What is a "Pour-Over Will?"

Author : Phil Craig
One of key parts of your estate plan is your "pour-over will."
Yet, many people don't know what it is, what it does, or why
it is needed.First, what is a "pour-over will?"Simply put, it is a last will and testament that states that if
there is an asset that was left out of your revocable living trust, then the missing asset is to be put ("poured over") into your revocable living trust so that the missing asset will be transferred along with the other assets of your revocable living trust.Another purpose of your pour-over will is to revoke any prior wills you might have had. This avoids the possibility of a conflict between what is stated in your revocable living trust and what was stated in your prior will.The pour-over will can also state your wishes with regard to who
will care for any minor children you might leave behind. This is
called nominating a "guardian of the person" of your children.
Your revocable living trust will probably contain provisions for
the use of your assets for your minor children.Does a "pour-over" will require probate? Yes. Probate is used to
carry out the terms of your will. A will has no effect unless and
until it is admitted to probate.Often, we will not need to use the pour-over will to avoid probate if we have a General Assignment of Assets to our revocable living trust. You should check with your estate planning professional to determine if one is appropriate for you.Good luck and until next time,Phil CraigP.S. Feel free to forward this on to any friends.Phil Craig is a licensed attorney and entreprenuer.
He started practicing law at age 25 in 1979.
He does not take on any more clients, but is
advisor to some of the biggest names in the internet
world. He shares his knowledge gained over the
last 25 years at his Living Trust Secrets newsletter site:
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Keyword : revocable living trust,living trust,estate plan,will,probate,avoid probate,estate tax,trust,trusts

Why Probate?

Author : David Baker
Nobody voluntarily chooses probate. People are too busy or preoccupied with health or other issues to plan. They pass away without a living trust and their heirs----usually their children---- find that they can't sell Mom or Dad's house without a court order or can't transfer Mom or Dad's bank account without court approval. Even with a will, they may be forced to file a probate proceeding.Alternatives to ProbateBecause probate is expensive and time consuming, a responsible attorney first tries to determine if there is an alternative to probate. In California, the most common alternatives to probate are a Spousal Property Petition (if there is a surviving spouse) or a small estate transfer (if the value of the estate is less than $100,000). If these and other alternatives to probate are unavailable, then the only recourse for the decedent's heirs is to file a probate proceeding.Cost of ProbateAttorney's fees and costs are set by law in California and are based upon the value of the estate. Here is the statutory fee schedule in California:4% of the first $100,0003% of the next $100,0002% of the next $800,0001% of the next $9,000,000What Is Probate?Probate is the judge-supervised process of paying a decedent's legitimate bills, inventorying and appraising a decedent's assets, and distributing the assets to the decedent's heirs or beneficiaries.Length of ProbateMost probates take between 6 months and one year. We take pride in the fact that most of our probates are handled without a hearing: in the S.F. Bay Area, this is done through a system of "pre-granting," i.e. the judge is willing to sign the proposed order without an attorney making a court appearance.David R. Baker graduated from Hastings College of the Law in San Francisco in 1979 and passed the California State Bar Exam the same year. He has handled hundreds of hearings and trials in every county in the San Francisco Bay Area, and throughout his career he has handled probate and decedents estates. The present focus of his practice is Probate, Decedents Estates, and Living Trusts. He can only advise on matters relating to California law and California legal proceedings. His website is: http://www.california-probate-attorney.com/
Keyword : Probate , Attorney, San Francisco Bay Area,