What is the function of a pourover will?

A pourover will primarily serves the purpose of transferring assets into a trust upon the individual’s death. This type of will functions as a safety net to ensure that any assets not previously placed into the trust during the individual's lifetime will be directed to the trust and managed according to its terms. When the individual dies, the assets that are subject to the pourover will "pour over" into the trust, allowing for the management and distribution of these assets as dictated by the trust document.

This mechanism is important because it helps to consolidate asset distribution and facilitates the management of the estate according to the wishes expressed in the trust, ensuring that all assets are handled consistently, whether they were initially in the trust or later added through the will. The other options presented, such as transferring all assets to a surviving spouse, designating guardians for minor children, or establishing a living will, each address different estate planning needs that do not directly pertain to the primary function of a pourover will. The focus of a pourover will is solely on directing assets into a trust, which adds clarity and efficiency in the overall estate planning strategy.