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Simple English definitions for legal terms
pourover will
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A quick definition of pourover will:
A pourover will is a type of will that gives money or property to an existing trust. It is like pouring the assets from the will into the trust. This helps ensure that the assets are distributed according to the trust's terms. It is important to have a pourover will if you have a trust because any assets not transferred to the trust during your lifetime will be transferred through the pourover will after your death.A more thorough explanation:
Definition: A pourover will is a legal document that directs a person's assets to be transferred to an existing trust upon their death. It is a type of will that "pours over" assets into a trust.
Example: John creates a trust and names it as the beneficiary of his pourover will. He then designates his assets to be transferred to the trust upon his death. When John passes away, his assets are transferred to the trust according to the terms of the pourover will.
Explanation: The example illustrates how a pourover will works. It is used to transfer assets to an existing trust, which can help avoid probate and ensure that the assets are distributed according to the trust's terms.