A pour-over will is a will often used along with a trust. How a Pour-Over Will Works Instead of governing the distribution of all your property, a pour-over will state that any assets that have not been funded into your revocable living trust should go there when you die. For most people, the key advantage of a living trust is that it avoids the probate process, which may help ensure their family’s privacy and financial stability in a trying time. In essence, a Pour-Over Will serves as a “catch-all” tool that backs up your primary Family Wealth Trust. A pour-over will is a type of will used with a living trust that "pours" all of the assets belonging to the testator into a trust that he or she had set up before death. Still, the probate process may be more streamlined and speedy with a pour-over will in place (particularly compared to the proceedings that will occur if any of your assets are left up to intestacy laws), and many deal only with minor assets, meaning that they do manage to avoid probate altogether. Like a standard will, a pour-over will allows you to name a guardian for minor children as well as an executor to manage your probate estate if one is required. Find your exact Illinois Legal Last Will and Testament Form with All Property to Trust called a Pour Over Will form for free online in the best fillable PDF forms library SellMyForms now! Asset categories courts recognize are probate, non-probate and trusts. While most assets normally are transferred into the trust before the person's death, a pour-over will acts as a failsafe by directing that any assets not already transferred into the trust should … Put most simply, a pour-over will puts all of your remaining assets into a living trust when you pass away. A Pour-Over Will funnels any assets in your name into an already-created Trust when you die. Fill out and print a free Illinois Pour Over Will form in just minutes online. Please carefully review our full disclaimer (link) before proceeding. Why have a will that does nothing but transfer property to your trust? The testator’s Pour Over Will directs which property is to be placed in the trust which is then distributed to the beneficiaries. A pour-over will typically accompanies a revocable living trust. When everything is controlled by just one document, the trust, it makes it clear who gets what. If the deceased person did a good job of estate planning, all the valuable assets were transferred to the trust before death. No attorney-client relationship. It serves as a “safety net” for any assets not titled in your trust after your death and … Illinois Revocable Trusts Lawyers | Pour Over Wills Attorney Orland Park Some pour-over wills move all estate assets to the trust, while others will only pour-over some of the assets. Call 708-448-8141. Many clients ask probate attorneys to design an estate plan in order to avoid probate. ™ A Pour-Over Will's primary function is exactly what it sounds. A pour-over will is a particular type of will used in conjunction with a trust. This essentially means that any assets that you hadn't moved to your Trust before your death be automatically moved (or "poured") into the Trust after your death. A Pour Over Will ensures that all your property is distributed according to your Living Trust. In many cases, individuals simply overlook or neglect an asset by mistake. With that being said, though, there is a special type of last will and testament that can be put to work in conjunction with a trust-based estate plan. Contact an Illinois estate planning lawyer for guidance. Use an Illinois Pour Over Will to transfer any leftover assets in to the living trust. Don’t hesitate to drop us a line today to continue the conversation. 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. Consider, for example, the pour over will. It is a special type of will that when used in conjunction with a revocable living trust provides for the transfer of assets to the trust once the grantor passes away. A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust. After your death, the Will pours, or transfers, any not previously transferred property into your Living Trust. Some of the assets may still have to go through probate. That beneficiary is the Revocable Living Trust which was created at the same time. An Illinois Pour Over Will unilaterally states that when you die, if there are any probate assets, it goes to your trust instead of probate. It is not legal or other professional advice and does not necessarily represent the opinion of The Firm or its clients. It’s very important to note that property can move from category to category, but property cannot be in more than one category at a time. Trusts need to be funded with personal assets, as named by the signing of a trust document, or else by some other mechanism (such as retitling the assets to be in the trust’s name). As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust. With an Illinois Pour Over Will you can avoid probate because you don’t have any probate assets – everything is owned in your name as trustee in the living trust. The remainder is distributed as individual trusts to each beneficiary. The assets are transferred and retitled to the trust in a process called funding the trust. In estate planning, trusts provide a way to avoid the probate process when transferring assets after the grantor’s death. A pour-over will adds security and tranquility to an individual’s estate planning because any assets that do not make it into the trust will pour into the trust at the testator’s death. This arrangement offers several advantages.Simplicity. The Illinois Pour Over Will is used to avoid dying intestate and allowing the State of Illinois to decide on how your property is to be distributed. Pour Over Wills. A trust needs to have assets placed into the trust in order to be distributed according to the terms of the trust by your trustee. The trust then pays bills and distributes personal effects. While pour-over wills are