the personal representative must inventory the decedent’s assets, such as property, bank accounts, investments, life insurance, and business interests. They must then distribute these assets to the beneficiaries named in the will. If the decedent had assets that were not held in a trust, the personal representative must “pour” those assets into the trust. As part of the estate planning process, a pour-over will can be an effective way to make sure that a person’s assets are distributed according to their wishes. It guarantees that assets are transferred into a trust that can be used to address any taxes, debts, or expenses of the estate.

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

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