If you pay a lawyer good money to create a trust--- do what he says and actually put all the relevant property/accounts/insurance and IRA/401K beneficiaries in the name of the trust. My mom didn't, a hassle getting her IRA transferred to the trust since she'd listed me as the sole beneficiary. She had 6 kids, I was sure she didn't intend it to just go to me. Took 4 months for BofA to just get me the correct from to decline being the beneficiary. When BofA says they appreciate their customers, it's akin to a matador's appreciation for the amusement provided by the bull in the arena. Contradictory guidance from every rep I spoke to in their IRA department for documentation etc.
That's about what I've been led to understand about the process
Good article.
If you pay a lawyer good money to create a trust--- do what he says and actually put all the relevant property/accounts/insurance and IRA/401K beneficiaries in the name of the trust. My mom didn't, a hassle getting her IRA transferred to the trust since she'd listed me as the sole beneficiary. She had 6 kids, I was sure she didn't intend it to just go to me. Took 4 months for BofA to just get me the correct from to decline being the beneficiary. When BofA says they appreciate their customers, it's akin to a matador's appreciation for the amusement provided by the bull in the arena. Contradictory guidance from every rep I spoke to in their IRA department for documentation etc.