Q—Pour-Over Will

The “pour-over will” is typically executed at the same time as the revocable living trust (RLT). As a last will and testament, the essential functions of this document include:

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• Providing for payment of obligations, expenses, and taxes not paid by the RLT (i.e., to clear the estate of creditor claims).
• Transferring tangible personal property.
• Naming guardians of minor children.
• Functioning as a “fail-safe” device.

Generally the most important function of the pour-over will is in providing a fail-safe device. Assets not transferred (either intentionally or unintentionally) to the RLT prior to death will not be governed by the provisions of the RLT. After death this clean-up feature sweeps these assets into the trust, thereby carrying out the grantor’s intentions. Should the trust itself become invalid, or otherwise unavailable, the pour-over will can also direct distribution of all assets as would have been made under the trust.

DURING LIFTIME. The grantor establishes a RLT and thereafter transfers property to the trust. At the same time the grantor executes a pour-over will, the primary beneficiary of which is the RLT.