A New York 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.
Why use a Pour Over Will in New York
When someone dies, all of his or her property may not automatically go to their trust. Some of the assets may still have to go through probate. Use a New York Pour-Over Will to transfer any leftover assets in to the living trust.
Asset categories that a court recognizes are probate, non-probate and trusts. 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. Probate assets are governed by wills, so with a Pour Over Will New York, 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.
Many clients ask probate attorneys to design an estate plan in order to avoid probate. The most common approach is for an attorney is to draft a revocable living trust. However, the trust can only pass title to assets if such assets have been transferred to the trust. A New York Pour Over Will is then drafted to transfer any leftover assets into the trust.
Avoid Probate with a New York Pour Over Will
With a New York 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 trust then pays bills and distributes personal effects. The remainder is distributed as individual trusts to each beneficiary.
If there is a piece of property on the probate side that the decedent didn’t get into his or her name as trustee, when he or she dies, it goes by intestate succession. We make this person testate by drafting and creating a Pour Over Will New York.
The ultimate goal of a properly executed estate plan is to never have to use a will. A will controls probate assets and the goal is to die with no probate assets – you die with only trust assets.
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Benefits of a New York Pour Over Will
A New York Pour Over Will is a specific type of will. What makes it beneficial is that the New York Pour-Over Will has only one goal – when you pass away, any leftover assets are to be distributed to your living trust, thus avoiding probate. Your property is then distributed to your successor trustee as trustee.
A New York Pour Over Will unilaterally states that when you die, if there are any probate assets, it goes to your trust instead of probate. The New York Pour Over Will is used to avoid dying intestate and allowing the State of New York to decide on how your property is to be distributed.