Who gets the $$$ in your retirement accounts when you die? The answer may surprise you.

[PeoplesElbow]

So you're saying she signed a pre-nup? Even if she did, she still has to sign-off on not having interest in the 401k, it's not automatic. If he had a bank account that she wasn't on, would this go to the ex-wife? If their house was in his name only (or they had a rental property) would that go to the ex-wife? Why do you believe the ex-wife would get the entire nut rather than the portion she had already agreed upon during their divorce negotiations? When you die, your current assets go to your spouse unless you have made very specific prior legal arrangements. They don't go to an ex, even if that ex already owns a part. A good example, I had a relative recently pass and had explicitly willed all of his belongings to his children. His ex was still listed as part owner on their rental properties (they continued to run that as a business after they divorced). She did not suddenly own all of those properties outright, his children now own his half. If he had remarried and had no will, I expect his new wife would own his half.

Idk, just going by what his wife is saying. Why does everyone tell you that you need a will and beneficiary forms all in order even if it's going to the spouse?

 

[stgislander]

Idk, just going by what his wife is saying. Why does everyone tell you that you need a will and beneficiary forms all in order even if it's going to the spouse?

So the State can't get their grubby hands on it?

 

[RoseRed]

Idk, just going by what his wife is saying. Why does everyone tell you that you need a will and beneficiary forms all in order even if it's going to the spouse?

I don't have a spouse. I have a will that specifically states what goes to who.

 

[Sneakers]

I don't have a spouse. I have a will that specifically states what goes to who.

I've been told that may not be enough and to create an estate trust account as well.

 

[RoseRed]

I've been told that may not be enough and to create an estate trust account as well.

I'm pretty sure my attorney covered it all. POA and DNR, also.

 

[PeoplesElbow]

I've been told that may not be enough and to create an estate trust account as well.

That sounds like a lawyer marketing their services.

 

[Sneakers]

That sounds like a lawyer marketing their services.

My accountant, who has nothing to do with providing that service. Just having a will doesn't ensure assets won't go to probate.

Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes

What Is a Legal Trust? Common Purposes, Types, and Structures

A trust is a fiduciary relationship in which the trustor gives the trustee the right to hold title to property or assets for the beneficiary.

www.investopedia.com

 

[Clem72]

Idk, just going by what his wife is saying. Why does everyone tell you that you need a will and beneficiary forms all in order even if it's going to the spouse?

Proper planning? You and the spouse might die at the same time or other they may die before you even if they were in better health. If you have multiple children or assets outside of marriage that you specifically don't want going to the spouse? Sometime for tax purposes to protect against forfeiture to medicaid estate recovery, etc .

 

[Clem72]

My accountant, who has nothing to do with providing that service. Just having a will doesn't ensure assets won't go to probate.

What Is a Legal Trust? Common Purposes, Types, and Structures

A trust is a fiduciary relationship in which the trustor gives the trustee the right to hold title to property or assets for the beneficiary.

www.investopedia.com

FYI, there are multiple types of these trusts. And I have been told by a lawyer friend that the only ones that are truly protected are the ones you are NOT allowed to change after they are enacted.

 

[black dog]

Its called an irrevocable trust....