What is a pour-over trust?

A pour-over trust is a type of trust that is used in wills and probate law within the state of Virginia. It is designed to provide an easy way for one person to transfer their assets to another person. The trust is created when a will is signed, and any assets that the testator (the person writing the will) has not transferred to the trust through other methods, such as beneficiaries on insurance policies, will be “poured over” into the trust. The trust will then be either used to pay off the debts of the decedent (person who passed away) or to be distributed to the beneficiaries of the will. This type of trust is beneficial because it ensures that the assets are divided in the way that the testator wished. Without a pour-over trust, it can be difficult to ensure that the assets are distributed perfectly and it can take a long time to have the assets actually transferred to the beneficiaries. Additionally, with a pour-over trust, the executor of the will is able to take control of the assets immediately after the death of the decedent and start the process of distributing the assets rather than waiting until the debts are settled. Overall, a pour-over trust is a powerful tool in wills and probate law. It ensures that the assets are distributed as the testator wished, allows the executor to access the assets quickly, and ensures that the assets are not misused or taken.

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What is a pour-over trust?

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