What Are the Pros and Cons of a Will vs. a Trust?
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- เผยแพร่เมื่อ 11 พ.ค. 2024
- What Are the Pros and Cons of a Will vs. a Trust?
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Great video guys!
Estate planning is not federally mandated. Each state has different rules around probate and estates. Make sure to discuss with an attorney in your state of primary residence. Some states do not have trusts mandated in their probate code.
I'm retired military. I had a will created years ago while stationed in another state. I have since retired and living in a different state. Is my will still valid?
You need to get it updated and if your own property you need a trust
Your will is only valid in the state it was created for.
Your will is still valid. Also you don't "need a trust" like Joel says if you have property. Property just transfers smoother and more quickly after your death if you have it in a trust.
@The Money Guy: I have 275 k$ across all of my investment and banking accounts, plus a life insurance policy; my investments are mostly in retirement accounts. I am 31 years old, have no significant other/life partner and no children. My parents are of retirement age (can access IRAs and 401(k)s without penalties) and I have a sibling who is 27.5 years old. Is it better to to designate my parents or sibling as primary beneficiaries on my retirement investment accounts? Parents can access the money immediately, I think, and thus give it to my sibling if they need it, and otherwise would probably keep it invested and hand it down to my sibling or their heirs once my parents die. Do I need to think about anything else or any other details or gotchas? The possibilities seem to clearly favor designating my parents.
Yeah, if no one else, then parents then sibling.
A will and TOD there’s zero need for a trust unless beneficiary are under age. TOD is immediate not probate trust not needed
My primary beneficiary of my retirement accounts is my wife, but should my secondary beneficiary be designated to my young kids, or to a trust?
I got a will/trust drawn up when we had kids, but the lawyer did it pretty quickly and I don't quite understand it.
Just don't sign something you don't understand that's the biggest tip I could give.
@@adamgriffith768 Yeah I probably just need to review the documents again. It made sense when I signed them, but it was years ago.
: )
Unless you have nothing to your name a trust is almost always better