RLT vs TOD
Hi Terry,
My husband and I are trying it determine if we need a RLT or if we have all our real estate and money accounts TOD if that is good enough without having to create a living trust?
Many thanks, listen to your podcast on my commute all the time!
Terry Says
Well, as you correctly note you can Pay on Death or Transfer on Death in almost any financial account. BUT, what if one of you has a stroke — alive but unable to make financial decisions.
If your accounts are titled in the name of your Revocable Living Trust, with each of you as co-trustee (and a named successor trustee if both of you were in an accident or incapacitated) then things would go smoothly — to remove funds, for example, to pay for private nursing care, etc.
Watch this video from my home page: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
