081: Pour Over Last Will and Testament

https://corteslawfirm.com/pour-over-last-will-and-testament/

Download our ESTATE PLANNING STRATEGIES TO PROTECT YOU AND YOUR FAMILY  https://geni.us/strategies 

 https://corteslawfirm.com/estateplanning/

Estate Planning for Dummies https://amzn.to/2NNXak7 

Aging in the Right Place https://amzn.to/2ZvYavY 

Estate Planning Basics Ninth Edition https://amzn.to/3s5ZJgm 

Estate & Trust Administration For Dummies https://amzn.to/3dvLpcZ

Find us on SUPER LAWYERS

Find us on TikTok

Find us on Facebook

Find us on Instagram

Directions on Google Maps

Videos on YouTube

Find us on YELP

Find us on Twitter

Find us on AVVO

Cortes Law Firm

5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

405-213-0856

Transcript

0:00

Pour over last will and testament. You'll hear it called a pour over will or a pour pour over last will and testament. But that basically means that if you have a revocable trust centered estate plan, your pour over will or your pour over last will and testament. Is there just in case you forget to put an asset into your trust. So let me give you an example that we see on a regular basis. A family will come into or a couple will come into our office and we will do a revocable living trust for them. Right. And we do all of it. They get a revocable living trust centered estate plan. And as part of that process, we make certain that the house that they're living in is put into the name of the trust. Another which we changed the title from Jim and Sally Smith to Jim and Sally Smith, trustees of the Jim and Sally Revocable Living Trust. Got it. OK. What we see, though, is that a lot of times that as they get older, they will sell that house and maybe downsize to a smaller house. And when they do that, they forget to tell the title company that they have a trust or somebody doesn't catch it for whatever reason. And so that new property, that new real estate that smaller house gets put into just their name. And when they pass away, because it's not in the trust, it has to go through the probate process, which defeats the whole purpose of why they got to revocable trust in the first place. Right. So it's really important to have that pour over will, just in case that does happen and the pour over. Well, the pour over last will and testament basically states that if there are any assets that are not in the trust, we are going to have to probate them, but we are going to put them into the trust so that it will be distributed according to the terms of that trust. See what I'm saying? Because we don't have that pour over will that puts it into the trust for distribution under the terms of the trust, then it's going to probably be probated under whatever jurisdiction you're in, whatever state you're in, under the laws of intestate succession. So the property may not go to who exactly that you wanted it to go to because you did not leave any direction. So a pour over last will and testament is an essential part of a revocable living trust centered estate plan, because it's kind of a catch all. It's a bucket that I'll catch assets that are not in the trust, put them into the trust for distribution and according to the terms of the trust, exactly how you wanted it to happen.