Jim, your videos are the clearest and most easily understood available! I can't thank you enough for taking the time to give us such critical information in plain language, God Bless You!
Should all the bank and brokerage accounts be under the name of the trust... John Doe living trust or having the beneficiary of all accounts be the living trust suffice the requirement to avoid probate? Thanks
Bank accounts that ought to be in the trust should be titled in the name of the trust. Naming a trust as beneficiary is a shortcut that institutions take because it’s easier for them. A problem can arise when a grantor of a trust is incapacitated an ordering of liquidation of accounts comes in to play. For example, when paying mom’s $25K per month care bill, does the money come from her IRA, her bank account with the trust as beneficiary, the bank account in the name of the trust, or the bank account that is in mom’s name individually? This ordering process determines which account is drained first, then the next, then the next and so on. You can contact our office for a consultation if you need estate planning help: www.cunninghamlegal.com/california-law-offices/contact/
Thank You in triplicate. I used a "Ladybird Deed" to transfer my house in Florida. I did open a Trust at my bank but did not realize that that was all I needed to do to put it in my bucket. That is why I watched this video. The process is so confusing..
I'm glad you found our video helpful! Please note that this content was specifically developed for California Estate Planning, as we are a California law firm.
My wife and I are grantors of our trust, we would like to put the name of the living trust into our existing daily checking account that we use and still plan to use. Is that possible or once it has the name of the trust we can't use it? (Irrevocable Trust)
Typically, a Living Trust only becomes irrevocable when one or both of you die. Since you are both living, it is likely that your “living trust” is a revocable trust. You should be able to put a checking account into a revocable trust. But, please check with your attorney to confirm if it is a revocable or irrevocable trust!
Very knowledgeable, and informative! Thank you very much for these amazing BREAKDOWNS ❤
You are so welcome! Thanks for leaving a comment. We really appreciate it!
Jim, your videos are the clearest and most easily understood available! I can't thank you enough for taking the time to give us such critical information in plain language, God Bless You!
Wow, thanks! I'm happy to help educate.
I love this guy i wish i could afford him
Please reach out to our office. We have been building an extensive network and might be able to refer you out.
Great info. You can also tell folks that they can change the speed of the video by hitting the gear icon to make the video/speaker slower or faster.
Great tip! Thanks for leaving a comment.
Thanks for the information
Thanks for watching!
Should all the bank and brokerage accounts be under the name of the trust... John Doe living trust or having the beneficiary of all accounts be the living trust suffice the requirement to avoid probate? Thanks
Bank accounts that ought to be in the trust should be titled in the name of the trust. Naming a trust as beneficiary is a shortcut that institutions take because it’s easier for them. A problem can arise when a grantor of a trust is incapacitated an ordering of liquidation of accounts comes in to play. For example, when paying mom’s $25K per month care bill, does the money come from her IRA, her bank account with the trust as beneficiary, the bank account in the name of the trust, or the bank account that is in mom’s name individually? This ordering process determines which account is drained first, then the next, then the next and so on. You can contact our office for a consultation if you need estate planning help: www.cunninghamlegal.com/california-law-offices/contact/
Thank You in triplicate. I used a "Ladybird Deed" to transfer my house in Florida. I did open a Trust at my bank but did not realize that that was all I needed to do to put it in my bucket. That is why I watched this video. The process is so confusing..
I'm glad you found our video helpful! Please note that this content was specifically developed for California Estate Planning, as we are a California law firm.
My wife and I are grantors of our trust, we would like to put the name of the living trust into our existing daily checking account that we use and still plan to use. Is that possible or once it has the name of the trust we can't use it? (Irrevocable Trust)
Typically, a Living Trust only becomes irrevocable when one or both of you die. Since you are both living, it is likely that your “living trust” is a revocable trust. You should be able to put a checking account into a revocable trust. But, please check with your attorney to confirm if it is a revocable or irrevocable trust!
@@CunninghamLegal thanks for replying, it's irrevocable since we only have 1 child that is special needs.
👍👍
thank you!!
You are welcome!