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 Utah, 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 mechanism is designed to ensure that all of the grantor's assets are managed and distributed according to the terms set forth in the trust, thereby avoiding the probate process for those assets. The trust itself is created while the grantor is alive, and the grantor retains control over the trust assets and can make changes to the trust during their lifetime. By using a pourover will, the grantor aims to prevent any claims of partial intestacy for assets not included in the trust and to minimize potential disputes and litigation. It is important for individuals in Utah considering a pourover will to consult with an attorney to ensure that the will and trust are properly drafted and funded to achieve the desired estate planning objectives.