When everything is controlled by just one document, the trust, it makes it clear who gets what. The trust then pays bills and distributes personal effects. This can be expensive and time consuming as well as become part of the public records. Consider, for example, the pour over will. Some people intentionally choose not … An Illinois Pour Over Will is drafted mainly for the benefit of helping an estate avoid probate. There are many reasons all the assets are not transferred to a trust. For the most part, a Pour Over Will only has one beneficiary. The answer is that many estate planners think it’s a good idea to have all your assets covered by the terms of just one document, the trust document. A Pour-Over Will Generally accompanies a Living Trust. Nonreliance. Your assets can instead be dis - tributed after an attorney prepares a small es - tates affidavit. A Pour-Over Will's primary function is exactly what it sounds. The pour over will is not the most common estate planning tool. Because the law changes constantly, this website's content may not indicate the current state of the law. 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. Nothing on this site predicts or guarantees future results. The Illinois Pour Over Will Form is a legal document that details the assets that will poured into the trust already established by the person executing the will. A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust. The Firm maintains this website exclusively for informational purposes. For most people, the key advantage of a living trust is that it avoids the probate process, which may help ensure their family’s privacy and financial stability in a trying time. If there isn’t any other valid will in place, the state will functionally consider this person as dying intestate – meaning that this property will pass to their heirs according to their state’s law of intestate succession. A pour-over will adds security and tranquility to an individual’s estate planning because any assets that do not make it into the trust will pour into the trust at the testator’s death. Avoid Probate with an Illinois Pour Over Will. We make this person testate by drafting and creating an Illinois Pour Over Will. Please carefully review our full disclaimer (link) before proceeding. A pour-over will is a last will and testament that serves as a safety device to capture any assets that are not transferred to or included in a living trust. Chicago Probate Law ("The Firm") maintains this website exclusively for informational purposes. This type of a Will is used in conjunction with a revocable living trust. Trusts need to be funded with personal assets, as named by the signing of a trust document, or else by some other mechanism (such as retitling the assets to be in the trust’s name). It is a protection intended to guarantee that any assets that were not included in the trust become assets of the trust upon the party’s death. Have any further questions about pour-over wills, trusts, or any other aspect of estate planning and administration in the Chicagoland area? Find your exact Illinois Legal Last Will and Testament Form with All Property to Trust called a Pour Over Will form for free online in the best fillable PDF forms library SellMyForms now! An Illinois Pour Over Will unilaterally states that when you die, if there are any probate assets, it goes to your trust instead of probate. This will is suitable for a married or single individual with or without children. The answer is through a pour-over-will. All remaining property is passed through the will at death and distributed to trust beneficiaries that were named while you are alive. Once in the Trust, those assets will be subject to the terms and stipulations of the Trust. However, the trust can only pass title to assets if such assets have been transferred to the trust. This special document is known as a pour-over will, and it may be a useful tool for certain individuals to consider for their estate plan, depending on their unique needs. A pour-over will typically accompanies a revocable living trust. Some pour-over wills move all estate assets to the trust, while others will only pour-over some of the assets. Put most simply, a pour-over will puts all of your remaining assets into a living trust when you pass away. There may be any number of reasons why assets aren’t funded to a trust over time – perhaps the owner wants to maintain greater control of their property. It is “poured over” into the trust. From there, your named successor trustee will act as an executor of sorts; they will be responsible for collecting all trust assets, including those transferred via the pour-over will, and properly distributing them to the trust’s beneficiaries. Call 708-448-8141. Call 708-448-8141. How a Pour-Over Will Works Instead of governing the distribution of all your property, a pour-over will state that any assets that have not been funded into your revocable living trust should go there when you die. When someone dies, all of his or her property may not automatically go to their trust. 