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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. [1]
Types of testamentary dispositions include: Gift (law), assets that have been legally transferred from one person to another Legacy, testamentary gift of personal property, traditionally of money but may be real or personal property
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
If you want an extra layer of security and peace of mind, you can create a revocable living trust. A trust would have helped Pete’s family avoid probate, protect their privacy, and minimize ...
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