Insight from the Law office of Joseph Marino, PC

If you have done any research into making a revocable living trust so that you can avoid probate, you may have encountered the term “pour-over will.” Pour-over wills are essentially a special kind of will that can be used alongside a trust-based estate plan. This article will explain exactly what pour-over wills are and how they work.

By the way, if you are in the Long Island area and need further advice regarding your final will and testament, the Law Office of Joseph Marino, PC, offers free legal consultation. You can contact us on our website to find out more.

What Are Pour-Over Wills?

To understand what pour-over wills are, one must first have an understanding of revocable living trusts. In short, revocable living trusts—the most popular kind of living trust—act as replacements for wills. People mainly use them in place of wills to avoid probate costs and delays.

Pour-over wills are used in conjunction with revocable living trusts. They state that, upon a person’s death, property that passes through their will should be “poured into” the trust to be shared among its beneficiaries. 

Pour-over wills are beneficial because they are private documents and also because they take care of any properties or assets the person did not transfer to their trust before their death.

How Do Pour-Over Wills Work?

Simply put, this kind of will helps direct the distribution of properties and assets that are not in a person’s living trust already when they die. When drafting a pour-over will, one should not list assets that are already included in their living trust. 

In your will, you will name a residual beneficiary; this is the person who will receive any assets or properties that were not transferred to your living trust before death.

You will also have to name a trustee in your will. This is the person responsible for managing your trust and distributing its assets according to the terms set out in your trust document.

Finally, you will have to name a will e

Is a Pour-Over Will the Right Option for You?

When it comes to deciding whether or not this kind of will is the right option for you, it’s important to do all your research before coming to a decision. This can be a daunting prospect when you do not have a background in law. You want to make sure that you make the best decision available to you, with judgment unclouded by jargon and complicated legal terminology.

If you are in the Long Island area and would like advice or support in making this decision, contact the Law Office of Joseph Marino, PC, for a free consultation.