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A pour over will is a legal document that outlines how a person’s assets and property should be distributed after their death. This type of will is typically used when a person wants to leave specific instructions for how their estate should be handled, rather than relying on the default laws of intestacy. In this article, we will explore how a pour over will works and why it can be a useful tool for estate planning.

When a person creates a pour over will, they are essentially designating a trust as the beneficiary of their estate. This trust is typically created at the same time as the will and is known as a pour over trust. the pour over trust is designed to hold the assets and property that are not specifically mentioned in the will, hence the term “pour over.” This ensures that all of the person’s assets are accounted for and distributed according to their wishes.

One of the main benefits of a pour over will is that it allows for greater flexibility in estate planning. By designating a trust as the beneficiary, the person can make changes to the trust during their lifetime without having to update their will. This can be particularly useful if the person’s financial situation changes or if they acquire new assets after creating the will.

Another advantage of a pour over will is that it can help to avoid probate. Probate is the legal process of validating a will and distributing the assets of the deceased person’s estate. This process can be time-consuming and expensive, and it can also be a public record. By using a pour over will and trust, the person can ensure that their estate is distributed privately and efficiently, without the need for probate.

To create a pour over will, the person must first draft the will itself, outlining their wishes for the distribution of their assets. They must then create a pour over trust and designate it as the beneficiary of the will. The person must also transfer ownership of their assets to the trust, so that they will be distributed according to the terms of the trust.

In order for a pour over will to be valid, it must meet the legal requirements for wills in the jurisdiction where it is being executed. This typically includes requirements such as being in writing, signed by the person creating the will, and witnessed by at least two people who are not beneficiaries of the will.

In conclusion, a pour over will can be a valuable tool for estate planning, allowing for greater flexibility and control over the distribution of assets. By designating a trust as the beneficiary of the will, the person can ensure that all of their assets are accounted for and distributed according to their wishes. Additionally, a pour over will can help to avoid probate and ensure that the person’s estate is distributed privately and efficiently. Overall, a pour over will can be a useful option for those who want to take a proactive approach to estate planning and ensure that their assets are handled in the way they see fit.