Checking/Savings account: Do these have a joint holder or have you added a TOD (transfer upon death) person to the account?
Safety Deposit box: Is this in your name only or is it in the trust’s name? If it is in your name only, your heirs will need a legal document (not your trust) to open it.
IRAs: Are adult children the primary beneficiaries? This is typically the best practice. Trusts are named for minor children and adult children that you do not want to inherit the money right away.
Life insurance: Who is the owner and the beneficiary? Is only one child the beneficiary but you have multiple children? Naming them all is a better practice than paying it to one and having them dole the money out (too much room here for squabbling).
Other Investment Accounts: Are these accounts jointly held, in a trust, or have a TOD?
If you have questions please contact your financial professional at Argus Financial Consultants for a beneficiary and titling discussion.
This information is not intended to be a substitute for specific individualized legal advice. We suggest that you discuss your specific situation with a qualified legal advisor.