If You Have a Revocable Living Trust, Watch This NOW! 🔴
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- Опубликовано: 2 авг 2024
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If You Have a Revocable Living Trust, Watch This Now!
Congratulations. You took some major steps toward making settling your estate easier. The Probate can be difficult, it takes longer than people want. It's expensive, a hassle, it's a court proceeding.
There's a big estate planning problem out there. The titling process is getting neglected causing families to go through probate.
However, when the revocable living trust is fully funded, the estate settlement is a beautiful thing. But your living trust is only as effective as the assets that you title into it.
Many fully funded trusts are settled without attorney involvement. The surviving spouse maintains access to assets. The surviving spouse can sell the home and buy another, and can access all financial accounts.
Even when probate is avoided, survivors are having to deal with funeral homes, death certificates, the Social Security office, the VA, financial institutions that hold IRAs, bills that keep coming in, and insurance companies if the deceased had life insurance or annuities. Then, when you add on top of that the requirement of a probate when it was unexpected, then that sometimes is that straw that broke the camel’s back - survivor’s are fragile - going through grief and stress of the loss of a loved one.
There are a few reasons that trusts don’t get funded. People forget they owned that piece of property. People thought they had beneficiaries on all accounts. People didn’t think about buying the new property in the name of their trust. People didn’t think about opening that new account in the name of their trust. People may not have known that they needed to transfer their LLC to their trust. They kept a minimal amount of shares out of the trust. They thought their attorney was going to handle getting everything in the trust, but an attorney can only transfer certain assets into your trust.
Do these three things:
(1) Share this information. Surely you know other friends and colleagues that can benefit from this information. If you are an estate planning attorney, share with your clients along with a note to contact you if they need legal help. If you are a financial advisor, share with your clients and prospective clients along with a note to contact you if they need help titling and beneficiary designations.
(2) Fund your trust. While the process isn’t difficult, it’s easy to get sidetracked or procrastinate. Just make funding your trust a priority and keep going until you’re finished. Take a look at everything you have this is titled. Determine whether assets are probate or nonprobate. Probate assets, in general, go in your trust. There are many excellent attorneys around the country willing to help. If you need a lawyer’s help, get it. While you are at it, update your beneficiary designations.
(3) Write a Comment. if this video can help one person avoid probate and make things easier for their survivors, it’s worth it. Comment with your positive comments and experiences on youtube or linkedin or wherever else you might see or hear this, so that others can and will benefit from your experience.
Now go leave a legacy! Your family will thank you for it.
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
Once again, I'm blown away by the sheer number of wonderful people willing to share extremely valuable information for free. Thank you so much.
My revocable trust was created and funded years ago, but I watched most of your videos and took notes. As a result, I'm going to have to make some changes. It's incredible how much I've learned! Thank you so much!
i appreciate honest people like you who are willing to help everyone for free. blessed to have a few still around who care.
Have gone through 3 revocable trusts. All documents were in order, all assets were funded. Just opened a bank account as irrevocable trust, all assets were put into that account, checked tax requirements, then made distribution per will. Ran smoothly without having to involve legal assistance. Thank you Mr. Rabaul is for all your suggestions. My hope would be that all estate planing lawyers were as caring and provided all the Information you disseminate and the questions you bring to light to all ensuring the advisor can advise the best solutions. Great info and explained in layman’s terms the importance.
Help!!!
Good morning Paul. I get up around 4 am every day and go to my home office and watch all of your videos. THANK YOU!!! We have created a revocable living trust and fully funded it now. May GOD bless you and your family.
Thank you for all of your information! We made out a revocable living trust online! Never knowing that we had to fund it! Without the funding it is absolutely worthless! We really thought we dotted all of our i's and crossed all of our t's! Wow! Thanks for everything!
I've had trusts for years and am a Real Estate professional - - however, I've realized that there's a ton of stuff that I haven't addressed - - and need to - - . This is the boost that I needed to get it done!
