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Nobody ever warned me about this one, we finally had a Revocable Trust put together and like most people we had all of our financial accounts placed into this new Trust. But I never knew what a hassle was to do it, lots of sitting around bank desks filling out forms and signing documents. We have a total of 12 different financial accounts which we had to switch over not to mention places like homeowners insurance and such, lot's of time and energy. Almost felt sorry for some of these bankers that had to do it! I got lucky with our attorney's office handling my various online bank accounts though, even then everything had to be notarized. Just glad I finally did this, one less thing to worry about. I also learned that the high cost to do a Trust was partly based on how many financial accounts the attorney's office had to deal with. Sounds like combining accounts down the road will make it all easier for my kids later.
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Wow, I hear you! Getting everything into a revocable trust can definitely feel like running a marathon with paperwork. I’ve seen a lot of people underestimate how much time it takes, especially with multiple bank accounts, investments, and insurance policies.
One thing that helped some friends I know was consolidating a few accounts before the transfer. It doesn’t always make a huge difference for the legal side, but it definitely cuts down on time at the bank and makes it easier for the next generation to manage. Also, having online accounts handled by your attorney, like you did, is a huge lifesaver otherwise, you could be notarizing dozens of forms.
It’s a lot of work upfront, but as you said, once it’s done, it’s a huge relief knowing it’s all organized for the future. -
Congrats on taking a great step. We're in line with an attorney to have all of ours done shortly. As life goes on, the things that keep me up at night are questions like what if one or both of us suddenly pass? We don't want to leave those left behind with uncertainty or a lot of work to receive our assets. Those assets will also avoid probate and other hurdles.History will judge the complicit.Comment
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This was my exact thought. What could be simplified and combined? Of the 12 accounts what is the breakdown? Are they all bank accounts? Is there a family business involved? While I can appreciate having a couple of different checking / saving accounts, 12 seems extreme for two people.Originally posted by Drake3287 View Post
Personally I have a money market & checking at one back, and check & money market at another bank. My paycheck goes to money market in Bank 1, I transfer to checking at bank 1 for my daily needs, then any extra is transferred to the money market at bank 2 for longer term savings.
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Don't laugh but we have 2 checking accounts, 6 CD's, 1 savings account, 2 IRA accounts and a brokerage account. Unfortunately our 6 CD's all have different renewal dates so combining them wasn't a possibly although I'll look into to down the road.Comment
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Wait until you have to put the house in the trust. It's not only time consuming but will also cost a lot of money. Creating new bank trust accounts is mostly time consuming but doesn't cost a lot of money. But does offer peace of mind. All of my assets are in my trust and documented in my living revocable trust.Comment
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Luckily the attorneys office is handling the house being put into the trust. Not sure how much it costs but I know it was part of the total attorney fees we paid which of course weren't cheap. I can see now how lot's of people this stuff off. Few people have thousands of dollars sitting around just for a trust even though it's super important.Comment
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We did the same. The attorney handled getting the house into our trust. I was able to take care of the brokerage account without too much hassle. Thankfully, we were able to add the trust to our existing bank accounts without having to open new ones. We also contacted our insurance broker and had them add the trust as a named insured on our homeowner and umbrella policies.Originally posted by Drake3287 View Post“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”Comment
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Could the CDs be managed as an underlying asset in the brokerage (brokered CD's)? Can you add the proceeds from the CDs to your brokerage account as they mature?Originally posted by Drake3287 View Post
Does the trust pay for all your expenses?Comment
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We opted to do a detailed will -vs- a trust after discussion with attorney. He said the main reason for a trust is so you have a bit of control over things beyond the grave. Such as an heir that is irresponsible or has a drug / alcohol problem and would squander everything quickly, or if you have a special needs person you want cared for long term.Comment
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Interesting... We had our first billable hours with our attorney for estate planning this week as well. And we also went deep into the discussion of a detailed will versus a trust. We were fairly certain we needed a trust for specifically if/when the federal government dissolves our marriage because of who we are.
She strongly advised a living trust if/when we retire to California, which is a plan we've been kicking around. The probate rules are very different there. In our current situation, she strongly encouraged detailed wills.
The discussion was extremely heavy and detailed. Her advice on leaving our retirement accounts to charities if we were to pass early was mind-opening. It's a mathematical outcome, you either give to the government in taxes, or you can have an outsized and focused impact by giving it away to a cause.History will judge the complicit.Comment
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This is an example of giving into fear mongering. Gay marriage is now an established thing and will not be going away. All marriage is, is a tax status. Quit worrying about these boogey man threats someone on the right is coming after your marriage.Originally posted by ua_guy View Post
Having a properly prepared will to leave your property to him and his property to you is all you need. Can things get complicated if you have an ex-wife and kids who think they are entitled to the house if you die first? Sure, but that would exist just as well if you were re-married to another woman rather than a man. You've never discussed such a case, so I am assuming it should be all the easier for you.
Pay a lawyer to prepare your will per state requirements. Make sure it is communicated to all of your family and all of his family while you're both still alive.
Back around 2003 I had a friend who's grandfather had decided to get divorced and married a guy when he was around the age of 60. When the grandfather died around 70 (in 2003), my friend's family went after the estate from the widower and won. My friend pointed out the grandfather had never updated his will from when he was divorced. Can you really say they were wrong for enforcing his grandfather's will by kicking the guy out?Comment
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You're not going to tell me what I should fear or not. And that is a very real fear, by the way, since there are bills being advanced as we speak to overturn it. The last recent attempt failed, thankfully (Kim Davis), however, other states are taking up the fight on different grounds, and, as we know, established supreme court decisions and precedent mean absolutely nothing these days.Originally posted by myrdale View Post
You don't get it. A will isn't enough. And it isn't just about dying. Please, excuse yourself and your lack of knowledge from trying to explain this to me.History will judge the complicit.Comment
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We thought a woman's right to control her own body was "an established thing" and we see how that went.Originally posted by myrdale View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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