Question for the Money Doctors

Question submitted on May 19, 2021.

Question

My husband and I had a joint revocable living trust done when we lived in CA, and we owned a home. We now live in NY and no longer own anything. We only have bank accounts/IRAs etc. We do not have children. Does it make sense to do a new trust or is a will enough to make sure all our money goes to our siblings upon our deaths?

Answer

You should update your living trust and since you are now in NY, should be updated for NY law.   Unlike CA, NY is not a community property state.   When you sold your home, did you put the money into a brokerage account?  If so, the brokerage account should be in your living trust.   Your IRAs should have named beneficiaries which means you and your spouse are the primary beneficiaries and your siblings would be the secondary beneficiaries.    I assume the bank accounts are joint accounts and after one of you pass away you can set up the bank accounts to Transfer on Death to your siblings.   Your estate attorney will review these details with you.

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