On Apr 28, 2:53 pm, Mark Bole <ma...@[EMAIL PROTECTED]
> wrote:
> Don wrote:
> > For someone with only one or maybe two heirs, a simple solution is to
> > have everything held jointly (JTWROS). My wife and I hold every last
> > account jointly, so the survivor will have immediate access to
> > everything. No probate, no trust.
In addition to Mark's excellent points, properly structured Trust
ownership provides asset safety after death.
A JTWROS won't protect your heirs from greedy ex-spouses during nasty
divorces. Nor will it help shield assets from a successful lawsuit.
The most common concern I encounter with JTWROS situations is as
follows: Husband dies and leaves everything to the wife. Wife
remarries. Wife dies and either 1) she leaves everything to YOUR heirs
(as originally intended); 2) she leaves everything to new husband; or
3) some combination of 1 and 2. If event 2 or 3 happens, strangers
will inherit some or all of your estate. Most people don't like that
thought.
Trusts aren't for everyone. But if you're going to leave behind a
sizable estate, it's penny wise and pound foolish not to take the
precautions.
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