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Living Trust

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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.
 


ALawyer

Senior Member
With 401(k)s and IRAs having them go to the beneficiaries you name in forms directly is sometimes advisable.

With life insurance when paid it is cash and can go to the Living trust.

If you did the living trusts from a form or self-help program, you may be penny wise and TON foolish. Putting cars in a LT is often foolish.
 
cars in living trust

The attorney who made up the Trust advised me to put my car
into the name of the Trust. When my husband died, two other attorneys told me to get it out of the Trust. It cost me $62 to do that, for new title, plate and an E check. Why don't all attorneys study the same rules on Trusts. I've had so much trouble settling the estate, because they probated some of the things, like Annuities, cash value of life insurance that I never thought would go through Probate.
I have revoked my Trust...my assets are in POD accounts now.
Be wary of those seminars.
 

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