Trust question
My husband and I set up a trust about 15 years ago. It included a will and medical instructions if we become incapable of making decisions. My question is what happens when husband or I die or both of us. Do our assets automatically transfer to the trustee we have specified? What about our bank accounts and retirement funds?
My husband is 72 and I am seventy if that makes a difference.
Thank you,
Terry Says
A LOT has changed since you first made your estate plan 15 years ago. It is time for an update!
If you haven’t reviewed it since then, please go back to your original law firm (or ask your bank to recommend a new estate plannign attorney).
Basically, if you set up a revocable living trust, but did not RE-TITLE your assets (bank accounts, brokerage accounts, etc) in the name of the trust — the trust is useless!
Please watch this short video:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
The time to do this is RIGHT NOW– while you are both still capable and can act to fix any issues.
