Case Study: Michael Jackson's Pour Over Will
On July 1, 2009 Michael Jackson's Last Will and Testament was made public when it was filed with the Los Angeles County Superior Court pursuant to California Probate Law. The will, signed by Jackson on July 7, 2002 was a Pour Over Will. A Pour Over Will operates in conjunction with a trust. A Pour Over Will ensures that any asset not put into the trust during the person's life is caught and "pours over" or is placed into the trust when he or she dies. These assets then eventually become distributed as part of the deceased person's estate according to their wishes.
A Pour Over Will is crucial because it gives the deceased the power to dispose of property they accidentally left out of their Trust instead of having the state of California determine how the assets should be distributed. If the person who intentionally or accidentally has left property out of the Trust dies without a Will, then the property that is not included in the Trust, or transferred through another estate planning device, will pass according to California intestate succession laws in which case the state determines to whom the property should pass and in what order.
For more information about Wills and Trusts drafting in California contact an experienced California probate Attorney.