5 Mistakes People Make in 2023 When Setting Up a Living Trust

Here are the five mistakes people make when they create and maintain their revocable living trust-based estate plan. Many Americans establish a Revocable Living Trust based plan so that when they pass away, their remaining assets can be distributed to their heirs or beneficiaries outside of the court and attorney-involved probate process. The idea is that when assets are in your name when you pass away, those assets will be frozen and your survivors must use your will, hire attorneys who prepare various rounds of court pleadings, and a judge oversees the management and settlement of your estate. Assets in the name of your living trust avoid the court process when you pass away - the successor trustee or co-trustees that you designate in your living trust instrument can immediately disburse your trust assets to your trust beneficiaries without court and lawyer involvement.
But mistakes do get made when people establish their living trust plan. Here’s five common and uncommon mistakes:
0:00 Intro
1:13 1.The Distribution Schedule
2:03 2.The Ancillary Docs
2:53 3.Trust Funding
3:38 4. Non-probate Assets
4:37 5. No Portability Election
5:58 Conclusion
Link to website: aeplawyers.com/
Link to Consultation: aeplaw.cliogrow.com/intake/71...

[@caroljohnson3011]

Thank God I found you on You Tube. My husband passed Jan. 2022 & when I mentioned the word ‘PORTABILITY’ to our Attorney he looked at me like I said I wanted Unicorn insurance. Then he said “oh, so you know about portability! “. He had never once mentioned it to me. Thank you so much.

[@lequitaward9265]

Great Info, to keep in mind, when planning an funding a trust! Thanks! 👍

[@trackmastersdj]

I know a Plaintiff in a (pending) Trust dispute case that can't get any lawyer to handle her case on contingency. Why are the laws so broken that a bad Trustee can so easily get away with robbing his own family with a fraudulent Trust? Why is there no recourse in Trust dispute cases when a Plaintiff can no longer afford legal representation? The court system is so unfair that it's sickening.

[@VideoWhitehawk]

Thanks. Looking into Living Trust in Texas.

[@daveb2280]

Also from Texas. North Texas to be exact. Texas (no surprise) has some of the best Trust laws on the books. I just recently had mine done and it certainly gives me peace of mind.

[@briankirkwood519]

In the case of where a Living Trust is established and funded for a home, how are the contents of that home handled? Those things usually subject to an estate sale? Do they go through probate?

[@ruhnet]

Generally non-title-able assets like personal items, jewelry, clothes, etc. are considered part of the home itself, unless specifically specified otherwise.

[@tomasgonzalez4819]

Most states have what's referred to as "summary administration". This is where the combined total of the assets does not exceed a certain threshold amount. In which case, the probate process is expedited via a summary administration procedure. So, there's that. Someone else also mentioned that items not titled are considered part of the home. True, but there is one other point to consider, which Paul mentions in his video (just not on this point in particular), and that is the distribution schedule. If the item, titled or not, is specifically mentioned (i.e., "My Rolex Datejust 16013, S/N: XXXXXX, to... ") or is included generally (e.g., "All my watches to ... "), then those assets will be handled as specified thereto. Otherwise, the commenter is correct, it would be part of the home and whoever takes the home takes all that lies therein (subject to the distribution schedule, that is). P.S. This reply assumes a pour-over will was used in conjunction with the trust, which is recommended in almost all cases. Therefore, only the distribution schedule applies and not any will provisions.

[@daveb2280]

@Brian Kirkwood: Have your estate attorney draw up a few more documents. The most important addendum to your Trust is adding "All Tangible Assets" located within the residence. Also, add any unique items that may force a Probate such as "Precious Metals or Heirlooms". If they are are not specifically mentioned in the trust then it is open to challenge.

[@deedeeotero4475]

Can you give me an estimate on the cost to revise my will?

[@kayBTR]

He has done a great short video on how to write your own Will and what to include. I am in the same state as Mr. Rabelais. I gave my brother his information, he hand wrote out a simple will. After he passed away the judge approved his will with no problem. I was so thankful for his video.

[@deedeeotero4475]

@@kayBTR thank you.

[@kayBTR]

The title of that video is “Make Valid Will in less than 4 Minutes.” Good for you for taking care of your business!

[@SusieAspen]

sound is not as good...

[@caroljohnson3011]

I thought the sound was perfect. Maybe it’s on your end.

[@GlobalDrifter1000]

@@caroljohnson3011 maybe it’s coming out of your end😂🤣

[@wayneguy6043]

I mean , it’s not that hard, how could you screw 😂 this up……