Understanding Pour-Over Wills in New York

Estate planning often involves multiple documents working together to ensure your assets are managed and distributed according to your wishes. One tool commonly used alongside a trust is a pour-over will. Understanding pour-over wills in New York can help you decide whether this strategy fits into your overall estate plan and how it works with other planning documents.

What Exactly Is a Pour-Over Will?

A pour-over will is a type of will designed to work in conjunction with a trust, typically a revocable living trust. Instead of distributing assets directly to beneficiaries, a pour-over will directs any assets not already placed into the trust at the time of death to be transferred, or “poured over,” into the trust.

In New York, a pour-over will acts as a safety net, ensuring that assets unintentionally left outside the trust are still governed by the trust’s terms after death.

Should You Use a Pour-Over Will, an Irrevocable Trust, or a Combination of Both?

The right estate planning strategy depends on your goals. A pour-over will is most commonly paired with a revocable living trust, which allows flexibility during your lifetime and centralized management of assets after death.

Irrevocable trusts serve different purposes, such as asset protection or tax planning, and are not typically used as the primary destination for pour-over assets. In some estate plans, a combination of tools is used to address different objectives, but this requires careful coordination to ensure each document functions as intended under New York law.

Does a Pour-Over Will Still Require Probate?

Yes, a pour-over will generally still goes through probate in New York. Even though the assets ultimately end up in the trust, the probate process is required to legally transfer those assets from the individual’s name into the trust.

However, once assets are transferred, they are distributed according to the trust terms rather than the will itself. Properly funding a trust during your lifetime can help minimize the number of assets subject to probate.

How to Include a Pour-Over Will in Your Estate Plan

Including a pour-over will in your estate plan involves drafting the will to reference your trust and ensuring the documents are properly executed under New York law. It is equally important to regularly review and update your plan as assets change, trusts are amended, or life circumstances evolve.

A well-structured estate plan ensures your will and trust work together seamlessly, reducing confusion and administrative complications for your loved ones.

Get Help Creating a Coordinated Estate Plan

Pour-over wills can be an effective part of a comprehensive estate plan when used correctly. Understanding how they interact with trusts and probate under New York law is essential to ensuring your wishes are carried out properly.

Contact MontanaroLaw’s wills attorneys today to schedule a consultation and get help creating an estate plan that includes the right combination of wills and trusts for your needs.