Secret To Naming Your Revocable Living Trust
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- Опубліковано 8 лют 2020
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Many people establish a revocable living trust in order to enable their loved ones to avoid the court-supervised and attorney-involved probate proceeding when they pass away.
All of those trusts have a name or title. Many people include the word "Revocable" in the title of their revocable living trust.
But perhaps it would be a better idea to leave the word "Revocable" out of the title of your trust. You may want to restate your living trust in the future to make it "Irrevocable," in order to attempt to protect your trust assets from potential creditors or from long term care expenses.
If the word "Revocable" is in the title, and if for some reason you want to have the protections in place that an irrevocable trust would provide, you will have to revoke your living trust, remove all of the assets from that trust, and then place them in some new trust.
However, if you exclude the word "Revocable" from the title of your living trust, you will have more restatement options and more protection options to restate the terms of your trust in order to achieve more protections that a revocable living trust would provide.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
👍🏼7:24 when a target on a lawsuit is possible Do not title “Revocable..” Great vital Info !!!
This should have been a 30 second video: "Do not have the word "revocable" in the title of your revocable living trust".
They can’t be that dumb. Are you saying someone actually did that?
You can make up an original name for your irrevocable living trust. The trust doesn’t have to be your own name. The name of your trust could be “happy days 123”. This could help information inside the trust to remain confidential.
Thank you that's a useful tip. Would you know how one would sign as a trustee for private Trust... for example if it's called, happy days, would you just create a new signature for Happy Days?
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These detail these idiot lawyers don't disclose. They still gate keep and treat it like its not important details they need to disclose. I didnt want my trust named after me and guess what 5k later I feel robbed. Smh expensive lesson.
@@rachelb8863 just like any other trust, sign "(your name) - Trustee"
@KOVIDGOON I agree. Lawyers did the same thing with us.
Why not go with a private trust and leave the lawyers out of it?
Strongly suggest you DO NOT PUT YOUR NAME anywhere in the trust name. Make up a name. Offers you privacy, anonymity, and asset protection against potential lawsuits.
As an estate planning attorney, I can tell you this is not accurate and you should not be providing advice on these matters. Revocable trusts provide NO asset protection.
@@romoskrihow? LLC or? This guy is talking in circles...
@@romoskrifor asset protection do the assets need to be in an irrevocable where you are not the trustee?
Great advise! This is how a good attorney is thinking ahead and prevent unnecessary “corrections” in the future. This is the first time I hear this advise 👏🏼👏🏼👏🏼 Thank You!
Wish my atty had given me advice on naming my trust!!!😢
@@wildthings980maybe your attorney is banking on future fees to retitle your trust 😁
I've been consuming a lot of your videos, love your style and topics. Thanks!
Thank you!
Subscribed!
I'll definitely continue to watch and smash that like button!
I have reviewing your videos for quite some time now. Very informative and have learned a lot. Thanks for all your efforts and time you give. Thanks again and keep up the great work.
Thanks you. Because of you (actually another video) I "revisited' my family trust, which is in my filing cabinet. Made sure it's a 'non-revocable'.
I am passing you along.
Thanks again.
Love this channel. I am new to it. Thank you!!!! I will share this!!! I want you to keep going!
Amazing! Thank you, Paul. It makes perfect sense.
Thank you so much sir. I hope you do more of this teaching.
Mind Blown! Have never considered this! Thanks!
Your videos are very helpful. Thank you for sharing your knowledge and expertise.
Thank you for this video; it really helps understand the do's and don'ts
Thank you for this advice.
Absolutely amazing what you can learn on this internet 👏🏾
Great info, thank you☝️🙏
Thank you for that advice. I didn’t catch it the first time I watched, but now the light bulb just came on. Your information is so helpful as I draft my trust. I enjoy Binge watching your videos.
I am trying to draft my trust. May I ask- if you had used a lawyer or online help?
Great advice. Thank you so much for the information.
