Reply to If your parent recently died (estate planning)

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[quote=Anonymous][quote=Anonymous]Do a transfer on death deed for real estate and name beneficiaries in your investment accounts. Compile a list of all accounts, credit cards, insurance provider, etc. If you have any assets more exotic than a home and investment accounts, you may need a lawyer.

For power of attorney - get several copies with your original signature notarized. Having the original *in ink* is important for your children. Trust. [/quote]

If I do that, name beneficiaries and do a transfer on death deed, what is the procedure for the beneficiaries to get the funds? Is it as simple as providing a death certificate to the bank? Or even that not required as bank monitors death rolls itself? Would that be simpler than going through the trust which would require renaming it as beneficiary as additional step?

What is procedure for getting the real estate transfer through the death deed?

What is the advantage of having a trust in this situation if taxes are not an issue?
Limiting a big lump sum payment to relatively young beneficiaries to make sure it is not squandered?  Protecting funds from future spouses? Anything else?

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