Last Will and Testament
A will – or a ‘last will and testament’ – is a legal document that tells the probate court how you want your property distributed after you die, and who has the power and responsibility to wrap up your affairs. Through the probate process the court will give the ‘executor’ of your will the authority to gather all of your property, pay any remaining creditors’ bills, and distribute your remaining property as you specify in your will.
Because the will takes effect only after a court determined that it is a valid document, a judge must act before your executor can step in and manage your estate.
Pour Over Will
In the event that you die with assets outside of your living trust, a pour over will acts to complete your estate plan, by providing that assets not transferred to your trust during life are to be transferred to trust after death.