Living Trusts Explained In Under 3 Minutes

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  • Опубліковано 2 жов 2020
  • Our national estate planning law firm website: aeplawyers.com/
    To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/71...
    --
    Often, when one dies, they do so with assets in their name, such as real estate, stock, and business interests. These assets are often referred to as probate assets, because when you die with them in your name, your heirs cannot access them until they go through the court and attorney-involved probate process that takes place at a courthouse.
    Many people often own some non-probate assets, like life insurance and retirement accounts, that are payable directly to beneficiaries upon your death - no judges, attorneys, or court orders required.
    Some people create a living trust, transfer their probate assets to their living trust, and your trust provides what happens to the trust assets upon your death - who is in charge and who is entitled to own the trust assets. Assets titled in the name of your trust when you die do not need to go through the court and attorney-involved probate process.
    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

КОМЕНТАРІ • 157

  • @al-mubdizahir8704
    @al-mubdizahir8704 Рік тому +57

    Ppl don't make straight to the point videos like this. I love it

  • @desireelococo1747
    @desireelococo1747 2 місяці тому +4

    Thank you! My mom is 89 and we have been needing this info

  • @lvnmykdz
    @lvnmykdz 2 роки тому +7

    I have shared your videos with my children… and friends. Appreciate your time and efforts to bring attention to this important topic.

  • @rodrigito78
    @rodrigito78 5 місяців тому +2

    Best summary video on YT. Thanks, good sir. 👍

  • @VANESSA-tn8gb
    @VANESSA-tn8gb Рік тому +4

    Great quick explanation, thank you. Checking my Trust mow to make sure it's a Revocable Trust

  • @selahjnl
    @selahjnl 2 роки тому +9

    love to see a simple explanation

  • @7MohanRaj
    @7MohanRaj 8 місяців тому +5

    Best 2:35 minutes of my life well utilized ❤️❤️❤️🙏Thank you.

  • @lawrenceellison2972
    @lawrenceellison2972 2 місяці тому

    Excellent short Video. I now have a revocable living trust “from your video advice” and I am very grateful. Thanks for your professional services

  • @lauriedettolspray8538
    @lauriedettolspray8538 Рік тому +34

    I like this overview. No nonsense with simple explanation, thank you for your content!

    • @marttyd
      @marttyd 2 місяці тому

      Not for me, I don’t know any more now except he talks too fast.

  • @thebruthaknownasp3882
    @thebruthaknownasp3882 Рік тому +6

    Fast and informative !

  • @1949LA-ARCH
    @1949LA-ARCH 3 місяці тому +4

    Thank you, may you walk with good spirit 😊

  • @russellgray3303
    @russellgray3303 3 місяці тому

    Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!

  • @PeachSharon
    @PeachSharon Рік тому +4

    YOu did a great job explaining a trust

  • @homebaseincome101
    @homebaseincome101 10 місяців тому +2

    I'm so glad I came across your channel. I subscribed and will continue to watch to learn more. I also subscribed to your newsletter.

  • @irisflower9030
    @irisflower9030 10 днів тому

    Love it! Easy to follow and straight to the point! More content like this please.

  • @genecisneros
    @genecisneros Рік тому +2

    Great summary

  • @herbbot8241
    @herbbot8241 3 роки тому +3

    Great explanation thanks

  • @medgasguy
    @medgasguy Рік тому +2

    Thank you for your video...I didn't understand it but I appreciate your explanation. 😁

  • @perryd43
    @perryd43 2 роки тому +1

    Thank you for the post neighbor.

  • @paulkoza8652
    @paulkoza8652 Місяць тому

    Excellent summary.

  • @mikechamplain2425
    @mikechamplain2425 2 роки тому +2

    Good info, thx

  • @edwilliams8789
    @edwilliams8789 3 роки тому +8

    You should do your other discussions similarly.... quickly, short, and to the point.

  • @louiswilliams4657
    @louiswilliams4657 8 місяців тому

    Thank you working on it !

