What Is a Pour-Over Will?

You may know a will to be the most common estate planning document there is to establish. But you may not know that there are different types of wills you may incorporate into your plan. For example, there is a document known as a pour-over will. Read on to discover more about a pour-over will and how a seasoned Butler County will preparation attorney at Heritage Elder Law & Estate Planning LLC can help you in executing this.

What is a pour-over will in the state of Pennsylvania?

Simply put, in the state of Pennsylvania, a pour-over will is a legal estate planning document that allows you, the grantor of an estate, to automatically transfer your remaining assets to your loved ones, the beneficiaries of an estate, upon your passing. This automatic transfer will be initiated via your previously established living trust.

This document essentially acts as an additional safety net within your estate plan. This is because it may cover the assets that you mistakenly or purposefully left out of your previously established living trust. This is necessary because these assets will now altogether avoid the intestate succession laws that apply in the state of Pennsylvania. This means that these assets will still be distributed in a way that is by your wishes.

Though, it must be noted that your pour-over will may still be required to go through the probate process in the state of Pennsylvania. Rest assured, your assets will still be distributed as intended; it just may take longer to do so than with a valid and enforceable living trust alone.

What do I need to do to establish this type of will?

Evidently, a pour-over will may be inherently linked to your living trust. So, you need to establish a living trust before you can begin to work on your pour-over will. With this, you may opt for one of two options, and they read as follows:

• A revocable trust: this type of trust allows you, the grantor of an estate, to control the assets you placed in the trust up until your passing.
• An irrevocable trust: this type of trust has a trusted individual, the trustee of an estate, to control the assets you placed in the trust up until your passing; and then distribute these assets to your loved ones, the beneficiaries of an estate, upon your passing. Of note, this type of trust works better for larger estates, as it reduces the tax burdens that may fall upon beneficiaries.

You must make a valiant effort toward establishing your estate plan. Reach out to one of the competent Butler County estate planning attorneys at Heritage Elder Law & Estate Planning LLC to learn how to get started.