Video Summary
Even if I have a will, should I consider a Living Trust? Well, let’s talk about what a Will controls and what a trust controls, and then we’ll try and then you’d need to decide whether or not you would want to do a will and a trust or whether you’re satisfied with just the Will control whatever assets are titled just in your name alone at the time of your death. A Will will not control any assets such as joint bank accounts or bank accounts, have a beneficiary. The same can be said for a brokerage account. You can set those up so that there is what they call a TOD or transfer on death. Also, it doesn’t control life insurance, IRAs, or any other annuities or any other document that has a designated beneficiary. All of that is controlled by contract or the signature card. Now, a trust only controls those assets that are titled in the name of the trustee. Whenever you pass away, you usually are the trustee of your revocable trust, and then you’ve designated a successor trustee. And so that will only control those assets that are titled in your name as trustee under your trust. And of course, that designates who you wish to receive those assets. So whether or not you need a trust or not, or you need just use a will or whether you can title your assets so they pass automatically by designating beneficiaries. That’s all a product or a result of doing estate planning. That’s why they call it estate planning is so that you can discuss that with the attorney as to whether or not you need a will join assets or a trust or all three. So if you have any questions, give me a call at (727) 847-2288.