  • @dorothyhome577
    @dorothyhome577 3 роки тому +8

    Hi Paul, your videos are so helpful, can’t thank you enough. There’s so much to learn about so many complex topics. Can you cover the unclaimed property topic. Because so many assets go undiscovered it’s seem to be quite a problem. Also, a whole life policy popped out of thin-air; because I didn’t get a claim form in within 90 days the policy’s full settlement significantly changed!?
    I’m thinking it disappeared overnight into unclaimed property. 🤦🏼‍♀️How can this happen? Something doesn’t seem right about this. Do you have some insight here? Thanks

  • @ijl1i
    @ijl1i Місяць тому

    Solid info, great video!

  • @yepyep7036
    @yepyep7036 Рік тому +1

    This was great ! Thx! Videoing free 2-cents advise.. put your list above your camera and place cam further away and zoom in .. you can you a dry erase stand or flip chart on a table

  • @Da_Crow
    @Da_Crow Рік тому +2

    amazing info

  • @2023Red
    @2023Red Місяць тому

    Excellent job!

  • @californiadreaming6560
    @californiadreaming6560 3 роки тому +2

    In the process thanks to you. Recent widow in Florida

  • @oldrrocr
    @oldrrocr 2 роки тому +6

    wow! perfect! I don't know why they don't teach this in school...because everyone who owns anything of value should have one of these. (and if you have kids, life insurance).

    • @TonyJackson-kp3ld
      @TonyJackson-kp3ld 7 місяців тому

      They don't teach civics because of the power would change

  • @natashatomlinson4548
    @natashatomlinson4548 4 місяці тому +1

    I have listened to many UA-cam videos where they take this long to prate and small-talk and try to get you to subscribe and advertise their sponsor before you wonder if they are even worth listening to. In contrast , you gave me a law school course in the same amount of time . Kudos. Thanks for respecting my time .

  • @timallen7947
    @timallen7947 4 місяці тому

    Thank you

  • @liliherndz5792
    @liliherndz5792 3 місяці тому

    Thank YOU 🫶🏻

  • @sugarcane5905
    @sugarcane5905 3 роки тому +1

    Hello Paul can you speak about when your love on dies of a pharmaceutical drug and does not have a Will. And one of her children file for executory of the state and was granted by the probate Court. Now funds are ready to be release, what is next far as the courts. The dece ased had no assets when filed for executory of estates.

  • @donaldhendrix3326
    @donaldhendrix3326 Рік тому +1

    I have been following you and have enjoy our videos I live in Texas are licensed here if not how to find a good form in San Antonio

  • @michaelreysalvillagavieta7579
    @michaelreysalvillagavieta7579 2 місяці тому +1

    How to obtain the trust? Should it be done by lawyer?

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    @robertgreg6009 2 місяці тому +22

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      @georgebasonathan4784 2 місяці тому

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      @inicMich-rc5wo 2 місяці тому

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  • @simplescents3309
    @simplescents3309 2 роки тому +1

    My sister won’t let anyone see the trust or will. What I do know is that my dad named my mom (living) as the beneficiary and my sister as power of attorney because my mother is sick. Does my sister have to provide the siblings with copies of the trust? Or not yet

  • @kaltrex9465
    @kaltrex9465 6 місяців тому

    Hi, would you know if signing & notarizing a real property deed dictate the transaction date/year or does the recording date dictate in MA?

  • @earthangel6858
    @earthangel6858 4 місяці тому +1

    I need both a living trust and a will?

  • @butcharmstrong8275
    @butcharmstrong8275 Рік тому +3

    Do different States have different LAWS....on Trusts....when Probate..... i.e, OR vs WA, NV or Idaho.....

