What Goes Into a Will for Revocable Trust?
A will that funds a revocable trust is commonly known as a "pour-over will." A pour-over will is a very useful document that funds an existing revocable trust with all of the assets of the deceased person upon his death. This arrangement permits a person to only fund a trust upon his death, and thus, keep all of his assets during life.
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Description of Assets
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If you wish to transfer assets from your probate estate to an existing revocable trust at your death, you must specifically describe each and every asset that you wish to place into the trust. This is particularly important in the case in which you wish only some of your assets to transfer to the trust. However, if you wish to pour over the entirety of your assets to the trust, you need only state that all of your property, real and personal, be transferred to the revocable trust.
Revocable Trust
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The only legal method to create a pour-over will is to specifically refer to the name of the revocable trust. For example, you should state that you wish to transfer all of your assets to the "Jake Lakes 2011 Revocable Trust." You should also state the name of the trustee of the revocable trust. A crucial component of the pour-over will is that revocable trust is actually in existence at the time the pour-over will is executed. If the revocable trust does not exist at that time, the pour-over will is ineffective.
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Execution of the Will
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The most crucial component of the pour-over will is its execution provisions. The execution language often is found at the end of the will and states that there are no other wills, and if there are any prior wills, they are revoked. Furthermore, the creator of the will must state that she intends the pour-over will to be her last will and testament. The majority of states also require that two witnesses sign the will. Consult an attorney to determine any specific requirements of your state of residence.
Processing
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Subsequent to the execution of the pour-over will and upon your death, the will must be submitted to the probate court. Usually, the executor of the will submits the document to the probate court for processing. The probate court then reviews the will to determine the disposition of the deceased's assets. Upon discovering the pour-over provision of the will, the probate court will order the transfer of assets to the trust.
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