Will share. My mother and I are going in this week to do our wills and saw your videos. I have decided to go for the living trust and will be sure to pass on the information you shared here. I have a young family and I'm EXTREMELY grateful for you sharing this with the RUclips world, God bless! 🙏
This is a real problem. I'm an attorney, and I have to open probates all the time when there was a perfectly good trust, but it wasn't fully funded.
Thanks KK for validating the point 👍
I am an Oregon attorney, came across your video about the differences between testamentary and living trusts, and watched your RUclips video to see how you describe the differences for clients. Everything you said was right on point, and easy to understand. I watched a second video about the potential problems with living trusts and found it also on point and understandable. Most people don't fully comprehend that, unlike a will, a living trust MUST be "funded" after it's signed. You asked viewers to share our experiences - this is it.
What does it mean when you say you need to "fund" your trust? Do you need to open a dedicated bank account and deposit money into it monthly? As a rule of thumb, what percentage of your income would be advisable to inject into the fund? What if I die before that fund has enough money in?
@@_S.R._ you put all your significant assets in the name of your trust (all bank accounts, real property, etc). You can still spend it however you wish.
@@travis1240 Oh, thank you!
@@_S.R._ To add on to what Travis said, when you get new assets (new car, open new bank account, etc.) remember to title them as belonging to the trust, and not to you. I was the successor trustee for a family trust, where new bank accounts were opened, and a new car purchased without being titled as belonging to the trust. That reduced the effectiveness of the trust. We were lucky to avoid full probate because the value ended up being below the state threshold for the full probate treatment. But we still had to have some probate review of the assets that were not in the trust, that should have been. That's an example of one of the points Paul was making.
@@beelmars5400 Thank you, greatly appreciated!
Thank you for this wonderful and important information. I don't know much about this topic, but it has convinced me to contact an Estate lawyer.
Yes, I did this on both my parents and my own family. It helps to get it all in the trust , then you have something in particular as the Executor to use as the guide for how to resolve the trusts. Sure you will get some family members or spouse that have their own ideas, but you use the Trust at the marching orders and as long as you follow all the process should be a fairly straightforward process. In my case I paid for a estate attorney to help with all the legal paperwork in processing the trust and I also had an accountant that help on the finance/money management and taxation issue.
Thank you so much. We are in the process and we have found a very Godly lawyer who is helping us. God bless your work to help folks.
I'm thinking about establishing a trust. Your teaching is very well done and informative. Thank you!
Thank you. Wish we did this long ago. Probate is time-consuming and expensive. Spend the money setting up the trust and put everything in the family trust.
Thank you, very informative and helpful. Thanks for being kind enough to share!
Thank you for this valuable information. I’m 70 years old now and paid my house off last year. I plan to put my house in a Trust and go from there. I’ve been working on changing my beneficiaries, etc. You just put a firecracker under my feet with this information. Again, thank you.
Great plan PM 🧨
Beneficiaries need to know what's involved in the inheritance process. They need to be brought into the process of setting up and know what's expected of them when its time to inherit.
Thank you for the excellent presentation! I'm in the beginning stages of this; I see I now have to find a comprehensive list of "probate assets" and "non-probate assets" so I know what to fund the trust with and what not to place in the trust. Then I can make a check off list of items to get "re-titled" into the name of the trust. Sooner I get this done the better, then I'm left with maintaining it.
Thank you for putting informative dialogue into description !
easier to read, digest and share :)
Thanks for the talk. To the point and very helpful to me and anyone else who watched. 🌵
Thank you very much, I'll get on it today!
My Wife and I have a revocable trust with our home in it but never thought about our retirement accounts. Thank you!
Great explanation of legal issues and trusts. So much great info available for free!!! Thank you so much!!!
Thank you so very much for breaking things down as simply as possible so that people just get it done with a professional estate planner that knows the ins and outs.
