Don't title your car or life insurance policy in your living trust. A trust-owned vehicle can be sued, and most states let you transfer cars after death anyway. Instead, name the trust as beneficiary on insurance so it controls how heirs get the money, spreading payouts over time.
Assets you do not want to put in your living trust. Your vehicles. If you've ever tried to go down to your local DMV and do that, you'll know what I'm talking about. If you have an accident, your vehicle is titled in the name of your living trust, guess who's going to get sued? Most states have an easy way to transfer vehicles after death, or you can just assign your vehicles to your living trust. Next would be life insurance. Don't try to title your life insurance in the name of your living trust. Make the trust the beneficiary of your life insurance. Many people say, well, I've already got beneficiaries on my life insurance. In that situation, you make the trust the secondary beneficiary. And if you make the trust the beneficiary of your life insurance, then you don't have to worry about lump sum payments to your heirs. You can set up a plan in your trust and distribute it to your heirs over time so they don't blow it all at once. Go to my profile link and sign up for my newsletter.
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