What is a revocable living trust (RLT)?
It is basically a will with one major difference, upon death the assets that are in the trust can be distributed directly to the designated beneficiaries by the successor trustee without a court order. This works because the trust contract automatically gives the successor trustee legal authority over the assets upon death of the surviving grantor.
What is a pour-over will?
It is a cut-down version of a standard will that allows you to name the guardians for your children and it simply states to pour over any assets that you may have missed into your trust upon death. It is often looked at as a backup plan for items that may have been inadvertently missed.