  • @robintraina217
    @robintraina217 4 місяці тому

    need to learn more

  • @johnnyllooddte3415
    @johnnyllooddte3415 2 роки тому +2

    clear as mud

  • @calvintseng8241
    @calvintseng8241 3 роки тому +10

    Can you make a video explaining the difference between retitling assets into the name of the trust vs naming the trust as a beneficiary? What’s the difference?

    • @calvintseng8241
      @calvintseng8241 3 роки тому +3

      Example: naming the trust in a TOD designation for a brokerage account.

    • @duubtuub3071
      @duubtuub3071 7 місяців тому

      @@calvintseng8241 Clarifying for myself: TOD = "Transfer on Death" as compared to transferring the account into the trust.

  • @Just_forfun9140
    @Just_forfun9140 3 роки тому +26

    Please always mention tax rates whenever you cover trusts, i.e. are they taxed on individual personal tax rate or at a trust tax rate which I hear are very high in some cases. Thanks.

    • @sethtenrec
      @sethtenrec 2 роки тому +16

      That would only apply to 8 digits estates ($10,000,000+) … not enough people in that category to worry about. They can probably hire an attorney instead of watch UA-cam videos as well…

    • @waynechien-vovietchongmy9724
      @waynechien-vovietchongmy9724 7 місяців тому +1

      Your not an individual or a person....your a living man or woman

  • @seananderson5334
    @seananderson5334 5 місяців тому

    Nice

  • @Monicalala
    @Monicalala 5 місяців тому

    Does spouse have to sign the living trust? They refuse to sign anything.

  • @smartdoctorphysicist3095
    @smartdoctorphysicist3095 Рік тому +1

    Hi, what about a evolve trust how does that work, next once I set up this trust can it be tax my the IRS, can I put all my money in it. Can I give myself a salary from the this trust. Will I need a accountant if so what will cost me to do this. How do I get the help I need to do this. Can you help?

  • @PilgrimHymns
    @PilgrimHymns 10 місяців тому +3

    So am I understanding this right? If I have a living trust, the trustee can just take the "living trust" papers and the titles of the properties and give them to people they are meant for? Or if the living trust says to sell a property and then divide up the money that the trustee can just do that??? Who is the ones that helps them put the titles into others' names? Who do you go to?

    • @robskully3539
      @robskully3539 6 місяців тому +1

      yes … My Mom had a revocable trust and I was the Trustee and Power of Attorney. When she passed I was able to sell her house and split the proceeds with my 3 Sisters immediately. You can have the trust say your wishes anyway you want. Like even after the property is sold you can have it divided and given out as you wish. We even had our trust specify how our pets are taken care of if we pass before them. Trusts can be made many different ways and THAT is why you should only use an Estate Planning Attorney.

  • @SuperKvlogs
    @SuperKvlogs 9 місяців тому +2

    I’m 24, does anyone know of an online class I can take to learn about all this stuff? Like about houses and all this financial stuff?

  • @trindon9439
    @trindon9439 Рік тому +1

    Hi, I am in Texas. Am I understanding this correctly, I can just make up a name and create the trust document to form a trust, and the trust name will be recognized as a legal entity by the banks, mortgage lenders, etc? Would I have to get the trust document notarized?

    • @christinestaples8435
      @christinestaples8435 5 місяців тому

      You will need to go to a lawyer/attorney that draft the trust for you and it will cost you some bucks. We did it and it’s for $4K

    • @summervibes2147
      @summervibes2147 4 місяці тому

      ​@@christinestaples8435That's an absurd amount can you not draft the trust yourself from online sources?

  • @Debbie-bg3mo
    @Debbie-bg3mo Місяць тому

    If a home is not paid off, can it still go into a revocable trust?

  • @sheliastough4895
    @sheliastough4895 Рік тому +1

    I have a durable power of attorney healthcare power of attorney living will and last will and testament. Will this protect my assets from a nursing home or do I need a living trust?

    • @robskully3539
      @robskully3539 6 місяців тому

      nope … only a Irrevocable Living Trust will accomplish that !

