Trust

By Terry Savage on December 17, 2023 | Financial Planning / Retirement

Dear Terry, We started a trust with a lawyer before I listened to your podcast. We did not put our current home, a 7,000 sq. ft commercial building that is rented out, and all of the automobiles because in two years we expect to sell all of this stuff and move to a warm state. We have a 40 plus year old will. Question: Will the will cover the above items that we did not put in the trust?

Terry Says

You started, but did not finish. Your “estate” is a mess!! Do you have heirs? Do you care about them?
If so, finish what you have started!!! Create the Revocable Living Trust. Rename ALL the major assets into the trust. You can leave your cars and personal checking out of the trust. Double check the beneficiaries of your life insurance and retirement accounts.

Do all of the above NOW. Unless, that is, you have a certificate from God granting you good health,no strokes or accidents, or death for at least two years!!

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