Pour-Over Will
A will established by an individual who has already taken the necessary steps to set up a trust, so that upon the death of the individual, all of his or her assets are to be transferred - or "poured over" - to the trust. By doing so, the individual ensures that his or her estate has an explicit direction to shift assets into the trust. Investopedia Says:
A pour-over will adds a degree of safety and peace of mind to an individual's estate planning, because any assets that were not included in the trust, for one reason or another, will be poured-over to it by virtue of the will. The will can also stipulate that the assets intended for the trust be distributed to the beneficiaries if, for some reason, the trust itself is not able to be created or is invalid at the time of the individual's death. Related Terms:
Beneficiary
Estate
Estate Planning
Insurance Trust
Irrevocable Trust
Trust
Trustee
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