a useful estate planning device, it’s important to bear in mind that they should probably be thought of as a last resort, or safety net, rather than as a primary part of your estate plan. It effectively names your trust as the beneficiary of any property it does not already hold. Because a Living Trust only applies to the assets that are actually transferred into the trust, a Pour Over Will is like a safety net for anything that isn’t covered by the Living Trust, either purposely or inadvertently. If there isn’t any other valid will in place, the state will functionally consider this person as dying intestate – meaning that this property will pass to their heirs according to their state’s law of intestate succession. It ensures any assets not already in the trust at death get transferred ("poured over") to the trust. When someone dies, all of his or her property may not automatically go to their trust. Pour-Over Will. The ultimate goal of a properly executed estate plan is to never have to use a will. It is not legal or other professional advice and does not necessarily represent the opinion of The Firm or its clients. For a Pour-Over Will to work, the Testator must already have a Living Trust in existence at the time the Pour-Over Will is executed and the Living Trust must still be in existence on the Testator’s date of death. A pour-over will works in conjunction with a trust. Pour-over wills are very similar to standard wills. The answer is through a pour-over-will. An Illinois Pour Over Will is drafted mainly for the benefit of helping an estate avoid probate. Once in the Trust, those assets will be subject to the terms and stipulations of the Trust. The most common approach is for an attorney is to draft a revocable living trust. Also, you can sign, fax and print it from PC, iPad, tablet or mobile! The will accomplishes this by, in effect, naming the living trust as the beneficiary of whatever assets the testator wants to pour-over. Should a person pass away without a pour-over will, their remaining assets, not explicitly funded to the trust, become part of their estate. This sample "pour-over" will is designed for a married person with a living trust, where the living trust will serve as the primary vehicle for the distribution of property upon the Testator's death. Probate assets are governed by wills, so with an Illinois Pour Over Will, before your estate goes to probate the assets are distributed or poured into the living trust for the trustee to disperse as to the terms of the trust. It is “poured over” into the trust. Viewing this site, using information from it, or communicating with The Firm through this site by email does not create an attorney-client relationship between you and The Firm. Pour Over Will Illinois 5 Star Legal Form: An Illinois Pour Over Will is a specific type of will. We make this person testate by drafting and creating an Illinois Pour Over Will. Download printable blank or edit form online. Whether or not you have a pour-over will in place, it’s important to remember that estate planning is an ongoing process, and not a “one and done” event. Assets transferred under a pour over will are still subject to probate, however, unlike the assets already in the trust at the time of the individual’s death. (For that matter, why do you need a will at all if you’re using a living trust to leave your property?) A Pour-Over Will prevents that eventuality by directing all assets not already transferred into the trust to be “poured over” into the trust after your death. While it can be a very helpful device, it is best thought of as a safety net or a last resort. However, unlike a standard will, a pour-over will does not direct how you would like your assets to be distributed. Many people prefer to have a greater level of control over their property, rather than allowing rigid state laws to make these vital decisions on their behalf. Nonreliance. There may be any number of reasons why assets aren’t funded to a trust over time – perhaps the owner wants to maintain greater control of their property. Please carefully review our. An Illinois Pour Over Will is drafted mainly for the benefit of helping an estate avoid probate. It is a special type of will that when used in conjunction with a revocable living trust provides for the transfer of assets to the trust once the grantor passes away. With that said, though, it’s important to recognize that a pour-over will specifically deals with personal assets, rather than trust assets. The property and assets are then distributed to the beneficiaries named in the trust. From there, your named successor trustee will act as an executor of sorts; they will be responsible for collecting all trust assets, including those transferred via the pour-over will, and properly distributing them to the trust’s beneficiaries. Nothing on this site predicts or guarantees future results. With that said, though, it’s important to recognize that a pour-over will specifically deals with personal assets, rather than trust assets. The Illinois Pour Over Will Form is a legal document that details the assets that will poured into the trust already established by the person executing the will. The Illinois living will is a legal document that is made available to a Principal, so that they may plan, in advance, how they would wish to have their health care matters handled in the event they are no longer able to handle their own medical affairs on their own. The Pour Over Will is used in very specific circumstances when the grantor has already set up a trust. But a pour-over will is just like any other will; unless there’s a probate shortcut authorized by state law, the assets that pass through the will must go through probate. Call 708-448-8141. Together they ensure that your estate is distributed according to your wishes. A pour-over will is a last will and testament that serves as a safety device that captures all assets that are not transferred to or included in a living trust. A pour-over