A pour-over will is a device that is used simultaneously with a Trust. A pour-over will comes into play when a person dies and that person created a trust during his or her lifetime. The pour-over will then “pours” over into the Trust any property still owned by the deceased person at the time he or she dies.
One reason a pour-over will is beneficial is that the deceased person might acquire property shortly before they die and forget to put it into the trust. Another reason a pour-over will is helpful is so the deceased can intentionally leave certain property out of the trust during his lifetime to avoid certain property taxes and inconveniences associated with transferring property into a trust.
It is important to remember that for property to pour over into the trust, you must create the pour-over will. If the deceased dies without a will, then the property not in the trust will be distributed according to the laws of intestacy and will not pass according to the Trust terms. To avoid this occurrence, it is essential the deceased person execute a pour-over will whenever he creates a trust.
To discuss your need for a trust and pour-over will call the Law Offices of Albert Goodwin at 718-509-9774.