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Reply to "Do all wealthy people have marital trusts? How does that work?"
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[quote=Anonymous][quote=Anonymous]I don't understand why a trust is necessary. If your spouse is your designated beneficiary on all accounts, there will be nothing to go through probate - it will all automatically go to the beneficiary.[/quote] There are instances where a trust is helpful. Like if a home is in both names and one spouse dies. The remaining spouse cannot sell the home while the deceased’s name is on the mortgage. Or say if you are leaving money to a spouse, what happens if they remarry? Would you be ok if money went towards that new spouse, especially if the surviving spouse dies? Or would you like to specify that the remainder should go to the children? Look up Paul Rabelais on YouTube. He explains it very well. [/quote]
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