Your explanation of rock-paper-scissors suddenly expanded my mind. I don’t know exactly why but that’s what I felt. After reading your piece, I have a question: as a beneficiary of all my accounts, I named a trust. And I think I did the same in my will. Does that solve everything? The trustees I named are my son and husband.
I'm still learning when it comes to estate work and trusts, so I’ll share what I understand so far.
A good starting point is to ask: what problem are you trying to solve? Often, it's avoiding probate, but it could also be about keeping control of assets, managing taxes, or making things smoother for your family.
Generally, if you name beneficiaries—like on retirement accounts or by setting up TOD (transfer on death) or POD (payable on death) designations—those assets usually skip probate. And while we often think of beneficiaries as people, you’re right: they can also be trusts.
That said, trusts can serve other purposes beyond avoiding probate. If you already have one, it’s worth revisiting why you set it up and whether it still fits your goals.
Love the Rock Paper Scissors analogy Julie! And thank you for it because it makes that process clearer to me.
Glad that helped!
Your explanation of rock-paper-scissors suddenly expanded my mind. I don’t know exactly why but that’s what I felt. After reading your piece, I have a question: as a beneficiary of all my accounts, I named a trust. And I think I did the same in my will. Does that solve everything? The trustees I named are my son and husband.
I'm still learning when it comes to estate work and trusts, so I’ll share what I understand so far.
A good starting point is to ask: what problem are you trying to solve? Often, it's avoiding probate, but it could also be about keeping control of assets, managing taxes, or making things smoother for your family.
Generally, if you name beneficiaries—like on retirement accounts or by setting up TOD (transfer on death) or POD (payable on death) designations—those assets usually skip probate. And while we often think of beneficiaries as people, you’re right: they can also be trusts.
That said, trusts can serve other purposes beyond avoiding probate. If you already have one, it’s worth revisiting why you set it up and whether it still fits your goals.