What is a pour-over will?

A pour-over will is a legal document that allows the assets from an estate to be passed on to a trust. This document is usually used when someone who has set up a trust but has not transferred all of their assets into the trust while they were alive. Upon their death, the pour-over will ensures that all remaining assets will be transferred into the trust. In Indiana, for a pour-over will to be valid, it must be in writing, signed by the testator (the person making the will) and witnessed by two adults. Additionally, it must identify the trust to which the assets are poured into, and must list the assets which should be transferred to the trust. The primary purpose of a pour-over will is to ensure that all of the assets of the estate are passed to the trust, and to ensure that those assets are distributed according to the wishes of the testator. By transferring the remaining assets into the trust, the assets are protected from the probate process, potentially reducing the amount of time and cost associated with the distribution of the estate. Additionally, the pour-over will allows the trust to manage the assets of the estate, and to continue to provide for the beneficiaries as was intended by the testator.

Related FAQs

What is a trustee?
What is a trust account?
What is a trust protector?
What are the advantages of an irrevocable trust?
How do I distribute assets from a trust?
What is a testamentary trust?
What is a revocable trust amendment?
What is a spendthrift trust?
What is a trust modification?
What are the tax implications of establishing a trust?

What is a pour-over will?

Related FAQs

Related Blog Posts