What are the benefits of naming beneficiaries in a living trust?
An example of an AI chatbot conversation about living trust beneficiaries.
What are the benefits of naming beneficiaries in a living trust?
Naming beneficiaries in a living trust helps ensure that your assets are distributed according to your wishes, avoids probate, and can provide tax benefits.
Can I change the beneficiaries after I've named them?
Yes, you can change the beneficiaries of your living trust at any time, as long as you are alive and mentally competent.
What happens if a beneficiary passes away before me?
If a beneficiary passes away before you, the trust document should specify what happens next, such as designating an alternate beneficiary.
Do I need a lawyer to set up a living trust?
While it's possible to set up a living trust without a lawyer, consulting one can help ensure that it's done correctly and meets your needs.
How often should I review my living trust?
It's a good idea to review your living trust every few years or after major life events, like marriage, divorce, or the birth of a child.
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