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. Because a Living Trust only applies to the assets that are actually transferred into the trust, a Pour Over Will is like a safety net for anything that isn’t covered by the Living Trust, either purposely or inadvertently. Also, you can sign, fax and print it from PC, iPad, tablet or mobile! Pour Over Wills. It ensures any assets not already in the trust at death get transferred ("poured over") to the trust. Please carefully review our. A Pour-Over Will funnels any assets in your name into an already-created Trust when you die. Use an Illinois Pour Over Will to transfer any leftover assets in to the living trust. Using the pour-over will is a convenient way to move assets into the trust upon death. Advantages of a Pour Over Will. A pour-over will is a particular type of will used in conjunction with a trust. A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust. While pour-over wills are a useful estate planning device, it’s important to bear in mind that they should probably be thought of as a last resort, or safety net, rather than as a primary part of your estate plan. It is not legal or other professional advice and does not necessarily represent the opinion of The Firm or its clients. Contact an Illinois estate planning lawyer for guidance. There are many different types of wills and trusts recognized by Illinois law. While most assets normally are transferred into the trust before the person's death, a pour-over will acts as a failsafe by directing that any assets not already transferred into the trust should … As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust. A pour-over will is a will often used along with a trust. With an Illinois 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. Still, the probate process may be more streamlined and speedy with a pour-over will in place (particularly compared to the proceedings that will occur if any of your assets are left up to intestacy laws), and many deal only with minor assets, meaning that they do manage to avoid probate altogether. Whether or not you have a pour-over will in place, it’s important to remember that estate planning is an ongoing process, and not a “one and done” event. The Pour Over Will is used in very specific circumstances when the grantor has already set up a trust. It is not legal or other professional advice and does not necessarily represent the opinion of The Firm or its clients. The most common approach is for an attorney is to draft a revocable living trust. A Pour Over Will ensures that all your property is distributed according to your Living Trust. Probate assets are governed by wills, so with an Illinois Pour Over Will, 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. Asset categories courts recognize are probate, non-probate and trusts. Unlike trusts, property within a Will does become public record after you die. Why use a Pour Over Will in Illinois The assets are transferred and retitled to the trust in a process called funding the trust. Online readers should not act or decline to act, based on content from this site, without first consulting an attorney or other appropriate professional. No attorney-client relationship. The Illinois living will is a legal document that is made available to a Principal, so that they may plan, in advance, how they would wish to have their health care matters handled in the event they are no longer able to handle their own medical affairs on their own. A Pour Over Will makes distribution of assets much easier because in a Pour Over Will the only devisee is the trust. Disadvantages of a Pour Over Will. A pour-over will for an individual who resides in Illinois. This document will require signatures of two […] Together they ensure that your estate is distributed according to your wishes. A Pour Over Will specifies that all property that passes through the will at the time of your death be transferred to your trust. A pour-over will works in conjunction with a trust. A will controls probate assets and the goal is to die with no probate assets – you die with only trust assets. Many people prefer to have a greater level of control over their property, rather than allowing rigid state laws to make these vital decisions on their behalf. 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. The ultimate goal of a properly executed estate plan is to never have to use a will. The will accomplishes this by, in effect, naming the living trust as the beneficiary of whatever assets the testator wants to pour-over. That beneficiary is the Revocable Living Trust which was created at the same time. This sample "pour-over" will is designed for a married person with a living trust, where the living trust will serve as the primary vehicle for the distribution of property upon the Testator's death. In Illinois, pour-over wills, like other wills, do not avoid probate if they pass assets with an aggregate value exceeding $100,000, or if there is any real estate involved. Illinois Legal Last Will and Testament Form with All Property to Trust... Illinois Legal Last Will and Testament Form with All Property to Trust called a Pour Over Will The Forms Professionals Trust! When this occurs, an individual’s property and other assets are likely to pass on to their nearest blood relatives, even if the decedent had no relationship with them. As with a Simple Will and a Complex Will, a Pour-Over Will must be properly executed in accordance with state law. The main disadvantage of a Florida Pour-Over Will is the biggest problem with most Wills, which is the property