Revocable Living Trust
While the basic goal is to have the Revocable Living Trust handle the ownership and distribution of property, a will directs the disposition of probate property that was not transferred during the life of the testator or testatrix. Assets may have inadvertently been left in the name of the testator or testatrix, or there are times when assets may intentionally be left outside the trust. When either of these occurs, then at death the assets must be transferred to the Revocable Living Trust.
The term “pour-over” simply means that the Will pours probate property into a revocable living trust. The Will is the appropriate document to designate guardians for any minor children. A Will is exposed to the probate process. A Will may be amended or changed through the execution of a Codicil.