Couple has a testamentary will. Is it better to name the contingent beneficiaries as the minor children, the estate, or testamentary trust? Some investment custodians set up a custodial account with a named guardian. That would avoid probate, correct?
Couple doesn't really want to set up a revocable trust and rename all their assets to then close down the trust when the kids are of age. At that point, the couple can name their adult children as beneficiaries on everything. They prefer not a trust so in the future the kids don't have the administrative burden of a trust.
Are there other options now with minor children to help protect the assets from probate?
Thanks!
Couple doesn't really want to set up a revocable trust and rename all their assets to then close down the trust when the kids are of age. At that point, the couple can name their adult children as beneficiaries on everything. They prefer not a trust so in the future the kids don't have the administrative burden of a trust.
Are there other options now with minor children to help protect the assets from probate?
Thanks!
Statistics: Posted by Jeanie1 — Tue May 21, 2024 2:44 pm — Replies 0 — Views 19