A Pour-Over will or Back-Up Will is a will prepared in conjunction with a living trust. In the event you fail to include certain property in your trust before your death, this document will bring that property, valued up to $166,250, into your trust so that property can be distributed according to the provisions in your trust. If that property exceeds $166,250, those items and those assets alone will require a probate proceeding.
A will is a written document which sets forth your decision as to how to divide your property upon your death. If you die without a will, the state will distribute your property according to state law which may differ from your intentions. Having a will allows you to:
Leave specific gifts of items, assets or money to individuals, organizations or institutions, or distribute your estate in percentage shares.
Disinherit or forgive debts owed to you.
Name the personal guardian you desire to care for any minor children you may have.
Appoint an executor of your will. This person will manage your finances upon your death, pay off your debts, pay your taxes and distribute your assets to your designated heirs.