✅ Benefits of a Living Trust
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💠You want to have documents to protect your wishes, making sure that you leave a legacy behind for your loved ones, and if you become incapacitated — if you need help in your later life, if you're unable to speak for yourself — there is legal proof that honors your wishes. Legacy Estate Planning attorney Steve Waltar joins Suzanne to talk about the value of trusts.
💠Steve explains, "There's pros and cons with everything. But I was [working with] a retired pastor and his wife. I was just doing a simple will plan. And the wife says to me, 'Steve, how come Suzie Ormond says some people should have a living trust.?' I said, 'some people are worried about avoiding probate, and he says, 'we're worried about avoiding probate.' And I said, 'Some people are worried about incapacity, and she says, 'we're worried about incapacity'. Then I said, 'well, some people are kind of worried about privacy. They don't want anyone to know who gets what, when and how.' They said, 'we're worried about that.' And I said, 'would you guys like a trust?' Trusts are beneficial for so many things, maintaining privacy, avoiding court, flexibility. If you move from state to state, they are essentially a will replacement tool. They're not for everyone, but they just, they do an awful lot of things.
💠"A living trust is a tool that was used more than 1000 years ago to get around the king's court, to get around probate. So it's a private way to own things, where you have a trustor or trustors that create it, you have trustees that manage it, and then you have beneficiaries. It's a lot like: you have a chest of drawers and you move things into it, and then you have use of them during your lifetime. Upon your death, depending on whether it's a married couple or a single couple, there's certain things that happen, and when all the trustors are gone, then it can be as simple as going outright to the beneficiaries, or you can still give them trusts with some protections for the beneficiaries."
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Benefits of a Living Trust
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estate planninglegacy estate planningSteve Waltarestate planning attorneySuzanne Newmananswers for elderstrustsliving trustslegal documentsprobatetrustorstrusteesbeneficiariesSafe Harbor Trustabuseceoaginghealinglove yourselfmotivational speechpersonal developmentptsdresiliencevitalitymotivation tipszentibetanmeditationinner healing musicfinancial planninghome careestate planning lawyersteve waltarfounderAnswers for Elders