Pour Over Will Related Questions
In a pour over will within the trust, do items such as autos, jewelry and such have to be itemized or does it mean anything not specifically covered by the trust ?Pour over wills are not part of a trust. They are separate and are not used if the trust is paid for with all property that normally would have been probated if it weren’t in the trust. A pour over will is a safeguard that is in place in case something might have been left out of trust and needs to pass through the probate process. If that happens, then the will goes through probate and those assets that were left out of the trust are “poured-over” into the trust to be given out.
In California, what is the difference between a pour over will and a living trust?Wills and trusts are similar in that they both can be used to give a way for distribution of your estate when you die. A trust is a way to prepare for a person (trustee) to hold legal title to property for another person (beneficiary). A trustee can also be the beneficiary, which would give that individual full control over the property held in the trust.
A pour over will differs in that it names the beneficiary the testator’s living trust. Pour over wills simply act as a safety net for any assets that need to be transferred to the trust (that previously were not included) so that they may be distributed per the trust’s plan.
Who pays the probate costs of a pour-over will, and how much will it cost to probate one piece of property? It was ordered by the court in a divorce agreement to leave the property to their 4 children and leave it in their will. Instead in the trust it said "otherwise disposed of"Typically the individual who died pays the probate cost through their estate. If the one property was not funded to the trust, then the property could be responsible for the costs of probate. An exception would be if there was a provision in the trust to pay for property that wasn’t funded during the testator’s life. The cost of probate would depend on the worth of the property. California lists the costs as:
4% on the first $15,000
3% on the next $85,000
2% on the next $900,000
1% on the next $9,000,000
½% on the next $15,000,000
“Reasonable” compensation on the excess over $25,000,000
My mother-in-law had a trust with a pour over will. My sister-in-law was listed as sole trustee. She listed all bank accounts, but my husband was named as pod on her money market acct. She is suing him saying that the money market was part of the trust. Who does the money belong to?The money rightfully belongs to your husband. POD means payable on death. It immediately transfers to your husband. Even though the trust listed all of her accounts that alone would not be enough to transfer ownership from your mother-in-law to the trust. She would have had to transfer the ownership.
After making a Living Trust, with immediate plans to fund it, does California law (where the real estate is) or Idaho law (where the trust owner and trustee are legal residents) require a pour over will dated before a new will, or can a pour-over will be added to a pre-existing will?You can create a new will or you can add a pour over will as a codicil to the existing will. Adding codicils to an existing will can be tricky in the way that if it happens to conflict with any portion of the original will a judge will need to decide which would take priority. If a judge decides then it may not necessarily be what the testator had in mind. If you create a new pour over will then there would be no conflicts and a judge would not have to decide.
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