Virginia Pour Over Will for Wife

State:
Virginia
Control #:
VA-LS-050
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

A Pour-Over Will simply directs your named Executor to “pour over” any asset which you failed to included in your trust, for distribution under the terms of your living trust.

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FAQ

Pour-over wills are subject to probate since the assets have not yet been transferred into the trust. Some states also require your assets to go through the probate process any time your assets or property are over a certain value.Even though pour-over wills don't avoid probate, there is still a measure of privacy.

There are certain types of property that legally cannot be included in a person's will. Depending on state laws, these may include: Any Property that is Co-Owned with Someone Else Through Joint-Tenancy: Married couples typically own the marital home in joint tenancy.Property being held in a living trust.

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 or her estate at the time of his or her death shall be distributed to the Trustee of the trust.

Pour-over wills are subject to probate since the assets have not yet been transferred into the trust. Some states also require your assets to go through the probate process any time your assets or property are over a certain value.Even though pour-over wills don't avoid probate, there is still a measure of privacy.

Pour-over wills are subject to probate since the assets have not yet been transferred into the trust. Some states also require your assets to go through the probate process any time your assets or property are over a certain value.Even though pour-over wills don't avoid probate, there is still a measure of privacy.

Types Of Property And Assets To Include In A WillCash, including money in checking accounts, savings accounts, and money market accounts, etc. Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, royalties, patents, and copyrights, etc.

The pour over will does not need to be notarized; however, in California it does need to be signed by two disinterested witnesses.

Anyone who is single and has assets titled in their sole name should consider a Revocable Living Trust. The two main reasons are to keep you and your assets out of a court-supervised guardianship and to allow your beneficiaries to avoid the costs and hassles of probate.

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Virginia Pour Over Will for Wife