A pourover will is a will that transfers all the property of the deceased person—known as the testator or decedent—to an existing trust at the testator’s death. The trust is created during the testator’s lifetime and in the trust context the testator is known as the grantor, settlor, or trustor—the person who creates the trust and funds the trust at death with assets “poured over” from the grantor’s will.
For most smaller estates the trust is a revocable living trust that allows the grantor to control the assets and change the trust during the grantor’s lifetime.
A pourover will is designed to avoid the probate process, with the estate assets being distributed to the trust beneficiaries by the trustee of the trust under the terms of the trust provided by the grantor. A pourover will also ensures that any assets the testator failed to add to a trust (accidentally or purposely) are transferred to the trust for distribution—avoiding claims of partial intestacy (no will with respect to the omitted assets), disputes, litigation, and the court-supervised probate or administration process.
In South Carolina, a pourover will is a legal document that works in conjunction with a trust, typically a revocable living trust. The pourover will specifies that any assets not already placed in the trust during the grantor's lifetime will be transferred to the trust upon the grantor's death. This type of will is designed to simplify the estate settlement process by avoiding the probate process for the assets that 'pour over' into the trust. The trust then manages and distributes the assets according to the terms set by the grantor. This arrangement helps ensure that all of the grantor's assets are accounted for and distributed according to their wishes, even if they were not specifically mentioned or included in the trust prior to death. It also helps to prevent disputes and litigation that can arise from claims of partial intestacy. South Carolina law recognizes the validity of pourover wills and trusts as estate planning tools, and they must be properly drafted and executed to be effective.