Wealth. Wisdom. Peace of mind.
Laurie Goodman helps families understand the tools that protect what they have built, so the people they love are taken care of.
Will vs. trust vs. TOD vs. POD
Different tools. Different purposes. Here is the short version.
Will
Directs how your assets are distributed after death and can name a guardian for minor children. A will alone does not avoid probate.
Living trust
You place assets in a trust during your lifetime. A trustee manages them under your terms. Generally avoids probate for properly funded assets, and can be changed if revocable.
Transfer-on-death (TOD)
Names a beneficiary for eligible assets, such as brokerage accounts or real estate where allowed, so they pass directly at death.
Payable-on-death (POD)
Names a beneficiary for bank accounts like checking and savings, so funds pass directly at death.
A trust only protects what you put in it
Assets people often consider placing in a revocable living trust:
- Real estate
- Business and family LLC interests
- Non-retirement investment accounts
- Personal valuables
Usually kept in your own name: 401(k)s, IRAs, Roth IRAs and HSAs. A trust can be named as a beneficiary, but special tax rules apply.
"Plan today. Build tomorrow. Retire with confidence."
Laurie Goodman, Smart Money Consultants
Life changes. Your plan should too.
Family changes
Marriage, divorce, a new baby or a loss.
Big purchases
A new home, a business or a move to another state.
Old paperwork
Beneficiary forms you have not looked at in years.
General education only, not legal or tax advice. Rules vary by state, asset and institution. Consult a qualified estate-planning attorney and tax professional.