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North Dakota Last Will and Testament with All Property to Trust called...

North Dakota Last Will and Testament with All Property to Trust called a Pour Over Will

Name: North Dakota Last Will and Testament with All Property to Trust called a Pour Over Will
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (497 reviews)

Category:

Wills - Pour Over to Trust

State:

North Dakota

Control #:

ND-WIL-01900

Format:

Instant download

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Description North Dakota Trust

This Legal Last Will and Testament Form with Instructions, called a Pour Over Will, leaves all property that has not already been conveyed to your trust, to your trust. This form is for people who are establishing, or have established, a Living Trust. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. A "pour-over" will allows a testator to set up a trust prior to his death, and provide in his will that his assets (in whole or in part) will "pour over" into that already-existing trust at the time of his death.

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How to fill out North Dakota Last Will And Testament With All Property To Trust Called A Pour Over Will?

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FAQ

A Living Trust is a document that allows individual(s), or 'Grantor', to place their assets to the benefit of someone else at their death or incapacitation. Unlike a Will, a Trust does not go through the probate process with the court.

No, you don't need a lawyer to set up a trust, but it might be a good idea to seek legal advice to ensure the trust is set up correctly and that you have considered all long-term financial and estate planning aspects of the trust.Some living trusts are revocable, which means the trust can be changed at any time.

Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document.

Pick a type of living trust. If you're married, you'll first need to decide whether you want a single or joint trust. Take stock of your property. Choose a trustee. Draw up the trust document. Sign the trust. Transfer your property to the trust.

Find an online template or service. Make a list of your assets. Be specific about who gets what. If you have minor children, choose a guardian. Give instructions for your pet. Choose an executor. Name a 'residuary beneficiary' List your funeral preferences.

One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes.

Bank accounts. Brokerage or investment accounts. Retirement accounts and pension plans. A life insurance policy.

Sure you can write your own revocable living trust. In fact, you can do it better than a lot of the attorneys. First you have to ascertain that you really want a trust.This is true whether you are preparing a revocable living trust, corporate bylaws, LLC documents, or any other legal documents.

This should include the titles and deeds to real property, bank account information, investment accounts, stock certificates, life insurance policies, and other assets you will be using to fund the trust. Having this information available will make it easier to prepare your trust distribution provisions.

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Last Will and Testament with All Property to Trust called a Pour Over Will

Uniform Testamentary Additions to Trusts Act (UTATA)

The Uniform Testamentary Additions to Trusts Act has been adopted in at least 44 States. The purpose of the Act is to allow "pour-over" wills, which allow a testator to set up a trust prior to his death, and provide in his will that his assets (in whole or in part) will "pour over" into that already-existing trust at the time of this death. Unless there is statutory authority, such as the adoption of the UTATA, permitting the assets which are attempted to be "poured over" in this manner, they are considered part of the testator's estate, and are administered along with the rest of his estate.

However, a statutory pour-over will allows assets are not part of the probate estate for purposes of administration: to be poured over into the previously-established trust, and are administered and disposed of according to the terms of that previously-established trust rather than by the terms of the testator's will.

The following is the 1991 version of the UTATA, which has been adopted in some form by many states:

SECTION 1. TESTAMENTARY ADDITIONS TO TRUSTS.

(a) A will may validly devise or bequeath property to the trustee of a trust established or to be established (i) during the testator's lifetime by the testator, by the testator and some other person, or by some other person including a funded or unfunded life insurance trust, although the trustor has reserved any or all rights of ownership of the insurance contracts, or (ii) at the testator's death by the testator's devise to the trustee, if the trust is identified in the testator's will and its terms are set forth in a written instrument, other than a will, executed before, concurrently with, or after the execution of the testator's will or in another individual's will if that other individual has predeceased the testator, regardless of the existence, size, or character of the corpus of the trust. The devise or bequest is not invalid because the trust is amendable or revocable, or because the trust was amended after the execution of the will or the testator's death.

(b) Unless the testator's will provides otherwise, property devised or bequeathed to a trust described in subsection (a) is not held under a testamentary trust of the testator but it becomes a part of the trust to which it is devised or bequeathed, and must be administered and disposed of in accordance with the provisions of the governing instrument setting forth the terms of the trust, including any amendments thereto made before or after the testator's death.

(c) Unless the testator's will provides otherwise, a revocation or termination of the trust before the testator's death causes the devise or bequest to lapse.

SECTION 2. EFFECT ON EXISTING WILLS. This [Act] applies to a will of a testator who dies after the effective date of this [Act].

SECTION 3. UNIFORMITY OF APPLICATION AND CONSTRUCTION. This [Act] shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this [Act] among states enacting it.

SECTION 4. SHORT TITLE. This [Act] may be cited as the Uniform Testamentary Additions to Trusts Act (1991).

SECTION 5. SEVERABILITY CLAUSE. If any provision of this [Act] or its application is held invalid, the invalidity does not affect other provisions or applications of this [Act] which can be given effect without the invalid provision or application, and to this end provisions of this [Act] are severable.

SECTION 6. REPEAL. The following acts and parts of acts are repealed:

(a)

(b)

(c)

SECTION 7. EFFECTIVE DATE. This [Act] takes effect _________________________.

Last Will and Testament with All Property to Trust called a Pour Over Will

Uniform Testamentary Additions to Trusts Act (UTATA)

The following is the 1991 version of the UTATA, which has been adopted in some form by many states:

SECTION 1. TESTAMENTARY ADDITIONS TO TRUSTS.

(c) Unless the testator's will provides otherwise, a revocation or termination of the trust before the testator's death causes the devise or bequest to lapse.

SECTION 2. EFFECT ON EXISTING WILLS. This [Act] applies to a will of a testator who dies after the effective date of this [Act].

SECTION 4. SHORT TITLE. This [Act] may be cited as the Uniform Testamentary Additions to Trusts Act (1991).

SECTION 6. REPEAL. The following acts and parts of acts are repealed:

(a)

(b)

(c)

SECTION 7. EFFECTIVE DATE. This [Act] takes effect _________________________.

North Dakota Last Will and Testament with All Property to Trust called a Pour Over Will

Description North Dakota Trust

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