will form is an essential estate planning document when you’ve created a living trust. A Pour-Over Will Generally accompanies a Living Trust. Have any further questions about pour-over wills, trusts, or any other aspect of estate planning and administration in the Chicagoland area? When this occurs, an individual’s property and other assets are likely to pass on to their nearest blood relatives, even if the decedent had no relationship with them. As with a Simple Will and a Complex Will, a Pour-Over Will must be properly executed in accordance with state law. What makes it beneficial is that a Pour Over Will Illinois has only one goal – when you pass away, any leftover assets are to be distributed to your living trust, thus avoiding probate. Some people intentionally choose not … All remaining property is passed through the will at death and distributed to trust beneficiaries that were named while you are alive. This can be expensive and time consuming as well as become part of the public records. Online readers should not act or decline to act, based on content from this site, without first consulting an attorney or other appropriate professional. A will controls probate assets and the goal is to die with no probate assets – you die with only trust assets. This special document is known as a pour-over will, and it may be a useful tool for certain individuals to consider for their estate plan, depending on their unique needs. The terms in a pour-over will allows any assets that the testator failed to transfer into a trust during his or her life to be passed into the trust at the testator's death. This will is suitable for a married or single individual with or without children. In Illinois, pour-over wills, like other wills, do not avoid probate if they pass assets with an aggregate value exceeding $100,000, or if there is any real estate involved. The Firm maintains this website exclusively for informational purposes. The Firm is not liable for the use or interpretation of information contained on this site, and expressly disclaim all liability for any actions you take or do not take, based on this site's content. This type of a Will is used in conjunction with a revocable living trust. Avoid Probate with an Illinois Pour Over Will. The pour over will is not the most common estate planning tool. The answer is that many estate planners think it’s a good idea to have all your assets covered by the terms of just one document, the trust document. Advantages of a Pour Over Will. This kind of will “pours” any property the deceased still owned at the time of death into the trust that the person set up during his or her life. As we’ve noted before, wills and trusts are both valuable estate planning documents, but they’re not one and the same. There are many reasons all the assets are not transferred to a trust. A pour-over-will can be used in conjunction with a living trust to ensure that your near and dear ones benefit the most from your assets after your death. An Illinois Pour Over Will is then drafted to transfer any leftover assets into the trust. Disadvantages of a Pour Over Will. A Pour Over Will makes distribution of assets much easier because in a Pour Over Will the only devisee is the trust. A pour over will, or pour over clause in a will, specifies that all property and financial assets owned by the individual transfer to the trust, and the control of the Trustee. A pour-over will for an individual who resides in Illinois. It’s important to regularly revisit your will(s) and your trust documents, to help ensure that you don’t overlook any new property that should be funded to the trust, or to update any of the provisions in your trust agreement. A pour-over will is a last will and testament that serves as a safety device to capture any assets that are not transferred to or included in a living trust. However, the trust can only pass title to assets if such assets have been transferred to the trust. For the most part, a Pour Over Will only has one beneficiary. Your assets can instead be dis - tributed after an attorney prepares a small es - tates affidavit. All of the grantor’s property is distributed as according to his of her plan. This document will require signatures of two […] Why use a Pour Over Will in Illinois A Pour Over Will specifies that all property that passes through the will at the time of your death be transferred to your trust. Because the law changes constantly, this website's content may not indicate the current state of the law. Fortunately, in most cases, not very much property passes through a pour-over will. Sometimes people just forget to transfer newly acquired asset. Your property is then distributed to your successor trustee as trustee. Using the pour-over will is a convenient way to move assets into the trust upon death. The main disadvantage of a Florida Pour-Over Will is the biggest problem with most Wills, which is the property included in the Pour Over Will must go through probate. In Illinois, if the assets in your estate titled in your individual name have a gross value of less than $100,000 and do not involve real es - tate, then your will does not necessarily have to be probated. Unlike trusts, property within a Will does become public record after you die. Rather than dictating individual disbursements to various beneficiaries, a pour-over will, in essence, names your existing revocable living trust as the beneficiary of any property or assets that it does not already contain, or which do not automatically pass to another beneficiary outside of probate (such as designating a beneficiary on a financial account or insurance policy). It is a protection intended to guarantee that any assets that were not included in the trust become assets of the trust upon the party’s death. There are many different types of wills and trusts recognized by Illinois law. Illinois Legal Last Will and Testament Form with All Property to Trust... 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