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What is a pour-over will?

When thinking of estate plans, most people think of wills, trusts, and powers of attorney, however, there are several documents that comprise a complete estate plan. There are different types of trusts and wills, and sometimes the use of one type of will, such as a living trust, will trigger the recommendation that you utilize an additional instrument such as a pour-over will.

At Select Law Partners PLLC, we’re confident that we can help you create a comprehensive estate plan that will benefit you while you’re living and those you love when you pass. To learn how we can help you protect your investments and your loved ones, schedule a consultation with one of our experienced Fairfax estate planning lawyers by calling (855) 541-4867.

Continue reading to learn more about pour-over wills and if they might be an instrument you should utilize for your estate.

Pour-over will

A pour-over will is a safeguard for those who have a revocable living trust. With only one beneficiary, your revocable living trust, a pour-over will functions as a safety net to capture any assets that weren’t transferred into your trust. These assets will be transferred into your trust, then distributed to your beneficiaries as your trust instructs. If you don’t have a pour-over will, the assets in your trust will be distributed as directed, but any assets that weren’t in the trust will pass to your heirs based on Virginia’s probate laws. This could result in assets of great monetary or sentimental value being awarded to a person other than the one you intended. 

Advantages of a pour-over will

  • Thorough and complete: Life changes quickly — it’s difficult to ensure that everything has been transferred and your trust is up to date, even if you update it every year or even every six months. A pour-over will can ensure that all of your assets are placed in your trust upon your death so that they can be distributed as you wish.
  • Private: In Virginia, trusts are private, but wills aren’t. A pour-over will can be a blanketed “catch-all” to move all assets into your trust without publicly specifying who is to receive which assets. This can help reduce tension and disputes among family while you’re still living.
  • Simplified: The pour-over will is also more streamlined in that the executor’s duties are simplified because they’re simply transferring assets into the trust rather than distributing the assets.

Need help with a trust or pour-over will?

Protecting your assets for your use and enjoyment during your life is important, it’s also important that you protect them after your death for your loved ones. A complete and binding estate plan is imperative to ensure this can be accomplished. 

To learn more about what instruments would benefit you, or to create or update your estate plan, schedule a consultation with one of our esteemed Fairfax estate planning lawyers by calling (855) 541-4867.