Cook County Pour-Over Will LawyerThere are many estate planning tools available that will ensure your family is protected when you are no longer here. One of those tools is called a pour-over will. A pour-over will is a type of will that works in alliance with a revocable trust (also referred to as a living trust). The purpose of a pour-over will is to make sure that any assets that the decedent did not get the opportunity to place in the trust before they die are transferred into the trust upon their death.

Integration with a Revocable Trust

A pour-over will is designed to work alongside a revocable trust, which is a legal entity created during a person’s lifetime to hold and manage their assets. The assets are placed in the trust, with the contents passing to the named beneficiaries when the person dies. The pour-over will acts as a safety net, ensuring that any assets not transferred to the trust before death are still included.

A pour-over will typically includes provisions that direct the distribution of assets not already placed in the trust. These assets are referred to as the residual estate and may consist of property or other assets that were inadvertently left out of the trust.

This allows the assets to be distributed according to the terms outlined in the trust document, avoiding the need for the probate process, which is often time-consuming and potentially expensive. Assets held in a revocable living trust generally pass directly to beneficiaries named in the trust, bypassing probate. By using a pour-over will in conjunction with a revocable trust, those assets that were never placed in the trust will now also not be required to go through probate.

Another benefit of utilizing a pour-over will and revocable trust is the increased privacy it provides. Unlike probate proceedings, which are generally a matter of public record, the transfer of assets through a trust can remain private and confidential.

Executor Appointment

Like a traditional will, a pour-over will designates an executor or personal representative responsible for administering the estate. The executor’s role includes transferring assets into the trust, paying any outstanding debts or taxes, and distributing the remaining assets according to the instructions in the trust document.

Testamentary Provisions

While the primary function of a pour-over will is to transfer assets to the trust, it may also include other testamentary provisions, such as the appointment of guardians for minor children or the establishment of trusts for specific beneficiaries.

Flexibility and Control

A pour-over will provides flexibility and control over the distribution of assets. It allows individuals to make changes to the revocable living trust during their lifetime while still ensuring that any remaining assets are properly managed and distributed upon their death.

Contact a Cook County Estate Planning Lawyer

If you would like to learn more about pour-over will and other estate planning options, call [[title]] at [[phone]] to schedule a free consultation with one of our dedicated DuPage County estate planning attorneys.



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