🔐Trusts allow you to avoid the probate process and the high costs associated with it.
💼Many people have misconceptions about the differences between wills and trusts.
💰Probate can be an expensive and lengthy process, costing tens of thousands of dollars.
🔄Revocable trusts give you the flexibility to make changes to your estate plan as your life circumstances change.
🔒Irrevocable trusts are designed for individuals who want to surrender control of their assets to a third party.
Why do I need both a will and a trust?
—A will and a trust serve different purposes. While a will determines the distribution of your assets after death, a trust allows you to avoid probate and provides more control and flexibility during your lifetime.
What is the cost of probate?
—The cost of probate varies depending on factors such as court filing fees and attorney fees. On average, it can range from thousands to tens of thousands of dollars.
How long does probate typically take?
—The duration of the probate process varies depending on the complexity of the estate and backlog in the court system. It can take months or even years to complete.
What is the difference between a revocable and irrevocable trust?
—A revocable trust can be changed or revoked during your lifetime, while an irrevocable trust cannot be modified or revoked without the permission of the beneficiaries.
Why is education about trusts important?
—Many people are unaware of the benefits of trusts and the potential pitfalls of relying solely on a will. Educating individuals about the importance of trusts can help them protect their assets and ensure their wishes are carried out.
00:00Introduction and importance of trusts in protecting assets.
03:55Reasons why many homeowners do not have their homes in a trust.
04:52Explanation of revocable and irrevocable trusts and their differences.
06:31Importance of updating trust documents to reflect changes in life circumstances.
08:52Unique approach of the firm in providing personalized service and referrals.
