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Old 11-16-2019, 03:15 PM
rriley rriley is offline
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Originally Posted by ncbill View Post

Once the trust is setup all assets, real and financial should be retitled in the name of the trust ASAP.
It would be best to transfer the significant assets such as bank and brokerage accounts and real estate but just have a "Pourover" paragraph in the will (which transfers all other belongings to the trust), to cover the rest of the of the assets and personal items not provided for with specific bequests.
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Old 11-16-2019, 03:29 PM
ncbill ncbill is offline
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Originally Posted by rriley View Post
It would be best to transfer the significant assets such as bank and brokerage accounts and real estate but just have a "Pourover" paragraph in the will (which transfers all other belongings to the trust), to cover the rest of the of the assets and personal items not provided for with specific bequests.
Yes, one should have a "pour over" will to catch any assets that might have been missed.

But once the trust is created all known major assets...financial & real estate should be re-titled into the name of the trust ASAP (delaying until ultimately failing to do so is surprisingly common)

Disposal of personal items can be specified in a will, but this is often what happens in real life:

I had the beneficiaries come take what they wanted out of the household items (furniture, etc)...the leftovers were sold or donated.

I used the POA (shortly before my relatives died) to access their safe deposit boxes and handed the contents directly over to their beneficiaries to divide amongst themselves.
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