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Reply to "Wills vs trusts vs neither"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do financial assets (Bank accts, brokerage accts, etc.) currently in the name of an individual with named beneficiaries avoid going through probate? If not, will those same assets in the name of a revocable trust avoid probate?[/quote] Yes, but it is recommended that you do not use beneficiaries for most accounts other than retirement accounts so as not to inadvertently defeat the purpose of your will.[/quote] Oh god. Where did you hear this atrocious advice? I’m an attorney with an extensive background in finance. This might literally be one of the very worst pieces of financial advice that I’ve ever heard. [/quote] 🙄 For a decedent with a testamentary trust and bequests and/or debts this is reasonable advice. I think it’s probably a good idea to have both— some accounts the heirs can immediately have access to and some accounts to pay bills or bequests of the decedent. [/quote]
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