Ask Terry Questions Trust or not?

Trust or not?

By Terry Savage on June 21, 2024 | Wild Card

I am retired and 77 years old. I have some at Edward Jones which isn’t a lot. I have a home now with a mortgage of $140,000 left to pay. My question is I don’t have a Will or anything. Would I need an irrevocable trust. But because I only have the house I’m concerned about I thought I might only need a land trust. I’m really confused!!!!

Terry Says

OK, I’m going to ask you a few questions — and when you get the email saying your “question has been answered” please write back with your responses.

First, are you married, or do you have adult children to whom you’d like to leave your home?

Second, is your brokerage account an IRA –or just a regular investment account?

Third, do you have any other assets — such as a checking account, a car, personal items?

Fourth, who would take car of you and your home if you became incapacitated because of a stroke, for example, or dementia?

Fifth, who do you trust to carry out your wishes for  your care if you are alive, and distributing what’s left over when you die?

ONLY THEN, when  you give me some answers to these questions, can I point you in the right direction!





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