What is a Pour Over Will?
A Pour Over Will is a Will that directs all of your Assets to be distributed at your death according to your Trust. It’s a stop gap provision that if any asset that you attained like a home in Santa Rosa, California was not inside your trust and needed to go through the court system then that piece of real estate would be given to the beneficiary you directed in your trust. The home would not have to go through probate saving you the cost and exposure of a public court process in Sonoma County Superior Court.
For Example, Jim executes a revocable living trust that awards all of his Santa Rosa Home at his death to his wife as sole beneficiary. Two years later he buys a hardware store including the building. Jim does not update his trust to reflect the ownership of the business. Jim dies and the trust gets distributed except for the business. At the Administration of the Trust, Jim’s Pour Over Will is invoked and the hardware store is distributed via the trust and Jim’s wife as sole beneficiary is awarded the hardware store.
A Pour Over Will is a key part of a comprehensive Estate Plan to insure that your family is taken care of in the event of Death or Disability. The will can name guardians for your children and deal with any change in life circumstances that have come about after your Trust has been executed.
Sonoma County Will Starter Kit only $500.00
Wills can be an excellent choice for families that are just starting out. Our law office offers a Will starter kit that comes with an Advanced Health Care Directive and Power of Attorney. This is an excellent choice for Families with young minor children and limited assets. The Will Starter Kit is $500.00 and is an excellent value.
- Guardianship - November 22, 2019
- Understanding Basis and Why it is important to you and your Family? - August 29, 2019
- What Is Probate & Why Is It Important? - August 15, 2019