From our “Ask a Question” mailbag: 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?
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.
If you have any other questions about Estate Planning, or Revocable Living Trusts, or Pour Over Wills, feel free to contact our office for a free consultation.