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CALIFORNIA WILL

WHAT IS A POUR OVER WILL?

A “Pour Over Will” is simply a will that is used as a companion document when you also have a living trust. It “pours over” assets that are not titled in the trust into your living trust. Unfortunately, these assets that are outside the trust must go through probate court. The following summarizes the main features of a pour over will:

It is a Safety Net to cover items you forgot to title in your trust.
– It says that your probated assets should be distributed exactly the same way as the trust specifies.
– California allows you to transfer up to $100,000 without probate. So if you forget to retitle some small bank accounts, you can still avoid probate. However, it is best to title ALL your bank accounts and investment accounts in the trust. You never know if you will win the lottery and your bank account will suddenly exceed $100,000!
In the will you nominate Guardians for your children. Guardians take physical responsibility for the children after you pass away and will raise the children in your stead. This is very important! If you don’t nominate guardians, the court will do it for you and the court’s order may not be consistent with your wishes and it may not be best for the children.
In the will you also name an Executor to “execute” your wishes as specified in your will. This is usually the same person or persons that you nominated to be the Trustee(s) of your trust.

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