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Traditional & Pour-over Wills.

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.

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Want to know more? Check out our Estate Planning Glossary!