Nice video. I wish I would have videotaped the trust that I made with my father. Our lawyer died three months after my father. An issue came up and the new lawyer from the same firm interpreted a provision differently from the way the lawyer who drafted documents. When I tried to explain what my father wanted, he interpreted it differently which left me in a bad spot as the trustee.
Excellent! And one of the few I have ever seen that (correctly) recommends making charitable bequests out of your traditional IRA/401(K) to avoid taxes EVER being paid on that money. One note to expand on that. If you designate beneficiaries on your IRA (etc.) that superceeds a will, so designate the bequests to those non-profits as beneficiaries of your account. You can reinforce your wishes in your will, but the will means nothing if there are other beneficiaries that do not include the charity, or gives the charity a different amount than what you intended.
Great laundry list, it took me a few tries to get the spelling of: descendants per stirpes correct to figure out what it means. That sounds like a good provision to include for additional clarity.
Thank you for spelling that out! I had to come to the comments hoping someone would mention it! I listened to him say it several times and still was lost! Lol
@@jnbond Me too! It would be helpful if captioning was turned on. Those of us interested in estate planning at this point in our lives may have rocked too hard at another point in our lives and can't hear so well. 🤟
This video series has been phenomenal and of such great value. I shared on Facebook in hopes my unplanned friends will check out this valuable information. I'm single, no children, and had a Will drawn up with a paralegal. I made a couple of the cumbersome errors mentioned in the video about what NOT to put in a Will (funeral arrangements). These videos are one of the best bargains on RUclips. Thank you.
Always relevant information. Thank you! Through your educational videos, I’ve learned so much, even if does not apply to me, it is so interesting how the processes work and the best way to navigate, this intricate legal system with a whole vocabulary of its own. You make it simple and easy to follow.
Thanks for this informative video. I've watched a many of your estate planning videos and have never heard you mention how an executor would handle bank accounts with a Pay on Death POD provision or an investment account with a Transfer on Death Provision. Do these avoid probate? Thanks
I just thought of a serious problem with my own planning. My various accounts have declared beneficiaries -- but also some joint owners. Obviously the beneficiary will get nothing if the joint owner outlives me, even though the joint ownership was simply set up to facilitate access in case I became incapacitated.
Every time you “grandpa” my mind hears Rand Paul. It’s great that Senator Paul has you doing his estate planning! That aside thank you for the content, even though I am young I want to begin estate planning for various reasons
LOVE your videos! Clear, concise & with such a relatable narrator! One question:must Testator declare, “I, John Doe, BEING OF SOUND MIND-“ We are in the middle of a real probate mess-the Testatrix, having been declared by physicians, to have had “Dementia” executed her will at the behest of her daughter(also w POA & an Executrix) and the Will does NOT state she has testamentary capacity. Daughter also “found” $250K & made a long hoped for addition to her house - to remove the mother from her (paid in full) residence of 60 years. Nobody allegedly can locate husband’s will, executed same day & mailed to them.)- Q1- must Testator declare his/her sanity & Q2- Redress for intentionally withholding a will for 3 years. Thank you- all heirs have been notified by Executor that communication w his choice of attorney will be at THEIR own expense, not the Estate’s - is that legit?
What about people like me with a very small estate. Some savings, a few stocks and an RV with a mortgage. No real estate. Also some credit card debts totaling about $12,000. Son is named my beneficiary. Total assets about $25,000.
Can you clarify if designating a beneficiary on an account, (bank, MM, investment, etc.) takes precedence over a trust beneficiary? I'm speaking of POD or TOD. Thank you
What if you are foreigner and married to a citizen and had minor kids?had 2 stepdaughters but i won't agree them to be the executor of my Will but to my husband Will they can. ..need help
An attorney in CA told me that, inheritance received by children remains separate in states like CA, and no additional provision is required to save inheritance from child’s spouse. Just keep it in separate individual account and use it to buy assets in child’s name not in joint name.
Question maybe someone can answer. If you go on Medicaid when you’re retired but you never go in the Nursing home. Can the state still take your house for payment when you die.? Even though you never had to be in a long term facility? I’m in Pa wasn’t sure if it varied state to state.
Believe I read somewhere that if you do a quit claim or TOD or Lady Bird Deed upon your death it's a valid deed... and Medicaid (state) can't/doesn't make claims when transfered this way. But if sold/liquidated then a claim can be made... You should look it up to be sure.
Great info and lot to absorb. We are going though this process now so very timely. Maybe you already addressed this but what is a reasonable cost to set up a basic will?
I got a discount because the lawyer was a neighbor but I created a trust for $1250 or so. Normally $1500 I think. Los Angeles prices. Very formulaic and straightforward stuff though. I didn’t itemize anything. He also explained I’d need to change my account beneficiaries separately. That took some work on my part but well worth the time and money for the peace of mind.
Hi 👋 there. New here and subscribed because these videos are super interesting 🤔. Question: HOW DO I FIND A GOOD TRUSTING REAL ESTATE ATTORNEY? I have a home and money from a settlement so want to write a living will being that I’m not married and have no kids and at 51 not having any, 😂 Thanks 😊
I have been a legal secretary/assistant employed by same lawyer for 47 years. The majority of my work deals with estate planning. I find your videos very, very helpful. A lot of things I know, but some things you discuss make me go hmmm. I also like your plain-speaking manner. I even forward some of your videos to my boss.
