A Last Will and Testament is a crucial component of every estate plan.
If you have a Living Trust-based estate plan, you are probably wondering if you also need a Last Will and Testament. Yes, you do!
The Pour-Over Will is designed to work in conjunction with your Living Trust.
The Pour-Over Will acts as a safety net for any property that you inadvertently fail to re-title in the name of your Living Trust before your death. It then “pours the property over” into your Living Trust. The Trustee of your Living Trust can then distribute the property to your chosen beneficiaries according to your instructions in your Living Trust.
To summarize, the Pour-Over Will works with your Living Trust, enabling it to transfer property more easily than a Last Will and Testament could transfer it alone.