Thank you for the great advice.
thank you so much for this advice
At first I wasn't going to watch this video but I'm so glad I did. Thanks for the information!
As Tran mentioned, you might cover using a non-descript name for the trust.
Great suggestion - just beginning to write my trust - this I will do.
you are good man, i'm in canada and really have no money saved but paying off 11acres on a beautiful west coast island...you are great teacher!
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
I am so glad I watched this!
Thank you for this information.
Love your videos Thank you.
OMG Thanks so much for this information!❤
Awesome advise and informed my attorney to set up that way. I also used my initials instead of name.
This information is very helpful!
Thank you Paul
This is great advice. Thanks!
Thak you! Just the title is so important to do in a living trust.
Thank you for sharing, great information .
Amazing explanation. Thank you.
My attorney said you can title it however you want. So in theory, the x,y z irrevocable trust however the trust document itself is a revocable trust. Ever heard of this before?
thank you this is very awesome info!
Great content! Thanks for sharing
Thank you. I just subscribed 😃
Thank you very much for your valuable content! Are there pros' and/or cons' to putting your name(s) in the title of the trust?
thanks again Paul
Talk about a public service❣️Thank you so much for passing on ‘all’ this important information. You are very thorough. Your attention to the details makes a big difference.😊This subject matter is now be brought to the forefront is why so many people have been severely injured. This subject should be a prerequisite in all colleges. After all it is foundational to all life.
All lives matter.... past, present & future.🙃 My children all have college degrees and know the bare minimum about this subject matter.
AND they won’t discuss it!😣
I’m trying to avoid the mistakes my parents made due to the lack of guidance!
Thanks DH! 👍
Good instructions.
Again, thank you sir.
Thank you
I like the way u explain it. 👍
Thank you💫
Awesome info. Thanks!
Very helpful. Thanks.
When learning about Irrevocable life insurance trusts, I learned that many people feel their “trust” is affording more protection than is actually the case. Self education plus professional advice is my goal. I see too many people blindly following professional advice. The advice should be the beginning of journey, it’s too late at the end (I wish I knew that earlier, etc.)
Great information, thank you
Your videos are very informative. I'm looking for one that describes a married couple with community property with two children. I have a child from previous relationship and my husband has a child from a previous relationship. What should we be mindful of in the wording of the Last Will and Revocable Trusts (just for house) to ensure both our child and step-child are not left out.
Always wondered how to say your last name, didn't catch it till now, paying more attention to the substance of your videos. Appreciate you!
Fantastic thank you
12.29.23. See 6:11 & prior Great points on future Medicaid application for long term care ex: in 5Yrs . Do NOT title “revocable”. Thank you
Thanks
It is great information .
Great information. Thank you!
Binge watching your videos 😌
Wow... I prayed & asked the Lord ..What should I name my Trust? opened up YT & saw this video. This vid helps a lot. Thanx 💚
Delusional
very educational!
Thank you for making it easy for us, to name a Living Trust.
Thanks NRK 👍
Issues with the same name of trust's that may occur,and possibly be the case for a father/son,when father put all of his own assets ,in his sons name,before he passed away(5yrs.)later !
If your home is your homestead and protected against creditors does changing the ownership to a trust open the door up for now being sued by creditors? Also for second homes not homesteaded or other properties?
Thank you so much,2022
This was very helpful. I had no idea about the importance of naming the Trust. Thanks for your generosity.
Huge!!!
Thank you, sir. I after listening to your messages I decided to form a family Trust and it was an adventure. Took a year to get all done but well worth it. I believe my family and heirs now have a legacy my wife and I can leave for a long time after we are gone. Thank you.
New to the channel. Subscribed. Anxious to see if your Online program will include Ohio.
Is it ok not to use your name in the trust title? It seems it would also help with some protection.
You are so cool!!! Thank you!!1
I like it! I told my estate planning client to watch your videos. He then schooled me in the Paul R way about why he didn’t want to use “Revocable” in the title of his trust. 😂 Title promptly changed using find and replace with reasons duly noted. 😊
Love that!
