What is a pour-over will?

A pour-over will is a type of will used in North Carolina Trusts and Estates Law. In this type of will, the owner (testator) transfers all property that is not already included in a trust into the trust upon his/her death. This means that all assets owned by the testator, such as a bank account, investments, and real estate, are transferred into the trust upon his/her death. The pour-over will is used in combination with a trust – the trust is created prior to the testator’s death and specifies how the testator’s assets will be managed and distributed upon his/her death. The pour-over will ensures that any assets not included in the trust are transferred into the trust upon death. This allows the trust to manage and distribute all of the testator’s assets according to the specifications set out in the trust. The pour-over will also helps to avoid probate, as all assets are transferred directly into the trust, instead of going through the probate process. As the assets are transferred directly into the trust, they are also not subject to the payment of estate taxes, as these are calculated upon the net value of the estate after probate. In North Carolina, a Will must be signed by two witnesses and must be correctly notarized in order to be valid. If a Will is prepared with the assistance of a lawyer, the lawyer is typically one of the witnesses, and the other must also be a qualified witness.

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What is a pour-over will?

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