QUESTION
Should I have a trust or a will?
Asked on Feb 24th, 2021 on Trusts and Estates - California
More details to this question:
Hi, I have some savings in my personal account and 401k through my company. I'm very far from retirement. I want to make sure my family gets both if something happens to me. I am unmarried and have no dependents. I own no property. What is the best way to ensure they will get my money? A will or a trust or just adding them as a beneficiary? Thank you.
1 ANSWER
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No need for a trust or will at this time. Just put family members as names on the account for TOD (Transfer on Death). Should be able to name them as beneficiaries on the 401k. A trust though would be more appropriate if beneficiaries are under 18, or there is some other reason the family members should be treated differently.
Answered on Mar 01st, 2021 at 5:31 AM