When it comes to estate planning in Oklahoma, you’ve probably heard about wills and trusts, but have you heard of a “pour-over will”? This legal document often accompanies a revocable living trust and helps ensure that your remaining assets go into your trust upon your passing. It’s a safety net for anything left out of your trust during your lifetime.
What Is a Pour-Over Will?
A pour-over will is a special type of last will and testament that directs any assets not already in your trust to “pour over” into the trust at your death. It serves as a backup to ensure that all of your property goes in the trust, even if you forget to transfer it.
For example, let’s say you created a revocable living trust but forgot to retitle your vehicle into the trust’s name. If you pass away without a pour-over will, that asset may have to go through probate on its own. But with a pour-over will, the vehicle can go into your trust posthumously and be handled according to your instructions.
Why Would You Use a Pour-Over Will?
Even careful planners sometimes forget to title every asset into their trust. A pour-over will ensures that those loose ends don’t derail your estate plan.
Benefits of using a pour-over will include:
- Simplicity: Everything ends up in your trust for consistent distribution.
- Privacy: Although the will must go through probate, the trust itself remains private.
- Control: You avoid unintended intestate distribution under Oklahoma law.
- Backup protection: It acts as a safety net in case you forget assets during trust funding.
Does a Pour-Over Will Avoid Probate?
A pour-over will does not avoid probate by itself. In fact, the very purpose of the will is to transfer assets into your trust through the probate process. If the trust already owns all your property, the pour-over will may not be necessary at all. But if you die owning property outside of your trust and without a co-owner or beneficiary designation, that property may need to pass through probate, even with a pour-over will.
Should You Have One?
If you have or are creating a revocable living trust, the answer is yes, you should also have a pour-over will. It provides peace of mind and adds a layer of protection to your estate plan. Without it, any assets not titled in your trust may be subject to Oklahoma’s intestacy laws, which could mean your assets don’t go where you intended.
Even if you think you’ve transferred everything into the trust, mistakes happen. A pour-over will ensures that your estate stays on track.
Tulsa Estate Planning Attorneys
We help Oklahomans build strong, customized estate plans that include trusts, wills, and other essential tools. Whether you’re just starting out or updating an existing plan, we’ll ensure your plan aligns with your wishes. At Tulsa County Lawyers Group, we provide guidance that brings peace of mind. Get a free consultation from a probate attorney by calling 918.379.4864, or you can ask an online question.
