[Leilani]

Hi! Will vs Trust? Hubby and I don’t have kids. Travel enough throughout the year via points and miles;)

We have typical savings, 401k, IRAs, home, vehicles.
We have beneficiaries on most of our accounts.

Trying to do a legacy binder…in the event of something happens….knock on wood.

I saw a friend going through probate and its NOT fun.
Advise? Recommendations?

Thank you for your help!!!!

I want this to be my actionable plan this year- it has been in the back burner too long.

[Carl]

You are asking for free legal advice from…checks notes…not lawyers. the best advice is find a good lawyer specializing in wills and trusts in your area and discuss your situation with them.

I live in Florida, and my lawyer set up a will and trust because having a trust means that the probate process is simplified and instead of taking 18-24 months it will take about two and cost my heirs much less money.

We own one piece of property (home) but it is NOT in the trust; laws vary by state so the best system depends on where you live.

Good luck!

[Marc]

You always want a will – a trust is a luxury you may or may not benefit from. Depends on the state and your assets

[Jenny]

If either of you have a legal plan through work that can be an inexpensive way to get a will & trust done.

I’m struggling with the legacy binder thing too.

Just can’t figure out the best way to set it up in a way we will be able to easily maintain.

[Anne]

For your property (aka house), look up see if “Deed on Death” exists in your state.

In some states, this is equivalent to setting a beneficiary for real estate.

[Stacy]

Trust if you own multiple pieces of real estate or you have reasons to protect beneficiaries.

[Ron]

What are the probate thresholds in your state? Seems pretty straightforward if you have beneficiary designations on everything.

[Author]

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