What is a Pour-Over Will?
While there are many different types of trusts that a person can establish under Connecticut law, from a revocable living trust to various kinds of irrevocable trusts, there is generally an assumption that there is only one kind of will. However, there are some distinctions in the type of will you create based on whether or not you are also establishing a revocable living trust. In short, you can have a traditional will, or you can have a pour-over will. What is a pour-over will, and is this something that you should consider? Our Connecticut estate planning attorney can explain in more detail, and we can speak with you today about making a will and all other important estate plan components.
Understanding the Reason for a Pour-Over Will
A pour-over will is essentially a complement to a revocable living trust. With a traditional will, the testator (the person making the will) identifies various assets and the parties to whom each of those assets should be distributed upon their death. In addition, a traditional will usually involves naming an executor to administer the estate, and for individuals with minor children, details about the person they want to serve as guardian for their young kids. With a traditional will, all of the details of the testator’s assets and the parties to whom they are being distributed becomes available to the public through the probate process.
A pour-over will, differently, does not identify any specific assets or beneficiaries. Instead, it is a will in which the testator has all remaining assets transferred to the revocable living trust, and has the assets distributed according to the terms of the trust. This type of will is essentially created as a safeguard in case the testator has any assets that they have not yet placed in the revocable living trust or that they forgot to account for. With this type of will, certain details about an estate remain private since distributions through a trust are not public record.
Requirements for a Traditional Will Versus a Pour-Over Will
Connecticut law, for purposes of making a valid and enforceable will, does not distinguish between a traditional will and a pour-over will. Accordingly, all of the requirements to make a traditional will valid and enforceable will apply to a pour-over will.
Contact a Connecticut Estate Planning Lawyer for Assistance with Your Will, Trusts, and Other Important Estate Planning Tools
Are you considering a living trust as part of your estate plan in Connecticut? Revocable living trusts are an extremely useful tool in estate planning for many different people, and these trusts have many benefits with few limitations. If you are thinking about a revocable living trust, you will also want to talk with an experienced Canton estate planning lawyer at the Law Office of Brian S. Karpe about a pour-over will to ensure that your assets are all distributed smoothly and according to your wishes. To find out more about how our firm can help you to establish your revocable trust and to create a pour-over will, along with other crucial estate planning documents, contact our firm today.
Source:
cga.ct.gov/2023/pub/title_45a.htm
