A Pour-Over Will is a specialized will that is used as a supplementary document to the Living Trust or Joint Living Trust. Its primary function is to "Pour Over" the Willmaker's remaining assets (at the Willmaker's death) into the Willmaker's Living Trust or Joint Living Trust. Often a Living Trust is established to avoid "probate" of a will, but if any assets were not transferred into the trust –by design or by inadvertence, a pour-over will serves as a safety net to convey those assets into the Living Trust so that they can be distributed with the Willmaker's other assets. Note: If a Joint Living Trust has been created, each joint Grantor should prepare a Pour-Over Will. A Pour-Over Will includes a standard provision that provides for an Executor (Personal Representative in some states). It also includes an optional provision to select a Guardian, if the Willmaker has minor children. Instead of the usual provisions that provide for the distribution of specific bequests, tangible personal property, and the residuary estate, the Pour-Over Will simply distributes the Willmaker's remaining assets to his or her Living Trust. The Living Trust then distributes that property, plus the Trust assets, in accordance with the distribution provisions (specific bequests, etc.) of the Living Trust. The Pour-Over Will should be signed with the same formalities as any other Will. |