What is a pour over will?

A pour over will is a type of estate planning document used in the state of Maryland. It is a way of transferring property that has not been previously included in a will. When a person dies, some of their assets may not have been incorporated in their will. A pour over will allows these assets to be "poured over" to a trust created by the deceased. The assets are then distributed according to the terms of the trust. The benefit of the pour over will is that it reduces the amount of paperwork needed to transfer property to the trust. It allows the deceased to designate the specific property that goes to the trust. Furthermore, it avoids probate court by transferring the property through the trust rather than through the court. Another benefit is that the pour over will allows for a greater degree of control over what happens to the assets after a person dies. The terms of the trust can dictate how and when the assets will be divided among the beneficiaries. This allows for greater flexibility and control in how the estate is distributed. In conclusion, a pour over will is an effective way to distribute assets efficiently and according to a person’s wishes. It allows assets that have not been previously incorporated into a will to be transferred to the trust without going through probate court. Furthermore, it provides greater control over how the assets will be distributed.

Related FAQs

What happens when someone dies without a will?
What is probate avoidance?
What is the difference between a will and a trust?
Can an executor be sued?
What is an affidavit?
Are there any exceptions to probate?
What is a guardianship?
What is a grant of probate?
Are there any special rules for the sale of real estate by an executor?
What is a living trust?

What is a pour over will?

Related FAQs

Related Blog Posts