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

A pour-over will is a type of last will and testament that helps an individual transfer their remaining assets to their trust, should they have one, when they pass away. In the state of Virginia, a pour-over will is a relatively new type of will that was introduced to help individuals filter any assets they own at the time of death into their trust without any legal complications. A pour-over will works by assigning ownership of any non-trust assets to the trust when a person passes away. This usually happens when a person forgets to transfer ownership of a property or account into the trust before their death. With a pour-over will, the assets are automatically transferred to the trust during the probate process. However, before a pour-over will is effective, a trust must be established first. A trust is a legal agreement in which a person appoints a trustee to manage and distribute their assets according to their wishes after their death. In Virginia, a pour-over will can be used as part of the estate planning process to help individuals protect their assets and ensure that their final wishes are carried out after they pass away. By having a pour-over will in place, any assets or property that a person owns at the time of their death can be automatically transferred to the trust to ensure that their beneficiaries receive their desired inheritance.

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

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