Definition & Meaning of a Missouri Pour Over Will
A Missouri Pour Over Will is a legal document that directs any assets not already placed in a trust to be transferred into that trust upon the individual's death. This type of will is often used in conjunction with a living trust to ensure that all property owned by the deceased is handled according to their wishes. The "pour over" aspect refers to the transfer of assets from the will into the trust, effectively "pouring" the estate into the trust for management and distribution.
For example, if an individual has a living trust set up but forgets to transfer certain assets into the trust during their lifetime, a pour over will allows those assets to be included in the trust after their death. This ensures that the trust can manage all of the deceased's assets, simplifying the estate administration process.
How to Use the Missouri Pour Over Will
Using a Missouri Pour Over Will involves several key steps. First, it is essential to establish a living trust where the assets will ultimately be transferred. Once the trust is created, the pour over will can be drafted to include specific instructions regarding the transfer of any remaining assets.
Examples of assets that may be included in a pour over will are bank accounts, real estate, and personal property. It is important to list these assets clearly to avoid confusion during the probate process. The will should also designate an executor who will be responsible for ensuring that the assets are transferred to the trust as intended.
How to Obtain a Missouri Pour Over Will
To obtain a Missouri Pour Over Will, individuals can consult with an estate planning attorney who specializes in wills and trusts. Many legal professionals can provide templates or assist in drafting a pour over will that meets Missouri's legal requirements.
Additionally, various online legal services offer customizable templates for pour over wills. However, it is advisable to have any drafted documents reviewed by a legal professional to ensure compliance with state laws and personal wishes.
Steps to Complete the Missouri Pour Over Will
Completing a Missouri Pour Over Will involves several steps:
- Gather Information: Collect details about all assets intended for the trust, including property titles and account information.
- Draft the Will: Create the will using a template or with the assistance of an attorney, ensuring it includes all necessary provisions.
- Sign the Will: Sign the document in front of witnesses as required by Missouri law to ensure it is legally binding.
- Store the Will Safely: Keep the will in a secure location, such as a safe deposit box or with an attorney, and inform trusted individuals of its location.
Who Typically Uses a Missouri Pour Over Will?
A Missouri Pour Over Will is typically used by individuals who have established a living trust and want to ensure that any assets not placed in the trust during their lifetime are still managed according to their wishes after death. This includes:
- Parents wanting to secure their children's inheritance.
- Individuals with significant assets who wish to avoid probate complications.
- People who have recently acquired new assets and want to ensure they are included in their estate plan.
Key Elements of a Missouri Pour Over Will
Several key elements must be included in a Missouri Pour Over Will to ensure its effectiveness:
- Identification of the Trust: Clearly state the name of the living trust to which assets will be transferred.
- Executor Designation: Appoint an executor responsible for managing the estate and ensuring assets are transferred to the trust.
- Asset List: Include a detailed list of assets that are to be poured over into the trust.
- Witness Signatures: Ensure the will is signed by at least two witnesses to comply with Missouri law.
State-Specific Rules for Missouri Pour Over Wills
Missouri has specific legal requirements for pour over wills that must be followed to ensure validity. These include:
- The will must be in writing and signed by the testator (the person making the will).
- At least two witnesses must sign the will, confirming they witnessed the testator's signature.
- The will must be stored in a location where it can be easily accessed after the testator's death.
Examples of Using a Missouri Pour Over Will
Consider a scenario where an individual has a living trust containing their home and savings account but forgets to transfer their car into the trust. Upon their death, the pour over will would direct that the car be transferred to the trust, allowing the trustee to manage it according to the terms of the trust.
Another example could involve an individual who acquires new property after establishing a trust. The pour over will ensures that this new property is included in the trust, avoiding potential disputes among heirs regarding its distribution.
