A Pour-Over Will provides that the estate of the person writing the Will (the “Testator”) will be distributed to a specific Living Trust. In other words, the Pour-Over Will dictates that the assets be “poured over” from the Testator’s estate into the Living Trust of the Testator. For a Pour-Over Will to work, the Testator must already have a Living Trust in existence at the time the Pour-Over Will is executed and the Living Trust must still be in existence on the Testator’s date of death.
As with a Simple Will and a Complex Will, a Pour-Over Will must be properly executed in accordance with state law.
A Pour-Over Will only disposes of the Testator’s “probate assets,” which are those assets that are owned by the Testator, in the Testator’s own name, alone, at the time of the Testator’s death. It will not dispose of any assets which were held jointly with right of survivorship by the Testator with others, or any assets on which the Testator named a beneficiary (i.e., a payable on death beneficiary). Writing a Will does not ensure that Probate will not occur. Typically, when a Pour-Over Will is utilized, the plan is that it will not be used, and that assets will have already been be “connected” to the Living Trust, through retitling assets in the Living Trust prior to the Testator’s death, or through designating the Living Trust as the payable on death beneficiary at the Testator’s death.
Should you have any questions about Pour-Over Wills, Estate Planning or would like to schedule a free initial consultation, please contact Waltz, Palmer & Dawson, LLC at (847)253-8800 or contact us online.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law.
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Waltz, Palmer & Dawson, LLC
3701 Algonquin Rd. Suite 300
Rolling Meadows, Illinois 60008
Phone: (847) 253-8800