If You Have a Revocable Living Trust, Watch This NOW! 🔴

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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
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450

Comments

Sharon Loner says:

Thank you. Creating and funding a living trust is my 2019 New Years resolution.

007mrmrbig says:

Where are you located?

Marilyn B says:

Ten years ago I went to an estate attorney and had my will..powers of attorney and revocable living trust set up. Cost me $4500.00. Now I need to hv some things changed and added. My now spouse went to a paralegal and he had his will and revocable trust set up. Cost was $1000.00. A lot less money…

99always says:

Thank you so much for sharing the important knowledge. But how to make it a valid Trust ? Who is holding the paper? I know that you have to notarize it. But after the notary .Who you give the paper to ? To make it valid? my email address is sabrina9@gmail.com

Robert says:

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.

Gods Hidden Warriors says:

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.

Anna Tonk says:

👏🏻👏🏻👏🏻❤️❤️🙏🏻🙏🏻🙏🏻🙏🏻

Oz Pearlman says:

Recorded this year? the camera resolution looks like it's from the 90's

Steven Skundberg says:

Love your videos Paul! You mentioned annuities as a non probate item. I've never heard that before. I had my annuities in my revocable trust but was told later by my investment adviser that by having my annuities in my trust, shortens the time my beneficiaries have in receiving distributions.Which would cause unnecessary tax implications. This was explained by saying a trust is not a living person so there are distribution time restrictions placed on annuities that name a trust as the primary beneficiary. Another way of saying this was there was no way to "stretch" the distributions with time! Thanks again!

Kenny Kenn says:

I going to write my own trust, so my question is, After I write it up, whats my next step?  just need to know trustee, and where do I register the trust…Trying to create a foreign trust

Karl Bruhner says:

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.

Karen Brown says:

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.

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