Six Mistakes Living Trust Settlors Make
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- Опубліковано 2 чер 2024
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00:00 Six MIstakes Living Trust Creators Make
0:18 Mistake 1: Failing to Fund Your Living Trust
0:57 Mistake 2: All the Trustee Designations
1:44 Mistake 3: Over-relying on TOD and POD
3:00 Mistake 4: False Assumptions About Living Trusts
3:41 Mistake 5: Documenting All Trust Accounts and Estate Documents
4:16 Mistake 6: Trust Distributions Too Quickly After Settlor's Death
Let's see if I understand correctly: Say you do not want to change the title of an asset to fund your Trust, and so you employ a POD or TOD which names an individual as the recipient of the asset. The mistake is if the named individual predeceases you. To avoid this mistake, you can designate your Trust as the recipient of the asset in the POD or TOD.
I was attempting to buy a rental property, but the underwriters of the mortgage would not allow the title of the property to be my Trust. I suppose this TOD trick would have worked for estate planning purposes, but what of asset protection? Or does asset protection not apply here?
At 1:55 Pauls says a disadvantage of POD/TOD is that financial institutions can be reluctant to transfer assets via power of attorney. What does power of attorney have to do with POD/TOD assets?
As a certified financial planner, I love your channel and what you put out. I do have a question however. Why do you use “revocable trusts” and “living trust” synonymously. Obviously, all revocable trusts are living trusts but a living trust can also be an irrevocable trust. Serious question as you may be able to educate me on something I don’t already know.
Investopedia if I'm reading it correctly says that revocable and living trust is synonymous. The same thing. What do you think are the characteristics of a living irrevocable trust?
@@5metoo all that “living” means is that it was set up during life. That is in contrast to a “testamentary” trust that is set up post death via a Will for example. But an irrevocable living trust is completely different than a revocable living trust, which is why I’m confused when people use “living” and “revocable“ as synonymous
@@charliegipplecfpcluchfc9533 - It sounds like simple terminological difference between taking 'living' to mean created during one's life vs using 'living' to refer to control over one's assets during one's lifetime. It seems like the difference between a purely legal definition and one incorporating functional differences.
@@5metoo I think you are absolutely correct. However, I always thought that using “living“ when discussing revocable trust was a bit misleading since living trust can be revocable and irevocable. It may seem like splitting hairs, but for those that are learning the differences between all of this, it can be confusing.
@@charliegipplecfpcluchfc9533 - Right but Paul's audience are mostly laymen rather than lawyers or professionals. Moreover, just use google and you'll see an abundance of law and probate offices that speak of "the differences between a living trust and an irrevocable trust". So though you might prefer the strictly legal definition -if that is indeed correct- it seems that this more functional distinction is extremely common. I suspect it is because this method of distinction is intuitive in highlighting the issue of control in a way that revocability does not. Just a guess.
Is it appropriate to name my revocable living trust as my direct beneficiary on my life insurance policy?
I'm going to be looking into how best to protect my dog with a trust. Looking for a lawyer, Pennsylvania. Most don't like the idea. What are my options? I'd like to put my house in a trust for my granddaughter to live in for free until my dog dies. Can you do a video on pets?
Hi! Would be best to trustee on the banking account? Thanks! 🤗🥰
Honestly I would hire an administrator or someone to keep accounting of everything and don't name your kids is executor and allow them to administer what should be administered by an administer That's how I got screwed out of everything because my mother made my brother executor she named his wife co-executor so therefore they didn't have to go to probate and they didn't have to answer to anyone 9 years later now I'm trying to get something back of what I'm owed it's disheartening and a complete mind boggle Don't ever leave any of your kids in control do not put that on them they don't know what the hell to do
@@jennifercrisp7905 Hi! I totally understand that! I always said nothing like family when comes to money! I have a similar story ! I hate that for you! I take your advice and thank you! 🤗🥰😔
My daughter is a successor trustee. She recently got married & changed her last name. Should I change the trust to put her married name instead of her maiden name?
Yes
I really need help My brother has stolen the whole trusts estate dissipated everything and only gave me $5,000 in some bed bug furniture out of about a half a million dollar estate I need help is there any trust litigation lawyers that are licensed in South Dakota that would like to do a contingency to go after him please and thank you