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View Diary: You Think You Have a Will & a Well Ordered Estate (19 comments)

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  •  Exactly! (10+ / 0-)

    The trust is just the holding apparatus.

    Our bank accounts are OK, and each of us will have access to the other's upon death.

    But we still created a new bank account under the trust's name. Why?

    Because I named the trust as beneficiary of my life insurance policies. If I die and the beneficiary gets paid, that beneficiary had darned well better have a bank account for that insurance settlement to go into.

    Same with some mutual fund accounts I own. They are co-owned by Ms. Unoball, but primary beneficiary is the trust.

    Retirement plans are different. They must, by law, have a person as primary beneficiary, not a trust. Those remain going to my wife first, but I have the trust as secondary beneficiary.

    Essentially, what it came down to was: Why in the hell would I give thousands of dollars to lawyers and the court system, and tie up my assets for many months, when Ms. Unoball would need all of my money, and need it as fast as possible.

    Please proceed, governor

    by Senor Unoball on Wed Mar 06, 2013 at 02:14:50 PM PST

    [ Parent ]

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