Trust vs. Beneficiaries
After listening to you, I found a lawyer to create a trust for me. But, after listening to ‘friends talk money’, I’m confused. I have 5 beneficiaries, two adult sons and 3 adult grandchildren. I have several IRAs and 1 401k. Do I name the people or the trust as the beneficiaries?
Terry Says
You name INDIVIDUALS as beneficiaries of retirement plans, so they can stretch out withdrawals over 10 years under current law. And be sure to specify percentages if you name co-beneficiaries. And if only one beneficiary on an account, name a contingent beneficiary in case the first predeceases you.
Then all other titled property, such as your home, CDs, TreasuryDirect account, should be titled in the name of your revocable living trust.