Hi Paul, commenting on your latest video so you see the comment. Do a video on living trust and community property states like CA. Is it true that when one of the two grantor trustee die, community states get step-up on basis for all the assets under the trust? and later on when surviving spouse dies, assets get another step-up in the basis?
Clarification of question: if the relative is an uncle who had no wife or children and all of his siblings pass away prior to him BUT the siblings has surviving children of their own
@@tylenewhite5524 in my uncle's case he passed before completing a will. No spouse or children. So his went through probate. after everything was liquidated lawyers and court fees were paid out off top. Then he had 2 living & 1 deceased sibling. 2 siblings got 1/3 each and the deceased siblings 1/3 was split equally to the "children" of deceased sibling.
Thought on having your estate go straight to grown children instead of your spouse? That’s how my parents have their will right now. I’m worried it’s going to be really messy when one of them passes away.
My grandmother put all of her 4 children on Bank account called P. O. D. my Mother wasn't even present the bank cut 4 cashiers checks payable to each adult child closing account. Her little house was quit claim to the child who lived with her taking the most care of her. Was homebound so didn't have a car. Hope this helps. Do this before folks become mentally incapacitated.... Otherwise you need an attorney to take care of your business.
Default provision for a minor beneficiary. I don’t have children but I plan to leave ‘it all’ to three nephews and a niece. Currently, the only minor is the teen nephew with a Facebook profile picture in which he is holding a bottle of Jack Daniels and the longest chainsaw there is. Him. He needs a trust.
I was made executor on my dying mother’s estate just recently. Your videos have been invaluable. Thank you!
Nice video. I wish I would have videotaped the trust that I made with my father. Our lawyer died three months after my father. An issue came up and the new lawyer from the same firm interpreted a provision differently from the way the lawyer who drafted documents. When I tried to explain what my father wanted, he interpreted it differently which left me in a bad spot as the trustee.
What about bonds and stock?
Why does an executor need an Attorney ? What do you mean “Waving the Bond requirements” ?
You skipped a number
Excellent! And one of the few I have ever seen that (correctly) recommends making charitable bequests out of your traditional IRA/401(K) to avoid taxes EVER being paid on that money. One note to expand on that. If you designate beneficiaries on your IRA (etc.) that superceeds a will, so designate the bequests to those non-profits as beneficiaries of your account. You can reinforce your wishes in your will, but the will means nothing if there are other beneficiaries that do not include the charity, or gives the charity a different amount than what you intended.
Great laundry list, it took me a few tries to get the spelling of: descendants per stirpes correct to figure out what it means. That sounds like a good provision to include for additional clarity.
Thank you for spelling that out! I had to come to the comments hoping someone would mention it! I listened to him say it several times and still was lost! Lol
@@jnbond Me too! It would be helpful if captioning was turned on. Those of us interested in estate planning at this point in our lives may have rocked too hard at another point in our lives and can't hear so well. 🤟
Great comment! Thank you for clarifying. Lawyers have a vocabulary of their own, that the rest of us need a legal dictionary.
This video series has been phenomenal and of such great value. I shared on Facebook in hopes my unplanned friends will check out this valuable information.
I'm single, no children, and had a Will drawn up with a paralegal. I made a couple of the cumbersome errors mentioned in the video about what NOT to put in a Will (funeral arrangements).
These videos are one of the best bargains on RUclips. Thank you.
Always relevant information. Thank you! Through your educational videos, I’ve learned so much, even if does not apply to me, it is so interesting how the processes work and the best way to navigate, this intricate legal system with a whole vocabulary of its own. You make it simple and easy to follow.
Well Said! =-)
Thanks for this informative video. I've watched a many of your estate planning videos and have never heard you mention how an executor would handle bank accounts with a Pay on Death POD provision or an investment account with a Transfer on Death Provision. Do these avoid probate? Thanks
Thank you for your videos!
Thank you so much!
Great info!
Outstanding and so informative as always. Thank you so much!
Thank you so much
What were they that is you and your sister not your separate duty but your dandruff about the house
Excellent!
I just thought of a serious problem with my own planning. My various accounts have declared beneficiaries -- but also some joint owners. Obviously the beneficiary will get nothing if the joint owner outlives me, even though the joint ownership was simply set up to facilitate access in case I became incapacitated.
Great help. Thanks.
Every time you “grandpa” my mind hears Rand Paul. It’s great that Senator Paul has you doing his estate planning!
That aside thank you for the content, even though I am young I want to begin estate planning for various reasons
GREAT videos! Clear, concise relatable narrator, I have no criticisms- just a question: Must the testator declare,”I
LOVE your videos! Clear, concise & with such a relatable narrator! One question:must Testator declare, “I, John Doe, BEING OF SOUND MIND-“ We are in the middle of a real probate mess-the Testatrix, having been declared by physicians, to have had “Dementia” executed her will at the behest of her daughter(also w POA & an Executrix) and the Will does NOT state she has testamentary capacity. Daughter also “found” $250K & made a long hoped for addition to her house - to remove the mother from her (paid in full) residence of 60 years. Nobody allegedly can locate husband’s will, executed same day & mailed to them.)- Q1- must Testator declare his/her sanity & Q2- Redress for intentionally withholding a will for 3 years. Thank you- all heirs have been notified by Executor that communication w his choice of attorney will be at THEIR own expense, not the Estate’s - is that legit?
