What is a pour-over will
A pour-over will is a type of will that is written by a testator who has already formed a trust to safeguard and protect his/her estate for means of inheritance once he/she dies. The pour-over will effectively ensures that all the property, capital and complete estate of the testator will pour over to the trust formation on the testators death.
For a comprehensive understanding of how a pour-over will operates it is advised that you seek the professional guidance of an asset protection or inheritance lawyer, or enlist the services of a specialist consultancy firm.
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Pour-over will explained
A pour-over will as mentioned is drafted by the testator and subsequent trust settlor for the purpose of pouring over all his/her remaining estate to the trust set up on the testators death.
It is given that the creator of a pour-over will expects all his/her property at the time of death to be transferred to the trust for the management and administration of the nominated trustee to distribute as they see fit.
If you are considering creating a pour-over will you must acknowledge that not every country’s legislation provides for pour-over wills and so you must select an appropriate jurisdiction that will meet your estate planning needs.
The benefit of drafting a pour-over will is that all newly acquired property before the testator dies will be accounted for by the trustee where the testator has potentially forgotten to transfer the property into the trust him/herself. It is a secure and protective method of ensuring your complete estate up until the time of your death is effectively accounted for as you saw fit.
Pour-over wills are used to prevent the creation of an intestate estate. However the testators estate is subject to the process of probate until the pour-over will or clause is implemented.
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