If you are reading this, you probably need an estate plan. If you have children, live in states like California, you owe it to your family to have an estate plan that includes a revocable trust. One of the first things I did after my daughter was born 6 years ago was set up an estate plan.
How did you know I was just researching about an estate plan!? :) I have a first appointment with an estate planning attorney later today. Your post was very timely and informative. Thanks for everything you do!
Should/Can you put yourself as the trustee of the trust? For the revocable living trust?
Can you share more of the people involved in the trust as an example? (trustee/beneficiary/etc...?)
When you go to the notary with the beneficiary (e.g. wife)
> "Another month later, everything was approved, and my wife and I (with our six-month-old in tow) visited the office to sign all the documents in the presence of a notary."
Does that imply your beneficiary/wife/(trustee?) have visibility of all your assets?
Or is the signed document doesn't mention any specific amounts? bank accounts?
In my case the trustree's are both me and my partner. We were the only ones involved in the process, both signing with a notary. I did share my guardianship wishes with the people I selected and told the executor about the trust, but no other specifics. There are not really any account details within the trust. It is a separate process I needed to go through to move assets into the name of the trust (but the trust didn't change at all).
In my case all our assets were communal property already so the distinction wasn't as complicated as if we both had pre-marital assets. My non-lawyer understanding is that you would keep your pre-marital assets in your own name (if that is what you are wanting) and can name the trust as the beneficiary (wouldn't want to do this with retirement accounts). So they don't need visibility, but still benefit from the existence of the trust and the assets going into the trust after death.
Since this is FAANG FIRE, what happens to the people that are on a US visa and may not remain permanently in the US? Would a US trust will still be applicable in other countries to avoid probate?
Or would one need a trust in each country of residence?
Also, are there any downsides of creating a Trust?
(e.g. are there maintenance fees? possibility of the government to own your assets for whatever reason?)
As always, thanks for super detailed and helpful dive into estate planning!
>other assets (stock plans, brokerage accounts, bank accounts, college funds, etc).
If our goal is to protect assets from probate, these assets can be excluded by designating beneficiaries. Do we really need to retitle all these assets to the trust? This is a lot of work, and may not be needed for this goal. There might other benefits with doing this I maynot be aware of though.
Not all my bank accounts seemed to have the ability to set a TOD (transfer on death) or beneficiary. If your institutions do, that would avoid probate. Although, my understanding is that you have a much greater degree of flexibility by putting everything in the name of a trust.
One benefit could be that after the initial pain of re-titling everything in the trust name, any future changes would only need to be done to the trust, and not every single account.
How did you know I was just researching about an estate plan!? :) I have a first appointment with an estate planning attorney later today. Your post was very timely and informative. Thanks for everything you do!
I feel like open enrollment time always reminds people about all the things they forgot to do the prior year!
Should/Can you put yourself as the trustee of the trust? For the revocable living trust?
Can you share more of the people involved in the trust as an example? (trustee/beneficiary/etc...?)
When you go to the notary with the beneficiary (e.g. wife)
> "Another month later, everything was approved, and my wife and I (with our six-month-old in tow) visited the office to sign all the documents in the presence of a notary."
Does that imply your beneficiary/wife/(trustee?) have visibility of all your assets?
Or is the signed document doesn't mention any specific amounts? bank accounts?
Or visibility is only available after death?
In my case the trustree's are both me and my partner. We were the only ones involved in the process, both signing with a notary. I did share my guardianship wishes with the people I selected and told the executor about the trust, but no other specifics. There are not really any account details within the trust. It is a separate process I needed to go through to move assets into the name of the trust (but the trust didn't change at all).
In my case all our assets were communal property already so the distinction wasn't as complicated as if we both had pre-marital assets. My non-lawyer understanding is that you would keep your pre-marital assets in your own name (if that is what you are wanting) and can name the trust as the beneficiary (wouldn't want to do this with retirement accounts). So they don't need visibility, but still benefit from the existence of the trust and the assets going into the trust after death.
Hope that helps... at least directionally.
Since this is FAANG FIRE, what happens to the people that are on a US visa and may not remain permanently in the US? Would a US trust will still be applicable in other countries to avoid probate?
Or would one need a trust in each country of residence?
Also, are there any downsides of creating a Trust?
(e.g. are there maintenance fees? possibility of the government to own your assets for whatever reason?)
As always, thanks for super detailed and helpful dive into estate planning!
>other assets (stock plans, brokerage accounts, bank accounts, college funds, etc).
If our goal is to protect assets from probate, these assets can be excluded by designating beneficiaries. Do we really need to retitle all these assets to the trust? This is a lot of work, and may not be needed for this goal. There might other benefits with doing this I maynot be aware of though.
Not all my bank accounts seemed to have the ability to set a TOD (transfer on death) or beneficiary. If your institutions do, that would avoid probate. Although, my understanding is that you have a much greater degree of flexibility by putting everything in the name of a trust.
One benefit could be that after the initial pain of re-titling everything in the trust name, any future changes would only need to be done to the trust, and not every single account.