Last Will and Testament

When a trust is the principal estate plan document, a will is prepared in case the Settlor (the person establishing the trust) passes while still owning assets in their own name. This type of will is known as a “pour over” will as any asset not already owned by the Trustee simply “pours over” into the trust. The Trustee is normally the only beneficiary named in a “pour over” will.

When a Last Will and Testament is the principal estate plan document, it directly controls the distribution of assets. In a will, an individual names an Executor to manage their estate and designates beneficiaries who will inherit their property. After the individual’s passing, the will is typically submitted to the court. During probate, the Executor’s duties are to pay any outstanding debts and then distribute the remaining assets directly to the beneficiaries as instructed in the will.