A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.
The widow of car-dealership magnate Ray Brandt filed court papers to evict her family from their Old Metairie compound on Tuesday, the latest escalation of a bitter family battle over control of the massive estate that Brandt left behind when he died in late 2019.
In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
Building enough wealth to sustain yourself in retirement is a monumental achievement. However, financial planning doesn’t end when you no longer rely on a paycheck.