5 Biggest Revocable Living Trust Mistakes & How to Avoid Them 

🎯 Key Takeaways for quick navigation: 00:28 📜 *The focus is on the five biggest mistakes people make with Revocable Living Trusts.* 01:22 🤔 *Explanation of what a Revocable Living Trust is, differentiating it from Irrevocable Trusts.* 03:12 🚫 *Highlighting the primary benefit of Revocable Living Trusts: avoiding Probate upon death.* 05:02 🗃️ *Understanding the roles in a Trust: Grantor, Trustee, and Beneficiary.* 06:22 ⚠️ *Discussing common confusions about Trust operations and effectiveness.* 07:16 ❌ *Debunking myths about creditor protection and estate tax benefits of Revocable Living Trusts.* 09:32 🛡️ *Exploring scenarios where a Trust can help against financial exploitation.* 11:49 🏠 *Emphasizing the value of Trusts in managing property across multiple states.* 12:14 🏦 *Discussing the critical step of funding the Trust properly.* 16:28 🚫 *Highlighting that not all assets can be put into a Revocable Living Trust.* 21:31 ✍️ *Addressing the issue of poorly written Trusts and the importance of detailed drafting.* 26:16 🛂 *Clarifying the lack of creditor and liability protection with Revocable Living Trusts.* 30:20 🏥 *Explaining that Revocable Living Trusts offer no protection from long-term care costs.* 32:14 📝 *Stressing the need for additional Estate Planning documents besides the Trust.* 39:01 🤔 *Discussing when a Revocable Living Trust might not be the best choice.* 41:01 ❓ *Addressing the importance of beneficiary designations and their management.* Made with HARPA AI

Any and all death tax should be repealed or abolished.

I’m a retired lawyer and will be seeing an estate planning attorney today. Watched the video with my writing pad. Very, very useful info re: questions to ask and issues to explore. Thank you. Background music is annoying. Sorry.

Good video. However, the background music is very distracting. Your voice providing sound information is adequate, you don't need the music.

You are a breath of fresh air! Thank you for being blunt and offering hard truths. So many people just want to hear what they want to hear. This video tells you what you need to hear.

I am a lawyer in Georgia and your presentation is good and thorough. Too many people buy into trusts when they don’t need a trust. They need a will, a durable POA and health care advance directives or living wills. Maybe a deed upon death if your state authorizes it. If you have a large family farm or passive income producing real estate that is free of debt, maybe a career or going small business that has high liability exposure, then a trust should be considered. Expensive probate states like Florida should also cause a consumer to seek advice on setting up a trust to avoid predatory legal fees and court expenses.

Love it !!!!! I’ve been searching

Thank you ! Clear and concise recommendations!

Good info.... thank you.

Great information!!!

Great video. Thanks for the advice

Great information. Thank you

Thank you for the information

Thank you Lynn, this info was very helpful☑

Outstanding Commentary!!! Priceless!!! Thank You!!!

So much food for thought thank you for your guidance …

Amazing explanation. Very helpful. Thank you.

Awesome video thanks!

You make it so easy to listen to you

Thanks so much, Ma’am! You’re exceptional.

Great informative presentation thank you

Thank you for the his video it really helped!

Useful information thank you.

Very informative video though. Thank you for the information. Extremely helpful and most needed currently. I appreciate what you are doing. 😊

Thank you ma'am. I'm also an attorney, but i practice criminal law and haven't heard all of this since law school 23 years ago. You did an amazing job with this video.

Very informative! Thank you so much for this content! Such a beautiful lady as well !!

This was very informative. My wife chooses not to really be interested/informed of such matters. I'll try get her to watch this as I am now the lead generation on my side but both of her parents are into their 90s and there is a IRT involved on that side. Thanks for taking the time to present this

That is very helpful tips thanks for sharing keep it up good work God bless That is great idea thanks for sharing again.

Great 👍 job.

