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 Arkansas, 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 in the trust at the time of the testator's death will be transferred ('poured over') into the trust. This mechanism is designed to ensure that all of the testator's assets are managed and distributed according to the terms of the trust, thereby avoiding the probate process for those assets. The trust itself is created during the testator's lifetime, and the testator, also known as the grantor, settlor, or trustor, retains control over the trust assets and can make changes to the trust as long as they are alive and competent. By using a pourover will in conjunction with a revocable living trust, the testator aims to simplify the estate administration process, minimize the potential for disputes and litigation, and ensure that any assets inadvertently left out of the trust are ultimately distributed according to the trust's terms, thus avoiding issues of partial intestacy.