Hello everyone, this is Robert Mansour and today I wanted to make a brief video about a special kind of will that works in conjunction with your living trust. A lot of people ask me, they say, "Well wait a minute, I thought if I have a living trust why do I also need a will?" Sometimes they think it's one or the other, but then I explain to them that there is a special kind over will called a pour-over will.
You see most traditional basic wills essentially go into effect after you die, and they basically says Johnny gets this, Sally gets that, Billy gets this, my cousin Louie gets this. When you have a living trust you're going to have a different kind of will that works with the living trust. What kind of will is it?
It's called a pour-over will. Why do they call it a pour-over will? Think of this type of will as a net that sits under your living trust. Anything that is not in the name of your living trust may end up in court. It may end up outside the trust and therefore subject to the probate court. The first thing the judge wants to see if you got to probate court, is they want to see the will. Why does the judge want to see the will? Because in effect, the will is a letter to the judge. It basically says the following, "Dear Judge, I am dead. This is where I want you to put all my stuff."
Now remember, most wills say Johnny gets this, Sally gets that, et cetera, but the pour-over will does one thing. It says, "Your honor, everything pours over into my living trust," and that's where we get the term pour-over will. Everything pours over as if you're pouring it into your living trust.
If everything is properly titled in the name of your living trust or otherwise, the will is never going to see the light of day. It's going to be a nice tool that sits in your tool box and will never be necessarily used. However, if you do have to go to court your executors going to have your will and your will directs everything to your living trust. It pours over into the living trust.
The reason that you want everything to go to your living trust is because your living trust has all the rules about distributions of your assets. Who gets what and how do they get it and when do they get it and when do they not get it. Once again, that's why people will have a will as well as a living trust, but what you should realize is that it is a special kind of will. It's not a basic standard will, but one called a pour-over will. I hope you found this video to be helpful. My name is Robert Mansour, if I can be of assistance please don't hesitate to contact my office. Thank you very much.
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