  • @discerningacumen
    @discerningacumen 7 місяців тому

    I lately found you on UA-cam today. Can I create the living Trust in USA as I'm a NRA? For I have US securities. Thanks in advance.

  • @Solomeo_Paredes159
    @Solomeo_Paredes159 4 місяці тому

    Hi, my dad remarried 30 years ago and died november last year. My stepmother is alive and she never mentioned to me that my dad had a trust in 2003, neither my father when he was alive. Is possible to inherit something? How can i get the trust?

  • @Scott-sm9nm
    @Scott-sm9nm 6 місяців тому +1

    It seems like the biggest problem with a revocable trust is that you can't put your biggest assets in them (ie. 401k and IRA accounts ... those need beneficiaries).

    • @Scott-sm9nm
      @Scott-sm9nm 5 місяців тому +1

      @@aprilmay1700 Helping others with comments after watching this and many other videos. Don't be an a$$. Beneficaries are VERY limited as you can't define timing ... it is just all of it and it has to be pulled in 10 years.

  • @gregorylynncarawayttee8900
    @gregorylynncarawayttee8900 3 роки тому +1

    THANKS SIR 2020 ™

  • @daviddavis9727
    @daviddavis9727 29 днів тому

    Im waiting for account access

  • @LubaLuba1
    @LubaLuba1 10 місяців тому +1

    Are you ever live on tik tok? Anyway, let’s say I been common law wife for 10 years and married for another 15 and on the last 5 years we bought third house but my name is not on it does that make a difference? Can I still claim that as an asset and include it in my living trust for my kids ?

  • @ker5776
    @ker5776 Рік тому +2

    How fast can this be done

    • @robskully3539
      @robskully3539 6 місяців тому

      as fast as your Attorney can write one up. Then he has to submit it to the State court systems.

  • @squidskunk
    @squidskunk 4 місяці тому

    great info..thank you
    its distracting having you read your bullet points off to your right...reading them from a piece of paper in view of the camera is more natural.

  • @6648rome
    @6648rome 6 місяців тому +1

    Can any lawyer do these trusts or is there a specific lawyer?

    • @robskully3539
      @robskully3539 6 місяців тому +1

      best to go to an Estate planning attorney as a first choice.

  • @kevinvanlohuizen2709
    @kevinvanlohuizen2709 6 місяців тому +1

    We have one

  • @NelsonReyesJr
    @NelsonReyesJr 3 місяці тому

    Do you work in Florida?

  • @judyfasola3737
    @judyfasola3737 3 роки тому +1

    What do you mean with or without a will ...i just did you will video

    • @cherrylbundy3724
      @cherrylbundy3724 2 роки тому +1

      I do know that what's in will can be designated according to your wishes after probate. without a will, the state includes itself as someone you left money too besides any other relatives. A pour over will, includes anything you recently purchased or forgot to include in your trust.

    • @judyfasola3737
      @judyfasola3737 2 роки тому +2

      Im now also doing a revocable living trust.......to prevent probate

  • @allenc2289
    @allenc2289 6 місяців тому

    I don't have a Will or a Trust . I have land a retirement and a home,what should I do ?

    • @robskully3539
      @robskully3539 6 місяців тому +1

      a Trust … makes it way easier for those you leave behind after you pass to take care of your wishes

  • @suziefraser8564
    @suziefraser8564 8 місяців тому

    The point of putting the house in the living trust means you avoid probate for that house, it is easy to do if you have a living trust account. Seemed confusing here.

    • @em1ownerify
      @em1ownerify 6 місяців тому

      If it’s in a living trust and your child and grandchild are the only beneficiaries can they live in the house and the trust keep it in the trust?

  • @juniorxxnho
    @juniorxxnho 7 місяців тому

    Do you need a living trust (or last will & testament) if you are married and want everything to go to your wife should you pass?

