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Naming your spouse as the beneficiary is the most accessible and most beneficial choice because assets pass estate-tax-free between spouses no matter the amount as long as the spouse is a U.S. citizen.
A will allows you to determine where your assets go after your death. If you do not have a will, then your property will be distributed according to state law. Generally, the law passes your estate to your closest biological relatives and does not take into account your relationship with them or their circumstances.
This is called probate. An administrator is someone who is responsible for dealing with an estate under certain circumstances, for example, if there is no will or the named executors arent willing to act. An administrator has to apply for letters of administration before they can deal with an estate.
Naming a trust as a beneficiary is a good idea if beneficiaries are minors, have a disability, or cant be trusted with a large sum of money. The major disadvantage of naming a trust as a beneficiary is required minimum distribution payouts.
A Vermont living trust holds ownership of your assets during your life while you continue to use and control them. Assets are then passed to beneficiaries after your death. A revocable living trust (sometimes called an inter vivos trust) can offer a variety of benefits.
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To make a living trust in Vermont, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trusts beneficiariesthat is, who will get the trust property. Create the trust document.
However, if youre married, or are planning to get married, please be aware that by law, your spouse is your default beneficiary, regardless of who you may have been your beneficiary before getting married. This means if you pass away, your 401(k) funds will transfer to your surviving spouse.
Living trusts In Vermont, you can make a living trust to avoid probate for virtually any asset you own -- real estate, bank accounts, vehicles, and so on. You need to create a trust document (its similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Which state is best for your trust situs for your trust? According to independent rankings, the top states with the best trust laws are South Dakota trust law and Nevada in the US.
Dying Without a Will in Vermont If there isnt a will, the probate court must appoint someone to serve as the executor or personal representative. Usually the surviving spouse or adult child is chosen for this role. The executor or personal representative takes care of the estate of the decedent.

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