RLT and will if I die
My lawyer is telling me that even if I do a RLT for my house, I still should also have a will in case there is money owed to me that comes after I die. For instance, if I die in a car accident and money from insurance comes after my death. Do you agree with this? My daughter is a co-signer on my bank accounts.
Terry Says
When your attorney creates your Revocable Living Trust — and RETITLES YOUR HOME IN THE NAME OF THE TRUST — he/she will also typically create a “pourover” will. That says any of your personal property not specifically named in the trust, automatically goes into it at your death. That would include things like your car and everyday checking account, which are not named in your trust. It won’t cost more, and it’s like a “belt and suspenders” kind of thing!
