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Originally Posted by Jim1mack
First marriage. 47 years. One adult child. Mortage. After we both pass our child is listed as the beneficiary on our investment and bank accounts. Quit Claim Deed includes our child. Our will shows everything going to our child. Our child is our POA. Living will is basically DNR.
Don’t know what we may be missing. Without bringing up any extenuating circumstances - do we need a trust?
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The main advantage to a revocable trust is to avoid probate and thus maintain privacy and speed up the transfer of assets. As a general rule, you put real estate and non-retirement financial assets in the trust. If you have substantial money in non-IRA accounts then a trust would be good to avoid public disclosure. Only 5 states allow "Ladybird" transfers, Florida being one of them.