Pour Over Will Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Pour Over Will, written in plain English, along with examples of how it is used.
What is Pour Over Will?
It is someones Will and estate which is in custody of a trust created by him, for the purpose of legal distribution and management of his willl, upon his death. Pour over will is a legal and safety mechanism by which all the assets which were not included in the will or which was missed, can be bought in the custody of the trust and protected.
History and Meaning of Pour Over Will
A pour over will is a legal document that designates any assets that were not included in a trust at the time of the grantor's death to "pour over" into the trust, to be distributed according to the grantor's wishes. Essentially, it is a safety net that helps ensure that all of a person's assets are distributed according to their wishes after their death. It is commonly used in estate planning to protect assets that were not specifically transferred into the trust or were acquired after the trust was created.
Examples of Pour Over Will
- John created a living trust and transferred most of his assets into it, but he forgot to transfer his vacation property to the trust. To ensure that the property is still distributed according to his wishes, John includes a pour over will in his estate plan.
- Mary creates a trust to provide for the care of her beloved pets after her death. She subsequently inherits a large sum of money and wants to ensure that it is included in the trust. Mary uses a pour over will to transfer the funds into the trust.
- Bill creates a trust to provide for his children after his death, but he forgets to transfer his investment accounts into it. To ensure that the accounts are still distributed according to his wishes, Bill includes a pour over will in his estate plan.
Legal Terms Similar to Pour Over Will
- Living Trust - A legal document that allows an individual to transfer ownership of assets to a trustee to manage and distribute during the individual's lifetime and after their death.
- Last Will and Testament - A legal document that outlines how a person's assets will be distributed after their death.
- Estate Planning - The process of creating a plan for how a person's assets will be distributed after their death.