Alternatives to Revocable Trusts
Revocable trusts remain a core estate-planning tool, but they aren’t the only way to achieve probate avoidance and efficient asset transfer. In many cases, transfer-on-death (TOD) and payable-on-death (POD) designations can be applied to financial accounts and real estate. In some states, TOD designations for automobiles can help accomplish a client’s objectives with lower fees, fewer administrative steps and less ongoing oversight. For advisors, the key is to match the planning solution to the client’s goals rather than defaulting to a revocable trust for every client.
Why Revocable Trusts Matter
Revocable trusts remain popular because they can address several planning concerns at once, including probate avoidance, continuity during incap…
