Pour Over Will

A Pour Over Will is a “safety net” for any assets inadvertently left outside of the trust when you pass away.

For example, Mary created a Revocable Living Trust and titles all of her assets to the trust, except for her bank account worth $80,000. Mary passes away. Will this account trigger a probate?

In Arizona, if the accumulation of assets is less than $75,000, there are simpler mechanisms to transfer the assets by way of affidavits to the deceased’s beneficiaries. However, if the total of the assets is more than $75,000, and no beneficiaries listed, a probate would be necessary.

In our example, if Mary has assets totaling $80,000, the Pour Over Will would be used to ‘pour over’ the assets back into the trust. It’s not a regular Will, but rather a Will associated to the trust. Typically when the Pour Over Will is used, it’s a small probate proceeding in the courthouse. Unfortunately, an extra expense and delay would occur to go through the process of transferring the assets back into the trust.

Ideally, if you have a properly funded trust, the Pour Over Will would never be used. You should have your trust reviewed every 3 years to ensure it is properly funded.

Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall?  First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters.  Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones.  We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership.  If you have assets and loved ones that you want to protect, you are in good hands with MH.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.