Ask Terry Questions A Trust, estate, what to do going forward, need guidance.

A Trust, estate, what to do going forward, need guidance.

By Terry Savage on May 10, 2024 | Financial Planning / Retirement

Hi ! I sent you a question on 04/06/2024 you did reply. I sent an answer to your questions to me on 05/02/3024 have not heard back. So , my question was , just lost my wife , no kids all money is in Ira’s and cd’s . Your answer was for me was to get my ducks in a row and get back to you. Well , I’m ready for your guidance, and should I set up a trust first. Thank you

Terry Says

Sorry, I must have missed your response.  So yes, the first thing is to set up an estate plan.  Watch this video as it will explain what you must do:

The key things here are deciding who will be your successor trustee — similar to an executor — and re-titling all your NON-IRA assets into the name of  the trust.  And making sure that you have named a new beneficiary for your IRAs (presuming your late wife was the beneficiary).

Then you can open an account at TreasuryDirect and buy T-bills instead of CDs.  You’ll open the account in the name ofyour new Revocable Living Trust.  Read this:  T-Bills beat CDs – Terry Savage

Once you get all these organizational things done, it’s time to start thinking about your future life and how you will live it, and fund it.  So write back at that point.



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