What is a Pour Over Will and should I get one in Philadelphia?
From our “Ask a Question” Mailbag: Philadelphia Pour Over Will
Most Recently Updated July 20, 2018.
“I had a Revocable Trust formed years ago, which I thought replaced my will. Now I hear I also need a “pour over will.” What is a pour over will?”
Philadelphia Pour Over Will
Philadelphia Pour Over Will
A Pour Over Will is a will that simply states that if you have any asset in your name at death, it should “pour over” into the Revocable Trust and names the executor who will have this power. If you have moved all assets into your Revocable Living Trust or have your assets pour into the trust at your death, then there is likely no need for a Will…but there is still a chance you will need a will filed.
You should have a Pour Over Will, because no matter how well you plan, your executor may have to file the will. For example, if you die in a car accident, the Executor is the person who would then bring a wrongful death suit. The insurance company will also likely require the executor to sign a settlement to receive the check for damages done to your car. Any number of things might require your Executor’s attention. It would be best if you had a Pour Over Will drafted and selected the person you trust to handle these matters if they happen to come up.
More Planning Questions?
The Philadelphia Pour Over Will is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Philadelphia Pour Over Will
I hope that this article was helpful in explaining the Philadelphia Pour Over Will. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Pennsylvania, Philadelphia
