My spouse and I are the beneficiary on our life insurance policies (I have one, he has a few as he is the sole income provider) and retirement accounts. We share bank accounts and we are both on the mortgage/deed to our home. If we were both to die at the same time (example: automobile accident) what happens to our assets? Because our children are minors and not listed on any of our financials, do our assets that normally would not be put through probate court also go to probate? In addition, because their ages, who would our assets be awarded to? Our parents? Our siblings? Does anyone in our family have the right to come in and fight for control?
If we were to create a trust, are we able to lump every asset, including life insurance and retirement accounts, into the trust and have the executor take control and distribute the funds to our children per the instructions left behind if our beneficiary is no longer living?
I'm trying to educate myself on trusts vs. wills. I obviously haven't spoken to an estate lawyer yet and I'm aware I need to.
Submitted August 14, 2018 at 12:33PM by Socially_Selective https://ift.tt/2vInCjd
