Wills and Trusts Explained

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It's a challenge to explain wills and trusts in a short post, but here's my best shot.
People acquire stuff during their lifetime. Some of the things they acquire (like IRA's and life insurance) can be designated on a beneficiary designation form to go to certain individuals when they die.
Other assets (like investments, businesses, real estate, and many bank accounts) require a will to transfer those assets from your name to another when you die. If you have no will (die "intestate"), your state dictates who gets your assets.
To be a valid will, it must meet your state's formality requirements. Other matters you address in your will are naming your executor and designating guardians for any minor children you may have when you die.
It's uncommon to list your specific assets in your Will. It's more common to be general and provide, for example, that your estate is to be divided among your children, equally. Sometimes people make specific bequests of money or property.
Here's where the trust discussion. Sometimes, it is inappropriate to leave a bequest to an heir "outright." When you make an outright bequest of part of your estate to someone, then that amount is dumped into their lap. It may not make sense to dump an inheritance into the lap of someone who is a minor or someone who is an adult but incapable of managing the inheritance responsibly. So in your Will, you make a bequest that is subject to the terms of the testamentary trust that is described in your Will.
When you die with assets in your name that need to be transferred pursuant to your Will, there will be a probate (in , also called a "Succession"), because our system is such that the courts must oversee the management and distribution of assets when you die.
Instead of testamentary trusts, some people set up stand-alone (also known as "inter vivos" trusts) during their lifetime. People will transfer assets to their trusts during their lifetime for different reasons: probate avoidance, estate tax avoidance; avoid having to deplete your estate at the nursing home; or for other reasons.
Whenever a conversation is initiated about wills and trusts, we also address powers of attorney and living wills, which can ensure that your wishes are carried out during your lifetime by the right people when you lack the capacity to make your own decisions.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com...
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: [phone]

[@eazzflame]

Your videos are very helpful.. I'm not a lawyer but I'm working remotely for a law firm in MD as client specialist/receptionist.your examples of scenarios are familiar and relates to the kinds of inquries I get from clients. It helps me understand better their situation so I can relay it correctly with our attorneys. Thank you!

[@americasestateplanninglawy1946]

KZbin would only permit me to reference five other videos during this video, so where I said I was linking a video, I could not. Enjoy and thanks!

[@Financial_fitness_lady]

You explained all this really well! I feel like I could actually go in to someone the set up my estate plan/will/trust/POA etc and understand what they're talking about and ensure it's set up the way I want. Thank you!

[@baldeagle242]

I know a lot of these videos are a few years old but... THANK YOU! You have earned a new sub!

[@maverickjacksonexecutivedi7569]

Wow impressive! Powerful video with great information. We are never to old to learn. Thank you for sharing this.

[@dani323]

Thank you so much! These are great educational videos to those of us without the legal language, and knowing. You empower us to walk into this situations not to be taken advantage of; knowledge IS power. Finally, encouraging to get our paperwork together that our legal needs are in order; not decided by a corrupted judge in Court. Thank you for your honesty!

[@sfmommyof3boys]

Do you need a Will/living trust for bank accounts?

[@MOHAMMADIBRAHIM-bp6xn]

Thank you for the info, Sir.

[@MeetButthead]

Thank you for your time the viewer for sure is the winner .Thank you for your explanation!!!

[@americasestateplanninglawy1946]

Your simple compliments are inspiring. Winners are ordinary people with extraordinary heart! 😃

[@mayyang8350]

Excellent video!

[@2901nc]

Excellent, understandable place to start!

[@dennisbarr7592]

Well done!

[@shamat9988]

Thank you! This is helpful for my law school class.

[@allythabit5175]

Sorry may u help this question can a trustee be a beneficiary

[@PonchoNugen]

@@allythabit5175 Yes

[@sharkgon2386]

Thank you very much for your educational video, this make easy to communicate and understand the language with the professional to be able to get the best help.

[@quinnkirsop]

Very thorough and helpful. Thanks Paul!

[@americasestateplanninglawy1946]

Thanks QK! 👍

[@InLawsAttic]

Thank you so much.

[@ChadWardenPS3]

Explaining a hard subject very easily. Well done

[@americasestateplanninglawy1946]

Thanks Chad 😎

[@bjlong4452]

Thank you. I will be watching many more of you videos.

[@CraneOperator83]

My grandparents got old money and my dad is a banker. Looks like my inheritance is looking slim to nothing.

[@davinaalleyne6079]

Thank you for this important information. I'm going to need some more advise on the matter.

[@Asun888]

Thank you so much. This is easy to understand. Clear explanations. I wish you are in Florida.

