Personal finance and investing mega thread extravaganza

realitybytes

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Question what is better a last will or a living trust?

Ok looks like living trust avoids probate courts and fee's related but would have to get my house retitled to name of living trust and get all bank accounts changed on Pay on death to all the trust. for 401K it says talk to fininacl advisor on that so not sure how that would work.

With a will do you need to change this stuff also?

you're starting to ask questions that if i answer could be construed as advice.
you should read up on this stuff before you act. here's a couple good resources:





 

GBP4EVER

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After reading everything right now seems a will might be best bet as that way I don't have to go through having to transfer ownership of everything to a living trust. Down the line as I get older that might make more sense.
 
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dannobanano

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After reading everything right now seems a will might be best bet as that way I don't have to go through having to transfer ownership of everything to a living trust. Down the line as I get older that might make more sense.
My parents had both, a will and a living trust.
A Will without a trust guarantee’s probate. Probate costs money for lawyers, gets courts involved, makes all your personal financial info public.

So depends on what you want to see happen.
 

57packer

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Probably best to discuss with a lawyer. It's an individual thing.

My wife's aunt passed away without a Trust and no probate was required, BUT her assets were minimal apart from life insurance which passes assets along outside of the probate process.

I agree with danno that a Trust (along with a will) is the best option to avoid probate for a significant percentage of people with the usual types of assets.
 

dannobanano

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In MN, without a trust, if your estate exceeds $75K, you go through probate.
So check the laws in your state because it may be different from state to state.
A will, makes your wishes known as to the disposition of your estate.
A trust, shelters that from probate hocus-pocus.
 
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