Thanks. I feel very prepared with your action points. The part where you explain this isn’t something you just put on the shelf brings light that the trust is living as long as you are. Periodically bing updated.
Thank you! Spot on information. I just shared this with Mom & Sis. They will be my beneficiaries in the revocable living trust. Now, to set it up!
Thanks again! Always a great reminder to fund your Trust and keep updating. 🤗
I just finished opening a living revocable trust and I went to my bank to add my bank account to the trust and the bank manager didn’t know what I was talking about and didn’t know how to do it so I decided to stop him from screwing things up and I left and tomorrow I am going to another branch of the bank and make sure that this time the person that sits down with me isn’t trying to learn as they go. For some reason bank sEmployees think you have to be a billionaire to open a trust and I think I’m going to end up having to give these employees an education of what a trust really is. Everybody should know about a trust and if you own anything you need to put it under a trust and not be afraid of spending a little money to protect your assets that you plan to leave to someone in your family. And now especially since people are living much longer and for a short time might need to go to a nursing home, their assets will not be depleted, but will remain in the trust.
A revocable living trust might not protect an estate from a nursing home lien. For that, you will need a irrevocable trust created. Check with an elder care attorney.
You're misinformed if you think your assets aren't liquidated for nursing home expenses before anything else. Many bank employees are well versed in trust protocol. I feel your comment is exaggerated about the competency of those in the banking industry.
@@stoopitnoob1171 She is quoting an actual experience! May be some are competent, the one she met was not.
Thank you for this invaluable information! God bless you, Paul.
Thank you so much for this valuable information... I had a horrible experience with probating my mother's will n testament 3 yrs ago. Wish we knew this before. 🙏
Helpful info for one who has let it sit on the shelf. Thank you for sharing
Thank you, finally learning the details I need to know now as I ride into the sunset.
Wonderful Video, great explanation and presentation, really has me motivated to take care of my estate
Excellent Video, Thank you so much.
Thanks for making these videos. I found that in California if the intention to place an asset into a trust was stated but had not yet been done; that qualified it to be under the trust if the primary trustee passed away before doing so. Not a reason to procrastinate but it sure helped me when acting as Successor Trustee for my mother's trust.
It's your Common Law Rights to contract and supersedes all 'legal manmade laws'
Thank you very much.. best living trust video on you tube I've seen 🖒🖒
Look up on RUclips
Gene kim
Robert breaker
Chuck missler
As soon as our attorney advised us it was time to fund the trust 2 years ago, it appeared daunting. As expected, we procrastinated doing it. After viewing your video, I’m fired up to get it done. Thank you.
Thanks for the motivation!
Great job. I learned a lot from you in a short amount of time!
Thank you. Just decided to do the trust vs the will. So appreciate the info.
As I prepare information to open a trust, I did not know much about what this really meant. This video is fantastic...very helpful!! Thank you
so much for clearing up questions and your very valid suggestions.
By far the best videos I’ve watched on this subject. Thry are broken down into terms that I can understand, as well as examples and tips being included
Very helpful. Thank you! I need to update my trust in a couple areas.
Thank you so much for this information! It answered a lot of questions for me.
Thank you so much for reminding me. I have got to do this.God bless you!😊❤
Wish I had seen the living trust vids before now...after moving from one state to another, my exwife died, and I found that the last will was not updated, I was no longer involved even tho I was the beneficiary, plus all the legal paperwork was not changed over to the present state where we lived.... Forfeited property, pensions, and a sizable estate.... OH WELL. Thank you for the info.
Charlie Sain
Thank you I didnt think I owned enough to consider a irrevokable trust. Thanks for speaking in a way we all can understand. Tim T. I need help and I plan to get it NOW!
I promise to share this link with some of my other friends.
I did set up the REVOCABLE FAMILY TRUST in 2004 & have already funded all the probate items into it. IRAs are the only items not funded.
Already did those 3 things you suggest. How Do i fund the CARS & the furniture ?
