Your Pour Over Will has a few functions. First, it nominates your Personal Representative, who is in charge of winding up your affairs in probate court. The Personal Representative settles debts, changes the legal title of assets not owned by the trust to beneficiaries, and cares for and protects all estate property. Your Pour Over Will also specifies who inherits any personal property not owned by the trust. Once you execute your Revocable Trust, we will work with you to transfer most of your assets to your trust and to update your beneficiary designations appropriately. Upon your death, if you own property outside of the trust or if you own bank accounts or retirement accounts without beneficiary designations, these assets become part of your estate. Your Pour Over Will essentially “pours” your estate assets into your trust because it names your trust as the beneficiary of your estate, so any assets in your estate at the time of your death are distributed under the terms of your trust. Lastly, your Pour Over Will names your choices of guardians for your minor children.