You are an asset for those wanting to gain knowledge - thank you very much
You’re welcome PL&H! 😎
Do you recommend not to use your name on the trust for assets protection?
*Question:* Can a person posthumously receive a death benefit (Insurance Beneficiary) and designate that benefit to a trust for a child to receive, if they want to protect assets and prevent others from taking what belongs to the child?
*Scenario:* Someone older is a beneficiary on a policy. However, they are likely to transition before the policy will be paid (before the insured will transition). Is it possible to name that policy in a trust BEFORE they transition to ensure that the trust is paid, even if it's posthumously, and have that benefit designated to a specific person? Thanks for your help with this :)
Can you do a trust for someone that lives in Florida? Such as myself?
Superlative!
Thank God we did this by accident. Thank you for this advice!
I would love to know more about trust.
A bit confused on the if you change the title to names but then you can have creditors and lawyers cause issues 6:18 so what are you doing to protect that from happening? yousay restate the terms . So your then retsting the terms to protect from creditors and lawyers then not before ? Also if you dont use your name but make it up how can that keep things inside confidential where as if you put your real name on it and is this something you should do?
Very well explained thanks
What are the drawbacks to doing this? What effect will it have on travel?
What are the solid benefits to doing this long term and short term?
I own land, will I lose it if I do this.
Where is doing this, if at all linked to declaring a sovereign state where I'm living?
do we need to title our trust with our legal names or just any title?
Why not structure the trust to protect the assets In the beginning?
What if I created a Rev Trust, and had no idea that this may create an issue with my disabled husband who receives SSD; should I have it changed asap?
From Asser protection perspective, some attorneys suggest NOT TO USE your name in the trust, have a separate EIN name which will enable you to open bank account. Anything else seniors should know when they set up a rev trust in any word?
Separate EIN- so you went to the IRS website & created a separate EIN? Is this just for the bank accounts? When you file your taxes do you use both your social security # & EIN #?
@@jjf609 as far as I know, you would use the EIn if you are receiving income within that trust.
How would reverse mortgage come into play with long term care needs? from PA. Have been sharing you channel with others. .so helpful!
Reverse mortgage comes under the category of: Scam
Thank you for all the information😊. I have 1 question...You mentioned that if Creditors realize that you have Assests in a Living Trust, they can come for your assets...but aren't Trust Private?
It doesn't protect you from creditors.
A foreign living trust does
Is it ok to just say name trust without saying it’s living trust? In case it may need to be a land trust for asset protection ?
Can I call the trust just ‘freedom’ or any other name not including my last and first name? I just have attended a training with company that sells software to create a trust, they said it is better to name the trust with any name, the way scammers should not know. There are scammers who would request money from trust after you pass away from your relatives claiming you owe them. Also, what is the 5 years rule to restrict government to see your money in trust?
Awesome
😎
What does a trust cost “
Very interesting. Thank you for the very informative video. Can you give examples of ways to restate the trust terms to protect from lawsuits? Can you restate and just say that this trust is now an irrevocable trust? What’s the difference between restate and an amendment?
The way I understand it if you’re making big changes like the primary beneficiary, you would want to do a reinstatement. If you just have a few little things to change, I think that would be an amendment.?
Have had a living trust in our names for 25 years. Would a name change to remove our names be of any value at this point if the intent is to hide the assets from potential creditors at some point in the future? Wouldn’t historical records be easily found? Same home address Thx.
private, non public , privat expres trust falls off and away from all statutory and government rules and code.
lawyers and attorney will make it a public trust for their benefit $$$$$$$$
How to changeour living trust amended to irrevocable trust.We typed up an amendment and had it notarized 4 years ago 75 on Arkansas
Can a trust be renamed?
Are there attorneys that specialize in dealing with overseas investments or accounts that you will have in a trust?