Looking at specific Transfer of ownship at death. You have experience with Trusts, Wills, TOD, POD to transfer ownership at your death?

[Pauline1954]

I am ready to face and get this done. My husband has a will naming me only. But I want to use a Trust or TOD Transfer on death deed. Its a special type deed known as a Beneficiary deed for property

Have any of you used this? Or have any knowledge about them?

I read where a trust would cost from a few hundred to several thousands depending on the size of the estate. I want one to make sure my husband has no problem should I pass first. And he wants this for me as well. The will he has may cause one of us to go through probate costing either of us thousands of dollars in taxes that could have avoided. I dont want either one of us in a position to worry for months or cost us extra. Death of a spouse is emotionally crippling to most. I dont want him to experience this nor do I.

We want it as easy as possible.

Looking for suggestions.

Thank you

 

[Nathan]

We just recently had an attorney set up Living Trusts and wills for both my wife and I. Cost is $1950 for both. Our children will be able to pay our outstanding bills, take possession of assets shortly after we pass, and take care of any pending matters. No probate, no estate tax.

 

[Pauline1954]

I like how simple it is. I dont want anyone let after us to even be so burdened with so many legal problems.

Thanks

 

[Remy]

Yes, I think the trust is what you need. That way at your passing, it goes to the people named. Your property, assets and bank account. I'm on my stepfather's bank account. I guess you have to trust the person you put on there.