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Originally Posted by FL2021
For accounts such as 401k, IRA, Roth, etc., we received a mixed advice from our legal and financial services as to whether our children or the Revocable Trust should be named as the secondary beneficiary (after spouse being the primary).
For those of you who have already walked this path, is there a simple answer to this?... or perhaps there are pros & cons to either one? e g., difference in tax implications?
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Our trusted attorney advised us to add our children to our retirement accounts as the secondary beneficiary to avoid probate costs and legal fees. Also we added them to our Deeds (one in Michigan and one in Florida) under special State Deeds that allows the spouse complete control until death or otherwise decided.