Of course, we plan to meet with an attorney, but I thought I’d come here first. My husband, 56, and I, 52, have been married for 26 years and have no children. We have no debt and own our primary home and a vacation home, as well as my mother’s home in another state.
She lives there at no cost other than paying for the utilities. We purchased it so she could afford to live there for as long as she is able. The home is in my name with a beneficiary deed to my husband in case something happens to me first.
We also own a marina slip near our primary residence. Other assets include two cars, two boats and three recreational vehicles. Ex-Deloitte CEO on Connecting College to the Corporate World Play video: Ex-Deloitte CEO on Connecting College to the Corporate World We also have approximately $2 million in 401(k)s and IRAs.
We’re looking to get one in place sooner rather than later, even if it’s just an online will, until we complete something more comprehensive. Don’t Short Yourself offers weekly money tips to help you earn it, stack it and grow it. I would like to receive updates and special offers from Dow Jones and affiliates.
I can unsubscribe at any time. What are the pros and cons of a will versus a trust? Other than avoiding probate, what benefits would a trust provide for a couple in our situation?
Many thanks for your help. We are keen to get this sorted once and for all. **Related:**My elderly relative gave her lawyer power of attorney — now he’s forcing her into a nursing home. Should I get involved? **_You can email The Moneyist with any financial and ethical questions at [email protected].
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