Do I need to change my bank and investment accounts for the revocable trust?
You should retitle your accounts so that they are in the name of the revocable trust and in such a way that the trustee signs to confirm all transactions. Much of the advantage of a revocable trust is that it affords ease of administration, both during incapacity and upon death. Assets that are not titled in the revocable trust will not receive these benefits. However, you should also have a pour over will for just this reason. If your trust contains all of the instructions for distribution, the pour over will can move the assets into the trust for distribution after death.
Attorney David M. Frees III whose practice involves trusts, estates, wills, and estate and asset protection planning, has just published a new (and free) guide for executors of wills probated in Pennsylvania.
If you are an executor, or if you need to update an old will, trust, or estate plan, or if you need to do one for the first time, call 610-933-8069 and ask for one of David's assistants for an appointment with David or one of his team.
Please tell us that you're calling from our estate planners web site and you will receive a bonus when you come for an appointment or you have a telephone conference with David.