A pour over will is one of the documents normally contained in a revocable living trust. The purpose of including a pour over will is to try and avoid probate court and litigation of the asset. If your pour over will, or revocable living trust, is more than five years old, it is prudent to have reviewed to make sure all of the content is current and up to date. Laws in San Diego, California change and a restatement of the trust, or a new trust with a new pour over will, may need to be prepared.
A pour over will’s purpose is to transfer any assets which are not included in a revocable living trust into the trust. If achieved, then this can avoid probate of the estate. If not, then the disposition of these assets can be the subject of a probate. There are many requirements for a pour over will. If all of the requirements are not met, then the pour over will may fail. There is also a will included in the revocable living trust for assets in the name of the trust.
A pour over will is very important since, many times, not all of the assets are in the revocable living trust at the time of death. In many cases, assets are purchased or acquired after the date of the preparation of the revocable living trust such as houses, cars, bank accounts or others. If these are not included as assets in the revocable living trust, then the pour over will attempts to transfer into the trust. The best procedure is to include any assets acquired after the trust is completed in the trust.
If your pour over will, or revocable living trust, is more than five years old, please feel free to contact us for a complimentary and confidential consultation. We can review and assist with any assets which are not listed in the trust but should be in order to try and avoid a probate.