Thanks so much for motivating people understand & execute the practical financial wisdom of estate planning !
👍Very helpful & informative. Thanks you. 💞
thank you for your valuable information
Thank you for this information. Yes, you are so right that it is important to get your Trust funded. I have first hand experience at how BAD things go with family when the affairs are not in order.
Thank you for the information!!
Thank you!
Thank you for the advice
Great insight and assistance with the details that are so very important.. THANK YOU and I have shared this already with my mother-in-law who needs to get her affairs in order.
Thanks for.posting this. I needed a reminder about adding all my accounts to my trust
Thank you!! I had no idea about a Revocable Living Trust. We have a will and I always thought we did all we could for ourselves and our children when we pass. Will be doing this right away. God Bless You!
Thank you for this video
Thank you for the advice I'm probably going to have to rewatch the entire video again and take notes but you have given me a big reason to talk to my financial advisor and get this underway again thank you for your video
Thank you for sharing 😇
Thank you so very much. I will go ahead fix my problems
What a great video to introduce Living Trust and Funding it...I am going to do it....
Awesome video, very helpful! Thank you!
Thank you! Great and very informative video 🎉🎉
thank you for excellent explanation. i will share
ll
Outstanding! Thank you.
Thanks for sharing your experiences
Thank you for this great information
Great advice. Thank you. Headed to estate attorney now.
Super background of issues w/recommendations! ThankU Paul.
Great information you shared.
Thank you for your service. I will revisit my attorney and do all your recommendation
So helpful!!
Get it done!
Just saw this..... THANK YOU! Sharing 🌹
I got my steps and just wanted to say thank you for sharing this information. It is very helpful!
Glad it helps AP!
Thank you so much for this information
Thank you. Creating and funding a living trust is my 2019 New Years resolution.
Congrats in advance Sharon. Happy New Year.
I’m so impressed with your videos, your so helpful
Thank you, after watching some of your earlier videos, I contacted q local attorney, and set up both revocable and unreasonable trusts.
Thank you for your advice.
Thank you , very helpful , , knowledge and skills, learning, ......, Amen, bless you
I found your presentation of information very helpful in motivating us to get this done!
Good to hear CB 👍
We are signing our documents next week. Also plan on providing more specific information based on our assets and education for our children before something happens to us. I have really enjoyed your videos, shared with a friend who was looking into an irrevocable trust. Ty so much
Thank you for the free and honest in.
* information.
Thank you for the valuable information!
Thanks to you I think I understand the process.
Great explanation. A great way to save the people we love a lot of headaches....I sure hope that one day....far far into the future, my spouse and I die together in a quick and painless death for the purpose of avoiding personal care homes. We are thinking about setting this up, and, from what I hear, the time to do it is.....now...thank you so much😃🌈🤙
Such great information-THANK YOU
This was really helpful. I'm trying to help Mom with her trust; I live in a different state, and helping from afar is a struggle -- but videos like this really help make things easier. Thank you SO much! i definitely have already LIKED and SUBSCRIBED! :)
Great video! Shared
Learned valuable information. I'm trying to set up my own living trust. Thank you for your time !
Paul, just viewed the video, and all your information is so valuable to people in all walks of life. It is so much better to do the preventive at a time when you can think clearly. Thank you for taking the time to tell us all again to just get it done! May God Bless you always.
It was great talking to you a few days ago.
Thanks so much for your efforts to educate everyone about estate planning
You truly have a servants heart✌🏻
Very good video, invaluable information. Thanks for sharing.
Great point's.
This is so good. Thank you
This info was excellent. Thank you so much!
Good to hear MM!
Excellent video!
Thanks Paul!
Thanks d
Thank you for the excellent advice. I went from knowing zero to seeing the benefits of not going through probate by funding a living trust. I will hire an attorney to walk me through the process. You made the point quite well that trust needs to be funded. Thank you. Very informative.
Thx man👍🏿