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Myths & FAQ on Planning with a Joint Trust – Part 2

Myths & FAQ on Planning with a Joint Trust - Part 2


Getting Ahead: Key Queries on Joint Pour-Over Trusts

Knowledge is power, especially when it comes to your financial legacy. Let’s address some burning questions about joint pour-over trusts.

Question#1: “Should All Joint Accounts Flow into a Joint Pour-Over Trust?”

In the finance game, proactive moves often yield the best results. Joint assets usually transition to the surviving partner. But if both parties exit the stage simultaneously, legal complexities could arise. Placing joint assets in a trust offers a buffer against unforeseen events. However, if you’re dealing with ‘tenancy by the entirety,’ you might want a different approach. It’s paramount to be upfront with your estate planner to navigate these nuances.

Question #2: “We’ve Discussed Posthumous Plans. Isn’t That Sufficient?”

Talk is cheap, especially in finance. Verbal agreements don’t hold weight in the eyes of the law. Without an official estate plan, the state dictates the division of your assets. If you’re banking on your spouse to redistribute assets later, remember: intentions can change. It’s essential to formalize your wishes to avoid potential pitfalls. Stay tuned, we’ve got more myths to bust!

Read on for Part 3-Estate Planning: Your Financial Future, Decoded