included in the Pour Over Will must go through probate. Pour-over wills are very similar to standard wills. In estate planning, trusts provide a way to avoid the probate process when transferring assets after the grantor’s death. Assets transferred under a pour over will are still subject to probate, however, unlike the assets already in the trust at the time of the individual’s death. With that said, though, it’s important to recognize that a pour-over will specifically deals with personal assets, rather than trust assets. The remainder is distributed as individual trusts to each beneficiary. For a Pour-Over Will to work, the Testator must already have a Living Trust in existence at the time the Pour-Over Will is executed and the Living Trust must still be in existence on the Testator’s date of death. It’s important to regularly revisit your will(s) and your trust documents, to help ensure that you don’t overlook any new property that should be funded to the trust, or to update any of the provisions in your trust agreement. Download printable blank or edit form online. A Pour-Over Will prevents that eventuality by directing all assets not already transferred into the trust to be “poured over” into the trust after your death. An Illinois Pour Over Will is drafted mainly for the benefit of helping an estate avoid probate. Some of the assets may still have to go through probate. Your property is then distributed to your successor trustee as trustee. A pour-over will is a last will and testament that serves as a safety device that captures all assets that are not transferred to or included in a living trust. A trust needs to have assets placed into the trust in order to be distributed according to the terms of the trust by your trustee. In many cases, individuals simply overlook or neglect an asset by mistake. With that said, though, it’s important to recognize that a pour-over will specifically deals with personal assets, rather than trust assets. (For that matter, why do you need a will at all if you’re using a living trust to leave your property?) This kind of will “pours” any property the deceased still owned at the time of death into the trust that the person set up during his or her life. Fill out and print a free Illinois Pour Over Will form in just minutes online. ™ In Illinois, if the assets in your estate titled in your individual name have a gross value of less than $100,000 and do not involve real es - tate, then your will does not necessarily have to be probated. With that being said, though, there is a special type of last will and testament that can be put to work in conjunction with a trust-based estate plan. It serves as a “safety net” for any assets not titled in your trust after your death and … Rather than dictating individual disbursements to various beneficiaries, a pour-over will, in essence, names your existing revocable living trust as the beneficiary of any property or assets that it does not already contain, or which do not automatically pass to another beneficiary outside of probate (such as designating a beneficiary on a financial account or insurance policy). 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. In essence, a Pour-Over Will serves as a “catch-all” tool that backs up your primary Family Wealth Trust. This arrangement offers several advantages.Simplicity. Viewing this site, using information from it, or communicating with The Firm through this site by email does not create an attorney-client relationship between you and The Firm. The Illinois Pour Over Will is used to avoid dying intestate and allowing the State of Illinois to decide on how your property is to be distributed. The Firm is not liable for the use or interpretation of information contained on this site, and expressly disclaim all liability for any actions you take or do not take, based on this site's content. Illinois Revocable Trusts Lawyers | Pour Over Wills Attorney Orland Park All of the grantor’s property is distributed as according to his of her plan. A pour-over will is a type of will used with a living trust that "pours" all of the assets belonging to the testator into a trust that he or she had set up before death. Many clients ask probate attorneys to design an estate plan in order to avoid probate. Why have a will that does nothing but transfer property to your trust? Don’t hesitate to drop us a line today to continue the conversation. What makes it beneficial is that a Pour Over Will Illinois has only one goal – when you pass away, any leftover assets are to be distributed to your living trust, thus avoiding probate. As we’ve noted before, wills and trusts are both valuable estate planning documents, but they’re not one and the same. The testator’s Pour Over Will directs which property is to be placed in the trust which is then distributed to the beneficiaries. The property and assets are then distributed to the beneficiaries named in the trust. Pour Over Will Illinois 5 Star Legal Form: An Illinois Pour Over Will is a specific type of will. A pour-over will form is an essential estate planning document when you’ve created a living trust. This essentially means that any assets that you hadn't moved to your Trust before your death be automatically moved (or "poured") into the Trust after your death. 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