A pour over will is a testamentary will which requires probate and works in conjunction with a living trust.

The trust is named the beneficiary under the will.  This acts as a safety net for assets intentionally or unintentionally left outside of the trust that would require probate.  These assets may be assets that you cannot put in a trust or you simply failed to put in your trust or they maybe assets you don't even know about.  Here are some examples.

Example: S corp stock receives scrutiny from the IRS when held in a trust due to the fact as an S corp shareholder you receive tax treatment as an individual.  Thus, upon your death the S corp stock would transfer from you to your trust beneficiaries by way of the pour over will.

Example: You open a new bank account and forget to title the account to your trust.  Because you died with this asset in your name alone the account would require probate and be transferred to your trust per the pour over will.

Example: You are the beneficiary of a life insurance policy.  You pass away. The person who is insured then dies.  The death benefit would be paid to your estate and pass to your trust by way of the pour over will.

Naturally the goal should be to ensure your trust is fully funded and all assets are titled to your trust to avoid ANY probate action.  However, we humans have a tendency to make mistakes and therefore the pour over will is there to bring those assets back to the trust and ultimately to the trust beneficiaries.

Disclaimer: The Trust Group does not practice law. The Trust Group has relationships with properly licensed Florida attorneys. Any legal documents to be prepared or modified is done solely by attorneys properly licensed in the state of Florida.