A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust. As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust. For the most part, a Pour Over Will only has one beneficiary. That beneficiary is the Revocable Living Trust which was created at the same time. Of course, if the Trust has been funded correctly, very little will pass through this will. The Pour Over Will simply serves as a safety net to capture any assets which have not been transferred to the Trust prior to death. Also, if minor children are involved, the Pour Over Will can also be used to name potential guardians in the event of the deaths of both parents.
Archive for the ‘ Wills ’ Category
What is a Pour Over Will?
Tuesday, April 6th, 2010Differences between a Will and a Living Trust
Monday, March 15th, 2010When looking at legal documents regarding distribution of property and your assets after death, you will find a last will and testament and a living trust. These two documents are not the same, although they both deal with the distribution of your property after your death. Deciding which one is best for your estate can be tricky, and it’s important that you understand the differences between the two.
Common Estate Planning Mistakes
Thursday, February 18th, 2010When working on estate planning, it can be very easy to make mistakes. Common errors crop up all the time, and these mistakes can cause confusion and difficulty in the future. A well prepared estate plan will protect your assets and save your loved ones a lot of time and work, while an estate plan with errors can cause quite a headache for both you and your beneficiaries. Below, are the most common estate planning mistakes.
What Do I Need to Create a Will?
Saturday, February 6th, 2010One question few people ever ask themselves is this: “How do I create a will?” It’s a very good question, and it’s one that people really should ask themselves. Even if you’re still fairly young and healthy, you never know what may happen. If you die intestate, your family can end up dealing with the courts and other legal systems for years. To ensure that your last wishes are carried out, it is important that everyone create a will. But what do you need to create this important legal document?
Basic Steps to Creating a Will
Thursday, January 21st, 2010Preparing a will may be something many people find a little morbid, but it’s a very important thing to do. Even though it does mean thinking about one’s own death, creating a will not only provides guidelines for the distribution of your property, it can also help protect your heirs. It will often save them money and time and it will also remove any question or doubts as to your final wishes and decisions.
Revocable and Irrevocable Trusts
Sunday, December 6th, 2009When creating a trust, most people create a revocable trust. A revocable trust, which is has several key differences from an irrevocable trust. Both allow for transfer of property to heirs without the need of a probate court, which saves time, money, and protects the privacy of all parties involved. However, in some situations, a revocable or an irrevocable trust may be more useful to all parties involved.
