Traditional & Pour-over Wills.
What is a Traditional (or "simple") Will?
A Will is a legal document that provides instructions for the distribution of your property, upon your death.
Primary functions of a Will
(1) Nominates someone to act as your Personal Representative.
(2) Names general and specific gifts.
(3) Provides instructions for your final remains.
(4) Nominates a Guardian for any minor children.
So, what is a "Personal Representative?"
A Personal Representative oversees the administration of the decedent’s estate. Specifically, those portions of the estate that have not been moved into a Trust at the time of the decedent’s death.
Who do you appoint as a Personal Representative?
Individuals can choose to name a person, an institution (e.g. a bank or trust company), or a combination of both.
When would I want a "Pour-over Will?"
The short answer: when your Estate Plan includes a Trust. Pour-over Wills and Trusts work in a complementary fashion. A Pour-over Will's primary function is to act as a conduit, distributing any property to your Trust, that you may have forgotten to move prior to your death.
Speak to an Estate Planning Attorney today!
Want to know more? Check out our Estate Planning Glossary!