    • @robskully3539
      @robskully3539 6 місяців тому

      I believe it all depends on what State you live in. That is why EVERYTHING we own has BOTH our names on it. Example … House, bank accounts, cars, trucks… anything that has a Title or needs names for ownership. This way it always goes to the other person on the document no matter what State you live it. We now also have a Living Revocable Trust and all the other related documents… Power of Attorney and all the Healthcare documents.

  • @cpru8304
    @cpru8304 7 місяців тому +2

    Doesn't an irrevocable living trust protect your assets from Medicaid in the event you need nursing home care? That allows you to qualify for medical assistance without losing everything you've worked for all your life. In Indiana, a revocable trust puts your assets at risk but an irrevocable protects them. This is just information I've discovered recently since I began my estate planning. Does anybody know if all that is actually accurate information?

    • @robskully3539
      @robskully3539 6 місяців тому

      yes you are right. Problem with Irrevocable Trusts are that they have to be put in someone else’s name and you must truly trust them for your best interests.

    • @nadirahcroom1938
      @nadirahcroom1938 5 місяців тому

      ​@@robskully3539Can they not be put under an LLC?

    • @robskully3539
      @robskully3539 5 місяців тому

      @@nadirahcroom1938 I am not a Lawyer or expect about Trusts. I did sit in when my Parents did theirs and also now have my own. I stated was sort of worded wrong. You can have the Trust be in your name but … YOU can not be listed as the Trustee. That is what I meant to imply. The Government here in the USA does not want to see YOU have any control of your money. So like I said when you list a Trustee on the Irrevocable Trust you must totally trust this person to have the right intentions for your future.

  • @mawi1172
    @mawi1172 9 місяців тому +1

    All I want is to save money for my burial that the SSA doesn't het to come confiscate upon my demise. That's pretty unfair if I received it, its mine and should be part of my estate. Not returned to them. How do I dave for my burial?

  • @otingtingolavera4034
    @otingtingolavera4034 3 роки тому +1

    Hi iam from the Philippines but my husband passed away April 2020. He didnt leave a will. He has a home in California and bank accounts, etc.. how can you help me please. Thanks

  • @johnsaltzohuigin6660
    @johnsaltzohuigin6660 7 місяців тому

    Dynasty Trust might be the better option.

  • @uloveholly82
    @uloveholly82 2 місяці тому +1

    I'm more confused than before😂

  • @jameskirwan1174
    @jameskirwan1174 8 місяців тому

    The person that looks after my trust died, can I put a handwritten note in my papers to put a another in charge of my trust

    • @robskully3539
      @robskully3539 6 місяців тому +1

      No ! … It shouldn’t cost much to have your Attorney change it to a new name. We just redid ours and it cost us $800. Trusts are registered with the State.

  • @joshuaborem7063
    @joshuaborem7063 6 місяців тому +1

    Nice video but…
    I just paid an attorney a thousand bucks for a Will and this video makes it seem like that was a waste of time and money.

  • @WillBillDillPickle
    @WillBillDillPickle Рік тому +1

    my parents are arguing about this, ugh.

  • @raymondkemper8473
    @raymondkemper8473 2 роки тому

    a

  • @lashekamcghee2158
    @lashekamcghee2158 10 місяців тому +26

    Why recommend a "revocable" trust instead of an irrevocable trust. The definition of "revocable" is capable of being revoked or canceled and does not protect your assets.

    • @alexdbarton3908
      @alexdbarton3908 7 місяців тому +7

      look into putting your “living estate trust” INSIDE of another “foreign 98 private trust” (no SSN) and make the private trust governed under equity not legal

    • @lashekamcghee2158
      @lashekamcghee2158 7 місяців тому

      @@alexdbarton3908 Thank you for your insight!

    • @jacobsalanoa3855
      @jacobsalanoa3855 7 місяців тому

      @@alexdbarton3908I’m young and having UA-cam teach me about trusts. Can you explain what you mean by this? I probably don’t need one but you never know what you need until you need it.

