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Should beneficiary be spouse or trust?

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.

When someone dies without a will in Vermont?

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.

Who deals with probate if there is no will?

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.

Should my beneficiary be my trust?

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.

What is a living trust in Vermont?

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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