How should I open my accounts?

[jforex78]

2. I don't understand what you mean by "list such investment in a Life Insurance policy"

Lets say I have 10 investment accounts.

I am imagining I can list those accounts on the Insurance one by one, and designate Beneficiary(ies) against them.

I dont know if Insurance works that way - or is it just a blanket statement, that someone is a Beneficiary for all assets.

 

[Taxing Matters]

Do I have to change the Title of all these accounts to the Trusts?

Yes, you would have to title the accounts to the trust. But with a revocable living trust you can control the trust, you can amend the trust, and you can revoke it any time during your lifetime. No one else need know about the trust until you die. And while you live, the trust is ignored for income tax purposes and you simply report the income from the investments as though you were still the direct owner of them. Revocable living trusts are very popular for estate planning purposes because they are so flexible and tax friendly.

 

[Taxing Matters]

Lets say I have 10 investment accounts.

I am imagining I can list those accounts on the Insurance one by one, and designate Beneficiary(ies) against them.

I dont know if Insurance works that way - or is it just a blanket statement, that someone is a Beneficiary for all assets.

Life insurance is separate from your other investments. You can buy insurance products that have investment features in them, but for the most part those tend to be bad investment options (though great for the insurance company). Investments you have that you did not buy from an insurance company are not life insurance policies and you cannot simply attach those other investments to your life insurance. If you have say a bank CD, or an online stock trading account (e.g. TD Ameritrade, Scott Trading, E-trade, etc), retirement accounts, or whatever, you either need to name a beneficiary to them, have them owned JTWROS, put them in trust, or put them in your will. Life insurance won't help you with those other assets.

 

[LdiJ]

Ok, so adding a Beneficiary on the Life Insurance seems to be a good way to avoid Probate, when I cannot designate a Beneficiary on an account directly.

Naming a beneficiary on life insurance (which is required) has nothing to do with whether or not probate has to be opened for another asset.

I am yet to know if the Insurance can list different accounts and beneficiaries, or is it a blanket statement that someone is a Beneficiary for all assets.

Again, naming a beneficiary for life insurance has nothing to do with any other assets. A beneficiary has to be named for each asset, separately.

It would likely be in your best interest to get a sit down consult with an estate attorney. You seem to be less educated on the subject of assets and estate planning than would be wise in trying to handle these things on your own.