What is a pour-over will?

A pour-over will is a legal document that works in conjunction with a trust to ensure that any assets not titled in the name of the trust at the time of the grantor's death are transferred into the trust. Essentially, a pour-over will serves as a safety net to capture any assets that the grantor may have inadvertently left out of the trust.

When a person creates a revocable trust, they typically transfer their assets into the trust during their lifetime. However, it's possible that the grantor may acquire new assets or forget to transfer certain assets into the trust. If the grantor dies with assets outside of the trust, those assets may be subject to probate, which can be time-consuming and expensive.

A pour-over will helps avoid this situation by directing any assets that are not already in the trust to be transferred into the trust after the grantor's death. The will "pours over" the assets into the trust, and the trust then distributes the assets to the beneficiaries named in the trust. The pour-over will can also name a personal representative or executor to carry out the provisions of the will.

It's important to note that a pour-over will is not a substitute for properly funding a trust, and should not be relied upon as the sole means of transferring assets into the trust. It's always best to ensure that assets are titled in the name of the trust during the grantor's lifetime to avoid the need for probate and ensure that the trust operates as intended. A qualified estate planning attorney can help determine if a pour-over will is appropriate for your individual circumstances.