    • @user-yc9bv9sl8k
      @user-yc9bv9sl8k 6 місяців тому +2

      Make your own video
      Don't waste people's time with comments

    • @lashekamcghee2158
      @lashekamcghee2158 6 місяців тому +9

      @user-yc9bv9sl8k I was asking for clarity. Is that not the purpose of the comment section? So, who is wasting who's time?

  • @Hippy2021
    @Hippy2021 2 роки тому +2

    I am thinking to transfer my property to my daughter name as a buyer, new owner , that way she has full access. My pension and bank accounts have her name as beneficiary. She's the only child. Is it a good planning?

    • @pitbulldn
      @pitbulldn Рік тому +1

      Mary nguyen,
      no, don’t do it, bc you end up having nothing at the end of your life while living.

    • @Broommaker19
      @Broommaker19 Рік тому +1

      You need a " life estate" on your home. You put it in her name. You get to live there and she can't borrow against it or sell your home until you pass. After 5 years your home then is not subject to state confiscation to pay for healthcare if that is a concern. If she lives with you for 2 or 3 yrs that satisfies the state requirements because she provided you healthcare in your home and lives with you. She gets the home.
      You should check also if have can your home transferred to a trust to dictate terms of what your wishes are for her best intrest as to her keeping or selling if you are concerned about her having a place to live.

    • @robskully3539
      @robskully3539 6 місяців тому

      @@Broommaker19… you are partially WRONG about the 5 year rule. The trust has to be an Irrevocable Trust for the 5 year rule. A Revocable Trust will not hide assets from nursing homes.

    • @robskully3539
      @robskully3539 6 місяців тому

      do not put her on your deed for a house or land. If she ever happens to get sued then that would be a problem. For about $2000 or so either get a Revocable Trust or Irrevocable Trust.

  • @filangafree
    @filangafree 6 місяців тому

    Tony Soprano brought me here...

  • @gerardocalimano8295
    @gerardocalimano8295 7 місяців тому +1

    Why so complicated? Why not make it simple? 🤔

  • @mike-Occslong
    @mike-Occslong 9 місяців тому +1

    Jeez tgey makenit so complicated...its my shit i wanna give it to these people end of

  • @mz.amorrorr857
    @mz.amorrorr857 2 роки тому +1

    a lot of information. Maybe 5 min would do it

  • @congbangmekong
    @congbangmekong Рік тому +1

    Talking too fast and didn't explain in detail how to create a trust.

  • @barbieskates540
    @barbieskates540 2 роки тому +3

    When you do a FAST overview.. You DON'T need to TALK like a fast talking auctioneer... Ok. ?
    Older people listening and all others learning NEW things.. OFTEN need the info given to them SLOW enough to process it.
    I know you are NOT trying to be inconsiderate...
    Those of us who know how to slow down the video speed can listen any way we like.
    I'm thinking of others who know how to use those you tube features.
    For their sakes.. Make a few videos SLOWER PLEASE...

  • @Da_Crow
    @Da_Crow Рік тому +1

    yeah getting one! and killing husband so i get it all

  • @bwinms1
    @bwinms1 4 місяці тому

    Too fast

  • @porter1353
    @porter1353 22 дні тому

    Talked too fast… hard to catch up with what he’s saying.🤦‍♀️

  • @JJ-rg7yp
    @JJ-rg7yp Рік тому +1

    you should take more time to answer your comments section if you want likes

  • @shazam2323
    @shazam2323 10 місяців тому +1

    how do u look at urself in the mirror and not cut those 7 stragglers of hair off ur head AND leave that forest of hair on ur ears...I just do not understand old people

  • @FaridaSultanaIchoosesuccess
    @FaridaSultanaIchoosesuccess 3 роки тому +5

    What is happening? Take a break, BREATH

  • @user-pp8ly2wn6t
    @user-pp8ly2wn6t 17 днів тому

    Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!

  • @MishasMama
    @MishasMama 3 місяці тому

    Thank you