Good information... I would like to see a list of these provisions to be sure I do not miss any of them.
Good list, lots to think about. Thanks for providing great content.
What about people like me with a very small estate. Some savings, a few stocks and an RV with a mortgage. No real estate. Also some credit card debts totaling about $12,000. Son is named my beneficiary. Total assets about $25,000.
Think you could do a simple Will according to your state
Can you clarify if designating a beneficiary on an account, (bank, MM, investment, etc.) takes precedence over
a trust beneficiary? I'm speaking of POD or TOD. Thank you
Yes it does
What if you are foreigner and married to a citizen and had minor kids?had 2 stepdaughters but i won't agree them to be the executor of my Will but to my husband Will they can. ..need help
An attorney in CA told me that, inheritance received by children remains separate in states like CA, and no additional provision is required to save inheritance from child’s spouse. Just keep it in separate individual account and use it to buy assets in child’s name not in joint name.
Question maybe someone can answer. If you go on Medicaid when you’re retired but you never go in the Nursing home. Can the state still take your house for payment when you die.? Even though you never had to be in a long term facility? I’m in Pa wasn’t sure if it varied state to state.
Believe I read somewhere that if you do a quit claim or TOD or Lady Bird Deed upon your death it's a valid deed... and Medicaid (state) can't/doesn't make claims when transfered this way. But if sold/liquidated then a claim can be made... You should look it up to be sure.
Number 24: “NO CONTEST CLAUSE” please explain further, thanks 😊
"No - Contest Clause"
if anyone listed as heir contests the validity of the will.... then they get nothing. Is what I'm understanding.
What was that “descendants per sounded like slurpees
Great info and lot to absorb. We are going though this process now so very timely. Maybe you already addressed this but what is a reasonable cost to set up a basic will?
I got a discount because the lawyer was a neighbor but I created a trust for $1250 or so. Normally $1500 I think. Los Angeles prices. Very formulaic and straightforward stuff though. I didn’t itemize anything. He also explained I’d need to change my account beneficiaries separately. That took some work on my part but well worth the time and money for the peace of mind.
#6?
Yep, noticed that too. ???
Hi 👋 there. New here and subscribed because these videos are super interesting 🤔. Question: HOW DO I FIND A GOOD TRUSTING REAL ESTATE ATTORNEY? I have a home and money from a settlement so want to write a living will being that I’m not married and have no kids and at 51 not having any, 😂 Thanks 😊
I have been a legal secretary/assistant employed by same lawyer for 47 years. The majority of my work deals with estate planning. I find your videos very, very helpful. A lot of things I know, but some things you discuss make me go hmmm. I also like your plain-speaking manner. I even forward some of your videos to my boss.
Why would husband and wife create a separate trust instead of one family trust? specially in community property states like CA.
Hi Paul, commenting on your latest video so you see the comment. Do a video on living trust and community property states like CA. Is it true that when one of the two grantor trustee die, community states get step-up on basis for all the assets under the trust? and later on when surviving spouse dies, assets get another step-up in the basis?
What action can an immediate relative, niece for example, learns that in probate proceedings that she was not mention as a relative of the deceased?
Clarification of question: if the relative is an uncle who had no wife or children and all of his siblings pass away prior to him BUT the siblings has surviving children of their own
@@tylenewhite5524 in my uncle's case he passed before completing a will. No spouse or children. So his went through probate. after everything was liquidated lawyers and court fees were paid out off top. Then he had 2 living & 1 deceased sibling. 2 siblings got 1/3 each and the deceased siblings 1/3 was split equally to the "children" of deceased sibling.
Thought on having your estate go straight to grown children instead of your spouse? That’s how my parents have their will right now. I’m worried it’s going to be really messy when one of them passes away.
My grandmother put all of her 4 children on Bank account called P. O. D. my Mother wasn't even present the bank cut 4 cashiers checks payable to each adult child closing account.
Her little house was quit claim to the child who lived with her taking the most care of her. Was homebound so didn't have a car.
Hope this helps.
Do this before folks become mentally incapacitated....
Otherwise you need an attorney to take care of your business.
I would like to have a living trust, do I have to have a will, too?
No, not as long as all of your non-probate assets have living beneficiaries, and all of your other assets are funding the trust.
I wanted to trade Crypto but got discouraged by the fluctuations in price
@@darleengreen1268 That won't bother you trading with James Walters.
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Default provision for a minor beneficiary. I don’t have children but I plan to leave ‘it all’ to three nephews and a niece. Currently, the only minor is the teen nephew with a Facebook profile picture in which he is holding a bottle of Jack Daniels and the longest chainsaw there is. Him. He needs a trust.
😁🖖✌👌👍😎