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Strategies & Market Trends : Estate Planning
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To: SI Dave who wrote (2)1/15/2005 12:38:54 AM
From: Cisco   of 79
 
I read on another thread the other day your discussion on how Suze Orman sometimes makes blanket statements, which are not always true. Well I ran across another one of these in her book which is more often wrong than right.

She states that all revocable living trusts should be coupled with a pour over will. The fact is only a living trust with subtrust for property management should have a pour over will. Instead, other trust should have a regular back up will.

One of the advantages of a living trust is that it can be settled and closed in a few weeks after death instead of taking months to years for a will to be probated. If you have a pour over clause in your will then your trust must remain open until after the will is probated and everything has been poured over into your trust. If you have a subtrust in your living trust for your children, then a pour over will may be okay since there is no hurry to close the trust.

In my case, I plan to put everything into my trust except my car, bank accounts, and brokerage accounts. I will have a TOD on each of my bank account and brokerage accounts so that the only property I will have going through my will is my car. I will have a pour over clause in my will as well since I have children who will have subtrusts set up for them.
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