What is a Pour- Over Will in Oklahoma Estate Planning:
A Pour-Over Will is an estate planning tool that is used in conjunction with a trust. When a person creates a Trust in Oklahoma they must fund the trust. That means they must place the assets of their estate in to the trust by changing the title name of those same assets. Many times and for many different reasons a person may choose not to place given assets in to the trust. Some reasons may be they they simply forgot or that for the purpose of financing the asset it was just easier to keep it in the individuals name. A good example may be the testators car.
Rather then finance the automobile in the trust name its just easier to finance it in the testators name. In the event that an asset is left out of the trust it is said that the contents of the pour-over will pour in to the trust and become trust property upon the testators death or otherwise. In effect, the pour-over will makes the trust the beneficiary of those things that where left out of the trust.
In Oklahoma, although the Trust instrument avoids probate the contents of an Oklahoma pour-over will do not. That means that the probate court will administer the will as it does any other will instrument but the pour-over will does avoid intestate distribution per Oklahoma probate statutes.