Pour-over wills are designed to transfer any property owned by a person at death into an already existing trust. These wills should almost always accompany a living trust to ensure that any assets that do not make it into the trust are transferred to (poured into) the trust at the testator’s death. This way, one can ensure that their assets flow to their intended beneficiaries.
Assets that pass through a pour-over will may be required to go through the lengthy and costly probate process. If a person transfers all their assets into a living trust prior to their passing, a pour-over would be unnecessary. However, this is not often the case. Many people fail to transfer all their property into a living trust and consequently run the risk of having such property pass to certain heirs by operation of law, rather than in accordance with their wishes. There are also various circumstances which could cause the assets transferred into a trust to be transferred out, either intentionally or accidentally. Pour-over wills serve as great safety mechanisms through which such risks can be mitigated.
Like any other will, pour-over wills have complex requirements which if not met would render the document invalid and legally unenforceable. Our Los Angeles estate-planning attorney can simplify the process for you by drafting a legal and enforceable pour-over will tailored to your specific needs. We will gather all the necessary information from you and take care of the rest.
