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A will pour over provision is a legal tool that allows you to transfer assets from your will into a trust after your death. This can be a valuable estate planning strategy, as it offers several benefits, including probate avoidance, asset protection, and tax savings.

In this comprehensive guide, we will explore the ins and outs of will pour over provisions, including their benefits, how they work, and how to create one.

What is a Will Pour Over Provision?

A will pour over provision is a clause in your will that directs your executor to transfer any assets that remain in your probate estate into a trust. The trust is typically created during your lifetime and can be revocable or irrevocable.

Benefits of a Will Pour Over Provision

There are several benefits to using a will pour over provision, including:

• Probate avoidance: By transferring assets into a trust, you can avoid probate, which is the court-supervised process of administering your estate. Probate can be time-consuming, expensive, and public.
• Asset protection: A trust can provide asset protection from creditors, lawsuits, and Medicaid spend-down requirements.
• Tax savings: A trust can help you save on estate taxes by reducing the value of your taxable estate.

How a Will Pour Over Provision Works

A will pour over provision typically works as follows:

1. You create a trust during your lifetime.
2. You include a will pour over provision in your will that directs your executor to transfer any remaining assets into the trust after your death.
3. After your death, your executor distributes the assets in your probate estate to the trust.

Creating a Will Pour Over Provision

To create a will pour over provision, you will need to include the following language in your will:

> “I direct my executor to transfer any assets that remain in my probate estate after payment of my debts and funeral expenses into the [name of trust].”

You should also make sure that your trust document is properly drafted and executed.

Types of Will Pour Over Provisions

There are two main types of will pour over provisions:

• General pour over provisions: These provisions transfer all remaining assets into the trust without specifying which assets are to be transferred.
• Specific pour over provisions: These provisions transfer specific assets into the trust, such as real estate, stocks, or bonds.

Choosing the Right Type of Will Pour Over Provision

The type of will pour over provision you choose will depend on your individual circumstances. If you have a simple estate, a general pour over provision may be sufficient. However, if you have a complex estate, you may want to consider a specific pour over provision.

Final Note

A will pour over provision can be a valuable estate planning tool that offers several benefits. By understanding how will pour over provisions work, you can make an informed decision about whether or not to include one in your will.

Quick Answers to Your FAQs

• What is the difference between a will and a trust?

A will is a legal document that distributes your assets after your death. A trust is a legal entity that holds and manages assets for the benefit of beneficiaries.

• Do I need a will if I have a trust?

Yes, you still need a will even if you have a trust. Your will can include a pour over provision that directs your executor to transfer any remaining assets into the trust after your death.

• How do I create a will pour over provision?

To create a will pour over provision, you will need to include the following language in your will: “I direct my executor to transfer any assets that remain in my probate estate after payment of my debts and funeral expenses into the [name of trust].