Great video / background music not distracting, as agree with others you, did an amazing job.

Thanks!

Thank you so much for this. I learned so much. Can someone use your firm even if they live in another state? Thanks again!

good presentation

Thank you for educating us! It helps me to understand about Trust /Estate planning. How much will cost to do a Trust and Estate planning?

Thank you for doing this channel. Which location do you work at?

Trusts, Living Trusts, wills, etc. aren't worth the paper they are written on. In OKC, OK. There's a HUGE Billboard saying "Where there's a WILL, WE CAN BREAK IT!" Stickum and Con'em Law Firm AND IT IS TRUE!!! Any inheritance document CAN be contested IN COURT, and rubbed with enough MONEY, it can be struck-down. Trust and Estate attorneys LIVE to get in a court room. THEY always WIN and YOU (the inheritor) always pay the fees which are generally fixed by the state you live in and the size of the estate (in dollars) but it will probably cost you $10,000 to go to court, win, lose or draw. Much more in some places. Then 10 to 50% of the value of the estate IF YOU WIN! I'm in the middle of this RIGHT NOW with my late Parent's estate. Their "Trust Attorney" is getting maybe 5 times as much a month (or much more!) than I AM for "administration fees" and the "TRUST" is for MY EXCLUSIVE BENEFIT as there is no one else left alive in our family! I can't even FIND OUT HOW MUCH he is getting!!!

I watched all the way through. I’d like the free consultation gift.

Didn’t stay on topic. Went back and forth between revocable and irrevocable trusts with too many “what ifs.” Need separate videos to share these complex ideas. 🙏🏼

Can one have both: a Revocable Trust (with a Pour-Over Will), and a Will with an Asset Protection Trust (mentioned at 31:01-31:21)?

Excellent advice and well presented. I had a question regarding putting my home in a trust. You had mentioned that the home should be put in the name of the trust. Years ago, I was advised that my insurance company would not cover my home unless it was in my name. Checking with their underwriting department, I was also advised that I could keep my name on the policy but would need to put the trust name on as an ‘Interested Party’. Thoughts on this?

What if the owner of the Trust and the Beneficiary both die, how do the remaining family members access anything?

Please address the issue of nursing home costs and protection.

Durable power of attorney.....can you add by amendment to revocal living trust? Or separate page document like will?

At 9:15 min, you will also need the “power of attorney” document

If I own a property in North Carolina and another property in Puerto Rico USA. will I be able to include the Puerto Rico property under the same revocable trust ? Or I will need a separate revocable living trust in Puerto Rico?

26:04 But if the trust can create create an irrevocable trust, couldn't those provisions also create asset protection? 28:59 UPDATE: okay, yes, possibly

Need to mention a little more about bank accounts and investment accounts. For instance safety deposit boxes at banks have their own beneficiaries and separate rules from the bank and the trusts. And POD acts within trusts. These kind of things too

Thank you. Very helpful. Music was somewhat distracting.

informative

Content is good, but the repetitive music is super annoying.

27:21 for avoiding probate. NOT getting “creditor protection”

Thank you for your information. You explain this very well. My question is how long does a person have to get what was taken from them with illegal activities

Bank want short affidavit what clauses need to be in certificate or affidavit for bank account?

3:50 min, She discusses on Washington State “revocable living trusts”.

very good content i would lv that certifcate ok

Do you mecessarily have to have an attorney to draft a legal Living Trust in Virginia?

Very good video but please stop the background music so we can hear better.

30:00 you need lifetime documents: “pour over will”. A “WILL” , a durable power of attorney for finance & health, beneficiary designation - how assets are paid out like 401’ks

Can your children present a PDF copy if original not found. Do their copies have to have notary stamp?

we have checking , saving and a pension house car and rv. do we put the pension and bank accounts in the rlt?

