Pour-over will

Pour-over will

A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his estate at the time of his death shall be placed in the trust. Under the common law of England, such devices have always been void, because the testator does not create a binding trust of the property initially and can change the disposition of the trust at any time, and therefore could essentially execute changes to the will without meeting the formalities required for such acts. More recently, however, a number of jurisdictions (particularly certain states of the USA) have adopted the view that a pour-over will is a legitimate device, and have given them effect.

In U.S. states recognizing this concept, most people do not put all of their assets into trusts for reasons which may include liquidity, convenience, or simply because they did not get around to it before they died. A pour-over clause in a will gives probate property to a trustee of the testator's separate trust and must be validated either under incorporation by reference by identifying the previously existing trust which the property will be poured into, or under the doctrine of acts of independent significance by referring to some act that has significance apart from disposing of probate assets, namely, the revocable inter vivos trust. The testator's property is subject to probate until such time as the pour-over clause is applied, and the estate assets "pour" into the trust. Although the trust instrument must be in existence at the time when the will with the pour-over clause is executed, the trust need not be funded inter vivos. The pour-over clause protects property not previously placed in a trust by pouring it into the previously established trust through the vehicle of the will.

External links

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Look at other dictionaries:

  • pour-over will — A will that pours over property into a trust when the will maker dies. A pour over will is intended to guarantee that any assets which somehow were not included in the trust become assets of the trust upon the party s death. Property left through …   Law dictionary

  • pour over will — n.    a will of a person who has already executed a trust in which all property is designated to be distributed or managed upon the death of the person whose possessions are in trust, leaving all property to the trust. A pour over will is a… …   Law dictionary

  • pour–over will — see will Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • 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… …   Investment dictionary

  • pour-over will — See pour over …   Black's law dictionary

  • pour-over will — noun A testamentary device wherein the writer of a will creates a trust (usually unfunded at that point), and decrees in the will that property in his estate at the time of his death shall be placed in the trust …   Wiktionary

  • pour–over — 1 / pōr ˌō vər/ adj: providing for or creating the transfer of property in a decedent s estate or a trust to a pour over trust a pour–over provision a pour–over bequest see also pour over trust at trust; pour over will at …   Law dictionary

  • pour-over — A clause in a will or trust that provides that, upon the death of the creator of the trust, his or her money or property will be transferred into some other existing trust. Dictionary from West s Encyclopedia of American Law. 2005. pour over …   Law dictionary

  • pour over — vi: to be conveyed from an estate or trust to another trust; broadly: to be transferred as a residue or surplus the remainder of the estate will pour over to a charitable trust vt: to cause to be conveyed esp. to a pour over trust Merriam… …   Law dictionary

  • Pour Over Me — is a live, extremely rare independent release by David Crowder s UBC worship team.Infobox Album Name = Pour Over Me Type = Live Album Artist = David Crowder Band Released = 1998 Recorded = Genre = Christian rock Worship Length = Label =… …   Wikipedia

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