How are wills & trusts different?
A will allows you upon your death to dispose of your assets not in a trust and without either a… show more.
A will allows you upon your death to dispose of your assets not in a trust and without either a beneficiary designation or survivorship rights according to your own wishes. A trust is a private legal arrangement in which a trustee holds and manages assets for the benefit of specific individuals or entities.
Why do I need a will if I have a beneficiary designated with survivorship rights?
There are too many potential changes in circumstances for a client to confidently rely upon beneficiary designations and survivorship rights… show more.
There are too many potential changes in circumstances for a client to confidently rely upon beneficiary designations and survivorship rights as a substitute for a will or trust. If changes in circumstances occur, you may not have the capacity or wherewithal at that time to change the beneficiary designation of each and every account at every financial institution.