Re: adding trust to existing credit union accounts

[http://dummy.us.eu.org/robert (Robert)]

I just looked it up.  Apparently, the beneficiaries for my 401k's were not
updated, as I had thought.

I suspect that I'll need to have those changes notarized as well.  May as
well do it all in one, big batch.

(For some reason, my Fidelity IRA is not listed.  I'll have to figure out
what's up with that.)

 > From: Noelle <noelle>
 > Date: Thu, 31 May 2018 13:17:10 -0700 (PDT)
 >
 > After re-reading the funding section of the trust, I'm wondering 
 > about a couple of things.
 > 
 > First, whether it makes sense to designate the beneficiary of IRA's 
 > and 401k's as the trust.
 > 
 > I assume that, in general, naming the trust as the beneficiary 
 > cannot hurt and may end up helping since it may provide protection 
 > against creditors.  It looks like the only possible downside, 
 > according to
 > 
 >  https://www.thebalance.com/choosing-beneficiaries-for-iras-and-401k-3505288
 > 
 > is the five-year-rule for 401k's, that beneficiaries need to pull 
 > out all the money within 5 years.  I assume that most of that will 
 > be taxed as income.  But, I further assume that this would be the 
 > case whether the beneficiary were an individual or the trust.
 > 
 > Second, whether ownership for bank accounts (checking, saving) 
 > should be changed to the trust, or whether it's sufficient to just 
 > designate a beneficiary for these.  So far, we were thinking that it 
 > was sufficient to just change the beneficiary to be the trust, but 
 > the "Trust Funding Instructions" section of the estate planning 
 > document suggests retitling the accounts to be the trust.
 > 
 > I assume that changing ownership/title is preferable to simply 
 > changing the beneficiary?
 > 
 > Thanks.