Living Trust Versus Will: 8 KEY Differences (AVOID PROBATE!)
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- เผยแพร่เมื่อ 18 พ.ค. 2024
- In this video, I'm going to discuss the 8 essential differences between living trust vs. will. This is important information if you want to avoid probate, which can be a costly and time-consuming process.
Watch this video to gain a solid understanding of living trusts, wills, and how to navigate the probate process. Empower yourself with the knowledge to make informed decisions about estate planning and ensure your assets are distributed as you desire.
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"Whatever the case, I can do that inside of a trust. I can not do that with a will." 13:12
A living trust is a legal document that allows you to transfer your assets to a trust during your lifetime. When you pass away, the assets in the trust are distributed according to your wishes without the need for probate. In contrast, a will only goes into effect after you pass away and must go through probate to transfer your assets to your beneficiaries.
Probate is a court-supervised process that can be time-consuming and expensive, and may not distribute your assets in the way you intended.
By creating a living trust, you can avoid probate and ensure that your assets are distributed according to your wishes.
Thank you for watching my video! If you have any questions or comments, please leave them below.
Please like this content and subscribe to the channel for future resources! Thanks again for watching, and have a great day.
Show Notes:
0:00 Intro
3:06 #1 Probate
6:13 #2 Wills Are NOT Fast
10:07 #3 Wills Work After Life
21:25 #4 Living Trust = Options
32:55 #5 Unusual Provision
33:46 #6 Wills Are Public
35:25 #7 100% Time
38:40 #8 Ancillary Documents
45:56 Outro
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#livingtrust #wills #estateplanning #tobymathis #probate
This is the best estate, planning video, putting all things on one blackboard, that I have ever seen.
Thanks for the support
This is the best video on trusts and wills I've seen so far, thanks.
Glad it was helpful!
This video should have over a million views. Detailed, easy to understand, concise information. Thank you! ❤ Subscribed.
Thanks for the sub!
Thanks for the helpful video, Tony. We now have better decisions for the distribution plan for our living trust that is being drafted.
Brilliant
Thank you 🙏🏿
Ty great work 🎉
Thank you SO much. This is why I love this channel.
Thank you too! Its always wonderful to read your comments.
THANK YOU!
paying trustee fees in perpetuity or lump sum probate? I'll take the lump sum probate. Living trust even with pourover will isn't the end all, and if contested by someone with standing would go into probate. I have considerable assets and nothing will go to probate even though I don't have a living trust and don't need one. House is RTODD, POD accounts, and beneficiaries assigned for everything else, so there is nothing to go into probate. Probate process is over dramatized by those who are in the industry profiting from trust services. Most people would fall under streamlined or expedited probate which is quick, not the 18month average drawn out probate process argument used to sell living trusts. Moreover, just because you have sizable assets, doesn't mean they can go into a living trust (e.g. retirement accounts), need to go into a living trust to avoid probate (e.g. assigning beneficiaries avoids probate), or are counted toward probate thresholds. So saying if you have a large estate you need to get a living trust, is misleading (usually by those who are selling living trust services). Not saying living trusts aren't useful if you are trying to put controls on distributions to beneficiaries or wanting to control the lives of your beneficiaries after you die, but the base argument about needing a living trust to avoid probate is over sold (by those selling living trust services).
Thanks for your very thorough and caring explanations
My pleasure!
I appreciate you sharing your knowledge. Thanks a lot.
THANK YOU for the super thanks!
Very good informationand thank you Toby Mathis...I am really appreciate your video to help me understand living trust and will
Glad it was helpful!
Thank you for posting this video. My husband passed away at 59 years old last month and I am now convinced I need to consult with an attorney to set up a living trust.
I offer my sincerest sympathies for the loss of your husband.
Hi sir my husband is 73 years old I’m 63 my husband he make a will do I need to have a living trust I only have 1 daughter she is 38 single . tesay from Houston texas . thank you sir.
Excellent video description
Glad you liked it
No but in all seriousness, thanks for giving us free game
I really in joy have your videos and I am so glad that you help us with understanding . I am from New Zealand and live in Australia. I would like to see if we can help me through this process.
Thank you for reaching out, my company currently only works within the realm of the US but I wish you good luck in establishing your trust.
The US calls it the Living Trust but Australia calls it the Family Trust, you should create yourself. Go to the Post Office to buy the formular for the Trusty, following it than go to the Justice of the Peace to sign.
Or you can go to any Local Solicitors but you have to pay thousands of Dollars
Great presentation I enjoyed it. I have a question if you have personal debt at the time of your death can the creditors make a claim on a living trust?
I guess my state is unusual in that the real estate is inherited directly and does not enter probate unless the will specifically refers to the property in question.
Very good info
Glad you think so!
Excellent presentation! There is so much more to learn. Do you facilitate trustee training?
We do not currently provide trustee training specifically, though our platinum clients do have access to the attorney helpline, and out attorneys are happy to discuss specific questions or general best practices.
I was thinking about a video will that explain what I want all the asset to go, will that work as a living or trust will?
Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Visit: aba.link/mit
My understanding is your cost basis on stocks will not change at the time of death if those stocks are in a living trust? If that is true, then what is the best way to keep from losing the new cost basis feature?
That is not true. Some kind of irrevocable trusts cause you to skip the step up basis on death, but normal revocable grantor trusts do not. Those assets do show up on the 706 estate estate tax if you have enough money for that.
Washington State. What about a will with a transfer on death deed for one home?
Cars can’t go into a trust and the two cars are worth maybe 2,000 each.
Scraping
I have a Revocable Living Trust and a Will executed in Hawaii. I am moving to Las Vegas permanently. Will/does my Will & Trust become honored in Las Vegas? Thanks in advance!🤙🌺🌴
I would check with a lawyer there shouldn't be any charge to answer that question. May ask the one who drew up you're will. I think since ever state can have different laws requarding property you might have to.
How about TOD to avoid probate?
Learn how to avoid probate during a free consultation with my team. Visit: aba.link/mit
Hi, Toby could you please help me with sitting up ā leaving trust
Hi Wikingi, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. You can request that consultation here -------> aba.link/tobyss
I have a question..I'm homeless my mom died named me the beneficiary...the lawyers bullied me ...and I got nothing..it's been 4 years now...is there anything I can do..
Hi, we recommend speaking with one of our advisors for any detailed legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Probate is awful. My grandfather owned half of downtown san Diego,worth millions. When he died that was to go to his wife and 3 daughters. The Iawyers got 98% of it. My mom got s few thousand dollars.
😮😮😮
That is so awful 😢. Thank you for sharing your experience.
....how did such a straightforward will end up with millions of lawyer fees? and when was downtown SD worth only millions, is this in the 80s?
and that was it... your family didnt go after the law firm? or even file a complaint against them of the CA BARR associatIon? Im not doubting your story but it sounds like you stopped in the middle of it
His sounds of joker
It go to the vultures
And if the contest
More vultures
Wells dont hold crap
Get it out your name if you going to pass that fixes it and no vultures 😅😅😮😅
I’m sorry my name is Wikingi 😂
PLEASE USE A WHITE BOARD, thx
Thank you for your feedback!