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Simple English definitions for legal terms
pour-over will
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A quick definition of pour-over will:
A pour-over will is a type of will that includes a provision to transfer any remaining assets to a living trust after the person who wrote the will passes away. This is helpful because it can avoid the need for probate court and extra fees. However, it's important to make sure the will is well-written to ensure it works properly. Different places have different rules for pour-over wills, but in California, a person can create a valid devise by will to a trustee of a current or future trust as long as they also create another written document that explains the terms of the trust.
A more thorough explanation:
A pour-over will is a type of will that includes a provision to transfer any remaining assets of the estate to a living trust upon the testator's death. This trust is managed by a trustee and can help avoid the probate court process, reduce attorney's fees, and provide certain federal estate tax benefits.
For example, if a testator has a pour-over will and a living trust, any assets not already in the trust at the time of their death will be transferred to the trust through the pour-over provision. This can help ensure that all assets are managed according to the testator's wishes and avoid the need for probate court proceedings.
It's important to note that the rules for pour-over wills can vary by jurisdiction. For instance, California recently updated its laws to allow for trusts to be created after the pour-over will. This means that a testator can create a valid devise by will to a trustee of a current or future trust, as long as the will identifies that trust and the testator drafts another written instrument that outlines the terms of the trust.
Overall, a pour-over will can be a useful estate planning tool for those who want to ensure that their assets are managed according to their wishes and avoid the probate court process.