Do you renew every year

This is such a worry but you brought out some important points that a lot of others do not bring out in these videos. Trusts can be useful if structured properly but can also be a ball and chain and they are not for everyone. Probate is such a shame, when there is a will it should be simple but it is not. Sometimes there is nothing you can do but go through it and pay all the fees and taxes.

My mother had a lawyer help her write up a trust. Then she put it in a drawer and let all the kids know where it was in case something happened to her. Well, what happened to her was that she started suffering from senility. Our brother, who shared a house with her, managed to get everything transferred into his and his kids’ names. The trust in that drawer?…. WHAT trust in a drawer?! Guess it was never recorded. Therefore, it wasn’t even worth the paper it was written on.

What if beneficiary is another grantor trust, is that ok?

21:03 Please explain annuity accts? Do not place in “revocable trust” ?

What are business trusts ?

How do we get the free consultation?

Hello, How do you get the Consultation Certificate.

@ 10:20 min, For privacy reasons with tax inquiries etc, Do not list yr name on the TRUST

discus’s IRREVOCABLE TRUSTS with embedded Llc that you manage

Just curious. Can a named beneficiary on IRA or 401K in most current date inherit those retirement accounts and overwritten named beneficiary shown on either the Will or revocable living trust that was previously prepared long time ago. Thank you in advance for your help.

Does this goes for any state Texas.

What else you can used to fund your trust other than just money.," Can we add or transfer our membership units from our LLC's as well our share from our corporations ?

Question it is a capital gain taxes on properties on the Revocable living Trust . At the time to be executed ?

Why do we need to put bank accounts in the trust? I thought if our bank has a designated beneficiary, they will automatically be able to get thr money wothout going to probate?

Can a trust have a trust for charity as a secondary beneficiary?. Thanks

15:44 👍🏼place home in “revocable “. NOT retirement accts, Not 401K bcuz u have beneficiaries ( & irs rules)

You should be able to ammend an irrevocable living trust.... You can change Trustee and beneficiaries

Can you ask that your property be sold upon your death and have certain percentage go to certain beneficiaries?

When a spouse dies A WILL has an “asset protection trust” So when in probate, this protects 50-100% assets At 38:52 min.

If we buy, sell, trade within the trust are we taxed?

How long can you get to contest illegal activities

I don't have any other assests besides my home, which is in an RLT with my son as the Trustee and beneficiary. My pension and Social Security end upon my death. I have a separate Durable Power of Attorney that is not in the trust. Do I really need a will?

If a grantor names a trustee in their trust is the trustee notified as soon as they are made a trustee and the successor trustee when do they know they are in charge of a revocable trust

No one gets their Deeds these days. Does a warranty deed work the same

How hard is it to make changes in revocable trust down the road and would one need an attorney every time change is made

What if the successor trustee funds the living trust but doesn't fund the 1st spouse instead waits until the 1st sposes estate closes then probates what the 2nd spouse supposedly forgot

Trusts are not the "end of the line"". They can function as a pass-through to a Private Beneficiary Account, like a Non-Profit Association, Where such can use the funds for benevolent purposes, like a "church where you are the ministry. The minister is the church and the church is the ministry. Such would use the funds to "Spread "the Word" paying for all your expenses.

If I have properties in different counties can I have 2 different revocable living trusts?

Our dad gave his trust $5 million fund to a local University and all me and my sister get is $2000 a month and a very large tax bill.

How much should a trust cost?

Can i use another Estate lawyer to review and modify my Revocable Trust?

is a trust a good thing to have if you some way get hurt and are stuck into a hospital or nursnibg home for a long time and have only on Medicare ?

I would like the certificate for free consultation.

How do I put the car I just bought in the revokable trust?

We made a revocable living trust in South Carolina and we are now moving to Virginia.Is that a problem?

I would like a consultation if possible I don't know the laws and live in PA my mom died in 2019

What state is the best state to have create our trust. If we don't have much money yet where is the best place to set a trust.

If you place businesses under your trust can you write off your attorney fees ?

Is there any way i can ask u a question offline