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My wife is and retired I am 65 and still working. This is…

Customer Question
My wife is 69...

My wife is 69 and retired I am 65 and still working. This is our 2nd marriage we each have one daughter. My wife insists we must have a trust ? i don't know where to start we don 't have much in assets and i don't know if we need a trust a will or both?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

AZ

Lawyer's Assistant: Has anything been filed or reported?

No

Submitted: 8 months ago.Category: Estate Law
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Answered in 7 minutes by:
10/1/2017
Estate Lawyer: Richard, Attorney replied 8 months ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,871
Experience: 29 years of experience practicing law, including tax and estate planning.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Estate Lawyer: Richard, Attorney replied 8 months ago

You would want to do one of the following: 1) Set up a revocable living trust while you are both alive that would become irrevocable upon the death of the first spouse and transfer your assets to the trust now. That would allow you to avoid probate because at your death the trust would own the assets and the trust agreement would control. If you do this, you'd also each want to do a simple "pour over" will in case you failed to transfer any assets during your life to the trust; the will simply provides that any probate assets would then go into the trust and be governed by the trust agreement. 2) Alternatively, you would each do only wills and have the wills govern the distribution of your probate assets at death. It's important to remember that certain assets pass outside probate and thus are not governed by the will and thus do not require probate. These include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Estate Lawyer: Richard, Attorney replied 8 months ago

I just wanted to let you know that I will be away at a meeting for the next hour or so. Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.

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Estate Lawyer: Richard, Attorney replied 8 months ago

Just following up to let you know I have returned just in case you have any additional questions.

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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,871
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Experience: 29 years of experience practicing law, including tax and estate planning.

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