Ask Terry Questions Funding the Trust

Funding the Trust

By Terry Savage on December 11, 2023 | Financial Planning / Retirement

Hi Terry,
It is necessary or beneficial to re-title bank and brokerage accounts to a trust even if we already have POD/TODs set up with these institutions?

Terry Says

Absolutely! The whole point of having a revocable living trust is to re-name all your major assets into it. This is not only about death. It’s about what happens if you are incapacitated and cannot handle your own assets — Think stroke, or terrible accident. The successor trustee is empowered to make decisions, pay bills, deal with property.
AND of course, you should have a healthcare power of attorney and living will.

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