[@americasestateplanninglawy1946]

Nice of you to comment. I wish I were in FL too. Love the beaches. 😎🏖

[@bswami1]

Thank you for the fantastic videos from Redmond, WA. Helpful to learn these before talking to my financial advisors.

[@CharlesAvilaMeasInst]

That was very helpful, hank you so much!

[@sherrireid1384]

Very well explained and very helpful!

[@americasestateplanninglawy1946]

Thanks for your comments SR! 👍

[@vincebarista111]

Thank you Paul for this really well laid out and clear explanation! My question is, if we have a living trust do we still need to have a will? Or to paraphrase - in what cases would people still want to write a will even though they have created a living trust? Thank you! Vanja

[@jasonfurnas4748]

Thanks for the video

[@EC4400]

Wow! Very informative. Thank you so much

[@americasestateplanninglawy1946]

Thanks for the comments EC! 😎

[@jadler10]

Who holds/protects the will. Should it be kept in a vault to prevent someone, even the executor from altering illegally?

[@sharkgon2386]

I wish you be here in Dallas to where I can visit your office for a personal study of how would be accommodated my own personal situation.

[@cinthyamoore884]

Thank you so much. This helps a lot

[@strategicservices9906]

Do I need to go to lawyer for will to be done in Iowa? I am single with no relatives.

[@user-no7gc7kv4f]

thank you for your videos!

[@K5310]

Hi , when Testator writes up a will and part of that in the will it to designate a guardian, then do Testator has to fill out another form to ask the curt to appoint the guardian BEFORE the Testator deceased or decapitated ??

[@TheMCHERRADI]

What is the first step to take and who to contact if your husband or wife dies and how long it takes. Thanks

[@henryprovencal4933]

The speed talking you did to explain your stuff gave me a headache. I was exhausted by the end of it. Wow!!!!

[@nancikrukowski5238]

How much should I be prepared to pay for a lawyer to handle mine and my husbands will and or trust. We are both in our 60s snd have two children

[@andrewmaina8422]

Good question. I think most importantly, have you decided who will be or would be the Trustee? From what I’m seeing, having a Will might lead to a lengthy court process if the kids disagree on it. And having a Trust puts all your assets in the hands of someone you wholly and completely trust (no word pun intended) to treat your both hard earned assets as their very own and to always look out for the interests of your kids like they we’re their kids. I think once you’ve figured that out, the fees of paying a lawyer would be rightly justified.

[@johnb9710]

Hello, What is the difference between successor beneficiary and contingent beneficiary and secondary beneficiary?

[@waynejohnson6488]

Should you keep making house payments on a Land contract after death or should you wait until the will comes out

[@waltjames9988]

Do you still need to probate your assets if property is set up through a lady bird, and the rest is through beneficiaries listed

[@rain7096]

👍

[@jasonsmith3982]

So if an attorney isn't listening and I do an Appointment of fiduciary and I appoint him as a fiduciary debtor because he is causing an injury to me and won't listen. And he gets suspended for 2 years. What happens?

[@jadenicholls237]

What happens if a grandparent leaves an inheritance to their grandchildren but that individual dies before they come of age to inherit

[@sfmommyof3boys]

What about bank accounts?

[@perecarl12]

If a father wills assets to a son does that override ownership to the surviving wife?

[@user-iw7de7kh3v]

Testamentary trust goes through probate , so not really a good idea

[@DD-bn2mx]

he was going to simplify wills and then he goes off on the extended beginning lol

[@allythabit5175]

Thenk yhu am from tanzania a fourth year law students am just asking you can a trustee be beneficiary?

[@oncoi1]

can you help . me and my mom is the caregiver to this lady name carol and she plan to buy a house and in the trust she her brother and my mom. and my mom take care of her for 9 years . and last week this past away and she dont buy the hause so is the money that suppose to buy the house all go to her brother or what ? and in the trust said 50 percent goes to her brother and 50 percents goes to my mom

[@jasonsmith3982]

So a legal death is not the same as someone's natural death. For example, in a marriage, there is death do us part. Meaning: someone's going to die on paper by the execution of a document. Would this be a legal death?

[@AWayOfLiving84]

👣

[@zachhaughawout4260]

Iomiik

[@sandraevert3273]

Couple makes a trust the wife dies her will cuz everything to the husband the husband makes a new will different than what to trust is he he doesn't want he wants to change the trust but he doesn't make a new trust he just makes no will does that new will bring the newest legal document cause the trust made under the couple before the wife died void

[@rocman883]

You talk to much, get to the point sand quite Babbling on and on my friend. You have great information but you’re just babbling on and on over nothing.