What is a Pour-Over-Will?
A pour-over-will is the will that is used in trust based estate planning. It has three
important functions. The pour-over function funnels any assets not funded into
your revocable living trust at your death, into the trust, through the probate
process. In addition, you appoint your personal representative (i.e. executor) and
guardians for your minor children in your pour-over-will.
Does everyone need a pour-over-will?
A pour-over-will is appropriate for anyone with revocable living trust based
planning. If you don’t have a trust, you need a different kind of will.
I thought my trust would avoid probate, but the pour-over-will works
through the probate process.
Your trust absolutely avoids probate for all assets funded into the title of your
trust. If all of your assets, otherwise subject to probate, are in your trust, probate
is avoided. If you don’t fund your trust, probate is guaranteed.
I name guardians for my children in my pour-over-will?
Yes, if you have any children under the age of 18 and your have trust planning, it
is imperative for you to name guardians in your pour-over-will.
In addition, you can name trustees to manage the assets you leave for your
children in your trust. The guardians named in your pour-over-will are those you
wish to raise your children; they will have authority to make medical, educational,
life-style, and general welfare decisions.
So, I just need to name one personal representative and one guardian in
my pour-over-will?
Appointing one person for each of these roles, personal representative and
guardian, is the minimum. It is highly recommended that you name back-ups as
well in the event the trusted helper named in the primary position is unable or
unwilling to serve. Be sure to ask permission before naming them; they might not
be up to the task and it’s better to know upfront.
If no back-up is named and your first choice can’t serve, the court will decide who
settles your estate and who raises your children. It may not be who you would
want.
Ask a qualified estate planning attorney if trust based planning and a pour-over-
will is appropriate for you.
Experienced estate planning attorneys Davenport IA of the Duffy Law Office offers
estate planning and business planning resources to residents of Davenport IA. To
learn more about these free resources, please visit
http://www.duffylawoffice.com today.