SMITH & GARG, LLC

By the Estate Planning Attorneys at Smith & Garg, LLC, serving The Woodlands, Spring, Houston, Conroe, Humble, Kingwood, Tomball, Cypress, Huntsville, Westchase, Southwest, Sugar Land, West Oaks, Alief, Memorial, River Oaks, Stafford, Katy, Missouri City. Sugarland, Richmond, Alief and other surrounding areas in North, Northwest, South and Southwest Houston.

A Pour-Over Will functions like a regular simple Will in that it specifies how to whom the testator’s property is distributed. A Pour-Over Will is prepared in conjunction with a living Trust where the intent is for the Trust to own all of a person’s assets upon his or her death. Pour-Over Wills are, basically, safety nets designed to transfer assets, which should have been, but somehow were not, included in the Trust at the time of the testator’s death. These Wills are commonly referred to as Pour-Over Wills because their function is to "pour" non-trust property in a decedent’s estate into an existing trust. The primary benefit of having a Pour-Over Will and a Living Trust is that the assets left to the Trust will pass per the Trust language outside of probate. Another perhaps equal benefit of having a Living Trust/Pour-Over Will combination is to keep private the type and quantity of the decedent’s estate assets.

In a Living Trust, legal title to the property left to the Trust passes to the Trustee upon execution of the Trust agreement or upon transfer of your property to the Trust, either by you or through a power of attorney. As a result, trust properties are not owned by you at the time of your death; and, therefore, are not subject to the administration of your estate. By avoiding probate administration, the hassle and cost of clearing title to trust assets is minimized.

If you have a Living Trust and do not have a Will that leaves all non-trust assets to the Trust (Pour-Over Will), the non-trust assets, (probate assets) must pass through probate and be included in the estate value. If you have a joint revocable Living Trust, both Grantors should have Pour-Over Wills. A Pour-over Will must be executed with all the formalities of any other Will.

We invite you to contact us for a consultation. Call Smith & Garg, LLC at 1-877-517-4275 or complete our contact form.