Submitted by yoyokittychicky t3_1001izb in personalfinance
ku91fanatic t1_j2fgalp wrote
A will isn't sufficient to do this, but it isn't complicated either. The way to exercise the most control of your assets after death is through a trust. You work with an attorney to establish a trust that lists how you want your assets to be passed on. You will also pick a person (called a trustee) who is in charge of executing your wishes after death, for a reasonable fee. You would list all beneficiaries as the trust you create so that the trust owns all assets after your death. At that point, the trustee will be able to sell any investments/assets that need to be liquidated and once the cash is available, the trustee will write a check as you have directed.
You can also list a bank or an attorney as your trustee. This is a good idea if you don't have a trusted person to handle this for you at death. There is more oversight when you have an entity like a bank serving as trustee, although the cost tends to be higher too.
Viewing a single comment thread. View all comments