Last Will and Testament
A Last Will & Testament is a legal document that communicates a person’s final wishes, as pertaining to possessions and custody of dependents. This declaration names a Personal Representative (PR) to manage the estate and provides for the distribution of property at death. The PR is responsible for administering the estate and is supervised by the probate court to ensure that what is specified in the Will is carried out.
The Pourover Will is a supplemental instrument complimenting the Trust. As its name implies, the Pourover Will handles any property left out of the Trust as a result of oversight or neglect and “pours over”, thus passing assets into the Trust for ultimate distribution. In other words, the Trust is the beneficiary under the Will. Occasionally, the Will must be probated to handle missing assets or in the event an asset arises as a result of your death; for example, monetary damages paid as a result of your accidental death if caused by another person. If everything goes according to plan, the Pourover Last Will is never used.