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POUR-OVER LAST WILL AND TESTAMENT

When a living trust is established, it is often assumed that this is the only document that is required. However, over 38 years of experience has revealed that clients often forget about certain assets and that a Pour-Over Will is necessary to provide for such oversight. Basically, a Pour-Over Will provides that any assets, whether omitted from the trust by accident or obtained at some later date, in the decedent's name at the time of his or her death are then to be transferred to the trust to be disposed of under its terms.

Despite what some uninformed practitioners may say, motorized vehicles should never be transferred to a living trust. Pour-Over Wills can provide for the disposition of such vehicles as well as IRA's and other retirement plans. In addition, a comprehensive Pour-Over Will should provide for a personal representative (i.e., executor or executrix) to handle all other paperwork, including the filing of final income tax returns, after the individual's death.

Finally, should minor children be involved then a guardianship provision should be included to designate those whom you desire to raise your children upon your death. While the court is still required to make the guardianship official, it clearly expresses your wishes, and, it can help your children from becoming involved in a legal tug-of-war.

We provide a Pour-Over Will, at no charge, with every revocable trust structure we prepare for our clients.  

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