Oops... You Mean That Was Not In The Refrigerator?
A pour-over will is a component of a complete estate plan portfolio as it will pour all assets acquired after the creation of the trust into the trust so that these new assets will be distributed in accordance to the plan you laid out in your trust.
You recognize that all assets entitled in the name of your trust will be the assets that your Successor Trustee will collect and manage during your life and ultimately distribute to your heirs and beneficiaries after your death. However, before you die you are unable to or forget to transfer the title of an asset into the name of your trust. What happens to that asset if there is no pour-over will? It will have to be probated in accordance with the statutory preferences of that state, which may not be your desired preferences for distribution.
But how can this happen? A simple example is you are a California resident when your dear great, great aunt Lilly leaves you 100 acres of Louisiana bayou land. Before you can get to Louisiana to have the land entitled into the name of your trust, you die. The pour-over will directs the Louisiana court to distribute the land in accordance to the plan you laid out in the your trust and not in accordance to the Louisiana state statutory preference schemes. As you can see, your pour-over will is an essential part of your estate plan portfolio. We at Jones Torru Law Offices will work to assist you in getting all your desired assets "in your refrigerator."