Is this true about wills and trusts?

See a lawyer . . . I have both.

Not true. Wills cover a lot more than just $$.

And be sure you have the Health Care Directive as well, so you have control of what the hospital does if you get to be in a vegetative state.

Your daughter is misinformed.

I’m not a lawyer.

I really doubt you need a trust. Why do you want one? Your estate won’t owe any federal taxes when you die. I doubt you will owe state taxes.

A lawyer can draw up a healthcare directive and someone to be in charge of your estate when you die. If you need a POA right away they can help with that. They can draw up the papers for your wishes for your property.

You can put beneficiaries on all bank accounts, retirement funds, insurance policies, brokerage accounts. Beneficiaries will rule where and who your money goes to more than a will. So, for instance, if you don’t want all of your money to automatically go to your spouse, just list your kids as beneficiaries on your bank account instead of him if you want them to get the money, but that needs to be an account in your name and he can’t have rights of survivorship.

Listing beneficiaries avoids probate.

So much difference between a Will and a Trust.
A Will goes into effect after you die while a Trust goes into effect after you sign it.
They cover different aspects of your property, assets, etc.

See a Lawyer.

There are many kinds of trusts and your daughter’s advice may or may not be true. The best advice is to see an attorney about this.

Thanks guys. I actually have an appt with my favorite attorney
on the 2nd and an appt with a trust attorney on the 11th. I will keep both appointments.
Thanks again.

I worked for an estate planning attorney when I was in college (a very good estate planning attorney, I might add) and I asked him “who should have a Will?” His response was “anybody who owns real estate or has children.”