patrick.net

A related question, how to transfer retirement accounts into trust, eventually goes to kids.

The list of beneficiaries of a retirement account is a revocable trust, but it's not called anything.
For non-retirement accounts, a Transfer on Death (TOD) is also a revocable trust.

clambo says

For non-retirement accounts, a Transfer on Death (TOD)

TOD should be used for all bank accounts and stock brokerage accounts, whether IRAs or just plain vanilla. There is no reason to put either of these in a will or a trust. (Not legal advice).

Unless you're over the exemption limit the main reason for a trust is to keep real property out of probate. All financial accounts can avoid probate by simply having designated beneficiaries.

Some states even allow for a TOD deed on your home - thus avoiding probate on what is normally one of your largest assets.

There's nothing inherently wrong with probate other than it takes time for survivors to get that $$$$.

As an example, I will give mine herewith:
My father had married a second time, and his second wife and her daughter arranged his will and trust created by an attorney in South Florida.
Without too much explanation, the second wife didn't like me nor my siblings, so suffice to say her daughter was made the executrix.
She passed away and my father asked me to stay when I visited him in Florida; I was able to do this although at first I resisted.
"I want to make changes now that X is gone."
"I can help you do this."
As a doctor, my father instinctively disliked lawyers; the trust and will cost over $6,000 and he didn't want to go back to the shyster.
"I know how to fix this and it's less complex."
The process was a "transfer in kind" of his accounts away from a sleazy Morgan Stanley guy in Boca Raton to Vanguard.
When he transferred the accounts, the Vanguard accounts were created in his name, not "trust of..."
So, the trust was now empty.
I explained to him how to name beneficiaries and etc. with Vanguard with either a TOD or just listed in his retirement accounts, depending on the account.

I prepared his income taxes after seeing how UHY Advisers in Manhattan charged him as much as the lawyer. He was amazed with the result which I printed out for him to see.

I gave some tax advice to UHY because they missed something my father could have deducted; I also suggested that they stop sending him vouchers to pay "estimated quarterly taxes" because I would instruct the New York Life Annuity to simply withhold 15% from his monthly payments. This of course saved my father getting a bill from UHY Advisers every quarter also.

He had a Jackson Variable Annuity; he turned 95 and this was the "annuity date". I said "You must take the money in a lump sum; you cannot get your money back with 'lifetime annuity payments' at your age." I handled this so he got a lump sum.

He was a WWII veteran and had a small life insurance policy since 1944; this had a small death benefit, but the cash value was just a couple of thousand dollars less. I said "Take this money out now."

Important tidbit: At Vanguard (and assuming the others), he could name an "agent"=person who could deal with his finances should he have a stroke or be unable to talk on the phone or type instructions.
Which powers the Agent has varies, and is determined by the account owner, in this case, my father.

My father liked not seeing a lawyer again and paying another $6,000.

Interestingly, his wife passed away and she owned a small amount of a mini storage partnership in California.
In her will she left her assets to my father (nothing much really).
So, I arranged the probate for her and my father inherited a little bit from her.

I learned a couple of important things from my experience with 1. Accountants 2. Lawyers.
Neither of them will advise you how to save your money and do things more simply.
You are a cash cow to be milked, especially if you are an old guy.

stfu says

There's nothing inherently wrong with probate other than it takes time for survivors to get that $$$$.

Probate has legal costs. TODs are free.

My wife and I hold in joint tenancy. It requires a death certificate and filing to obtain full ownership, no probate. However, can't figure out who to leave the pile to. Some relatives are already rich, others I don't know very well. Most of the things I might have thought of (universities, fraternity) are too fuckingly woke and Kommie.

I will probably write some kind of will for the relatives that I barely know so they can fight over it and kill each other like they do in all of those British detective shows.

Ceffer says

However, can't figure out who to leave the pile to.

Sounds like you and the wife need to do some spending.

HeadSet says

Ceffer says

However, can't figure out who to leave the pile to.

Sounds like you and the wife need to do some spending.

I'd take HeadSet's advice if there's really no one you want to give to. Enjoy life. I really don't trust charity either. Spoil yourself with however many years you think you have responsibly.