D
DolphinVJ
Guest
I live in California. I recently had a Living Trust made in my name and my wife has a separate one. I have changed the names on the titles to our homes and automobiles to the names of our Living Trust. For my Retirement and non-retirement investment accounts as well as Life Insurance, I have been told that I cannot change the ownership names to the Trust's names but that I can designate my Living Trust as the beneficiary on each of them instead of designating my wife and kids, so that upon my death, proceeds from retirement/non-retirement and life insurance will flow into the Living Trust and will be distributed as specified in my Living Trust.
The problem is my Living Trust document does not specifically mention Retirement and non-retirement investment accounts or Life Insurance although there is a mention of "residuary assets". Are these then subject to Probate if it is over certain $ amount? What should I do? Should I designate the Living Trust as the beneficiary.
The problem is my Living Trust document does not specifically mention Retirement and non-retirement investment accounts or Life Insurance although there is a mention of "residuary assets". Are these then subject to Probate if it is over certain $ amount? What should I do? Should I designate the Living Trust as the beneficiary.