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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 thing that a trust can do is make your inheritance, creditor and predator proof.
We had a client who told his dad he wanted to get a divorce. He was filing for divorce. Two days later his father passed away. His father had everything in a trust because the inheritance was in the trust that his inheritance did not become part of the divorce as much as his ex-wife fought and fought and fought for 50% of the father’s inheritance, she didn’t get because it was in her trust so when people are talking about it makes it creditor and predator proof. It’s for the things that your child could be going through at the time of the inheritance. That’s what you need to think about.