Will Versus Living Trust? (Living Trust Tutorial)

Toby Mathis Esq | Tax Planning & Asset Protection

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PLEASE NOTE: This video is for education purposes only. Laura Poland is no longer an Anderson Advisors employee or associated with the organization.
Should you have a will, or would it be better to have a living trust? Both options are covered in easy to understand detail.
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WATCH and learn as Lora shares with you that which might be beneficial for most people in most situations when it comes to having a will or a living trust.
0:00 Intro
0:37 Why does it matter?
1:07 The Debate Between Will and Living Trust
12:38 Beneficiaries
18:35 Provisions and Distributions
23:33 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. of the information contained herein without seeking professional legal advice.

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Опубликовано:

13 июл 2024

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Комментарии : 603

@TobyMathis 2 года назад

*~ Claim Your FREE 45 min consultation NOW! 👉 aba.link/yhl

@Jamminn555 3 года назад

Excellent presentation - clear, insightful and extremely valuable! Thank you Lora and Anderson Business Advisors!!

@sophiamichael2788 2 года назад

We are in the process of setting up a living trust right now and I love how you addressed something that others thought was overkill. It's the addiction aspect. I wasn't concerned for my own children, but for the next level of if we all pass together, so it would be for our siblings and nieces/nephews. It wasn't punishment like you said, but out of concern for their well being and not having so much access to money to buy a ton of drugs or give it away to others.

@charlenegriffis5900 3 года назад

WOW! Thank you Lora for breaking this down in a clear and concise way! Hands down a Living Trust fits me much better. Thanks so much!

@alaluke7159 3 года назад

Thanks for a great overall of a living trust and differences between a will. It’s super helpful to know what everyone can do right now. It’s never too late to do this. Great ways to avoid probate and didn’t realize how things will be held up in court.

@albert333pool Год назад

Thanks for my Father for pushing us to do this, we recently did our own Living Trust and I personally think it's the best thing I could've done for our Family!

@margaretmarshall3645 2 года назад

One thing I don’t think she mentioned is that for any kind of savings, checking, brokerage or retirement account, the beneficiary statement is what counts. Fortunately it’s easy and free to designate beneficiaries, so that is where we should all start.

@mottie77ful 3 года назад

This was a pleasure to watch. I left your video with a great understanding of wills vs living trusts. Thanks so much!

@rickclapie5434 2 года назад

Wow. This video was so helpful. I now know how to avoid major headaches for my loved ones. I’ll start learning about living trusts. Thank you !

@vll9915 3 года назад

I'm very grateful for this presentation. I do not have a big asset but just a principal residence, government pensions, death benefits as a consequence of passing, and some RRSP/RIF investments. Very informative presentation.

@lelamarengo2921 3 года назад

This session has been so helpful to me. You are excellent at making the legal aspects of a will vs a living trust understandable. Thank you.

@fredjohnson5458 3 года назад

Hello Lela🤩

@jackjones3657 3 года назад

Some reasons to have a living Trust over a will: To avoid long, expensive and sometimes complex probate process, to maintain privacy, since probated wills are on public record, to maintain better control over who gets what assets and when, to create special provisions for the beneficiaries.

@vincentanguoni8938 2 года назад

A trust is not exactly a quick picnic.. Still tied up

@gobowz 2 года назад

Trusts are great until you have a trustee that won't communicate or worse steals. Beneficiaries would then have to lawyer up and possibly throw good money after bad. Sure they may win in court but good luck collecting on that judgement. At least with probate you have court oversight. Executors have to file inventories and notify beneficiaries. My wife's family has been fighting for over a decade with an uncle/trustee that won't give any information. So what does the family do, sue each other? No, they just stop talking. Great job trust

@adekunleadenigbagbe269 2 года назад

@@gobowz You should use an Organisation not an individual Trustee. A lot of Banks now have a Private Banking arm that offer such service, a reputable law firm is also another.

@coop5329 2 года назад

@@adekunleadenigbagbe269 My grandfather used PNC bank and they totally ripped off everyone, blatant crooks, took years while they kept all the assets, and eventually we had to pay a lawyer to threaten to sue them. They were even committing tax fraud bigtime with all their clients, essentially making their clients pay the bank's income tax. That, at least, was stopped by the IRS and they got in a LOT of trouble. PNC=scum crooks.

@roberttan5025 Год назад

@@gobowz

@ardiscoslo3004 3 года назад

Defiantly gave me food for thought. Currently have a will but so much to think about.

@fonda7760 2 года назад

Probate appears to eat up funds that heirs would better use, especially when one hasn’t settled affairs. However, probate has protective purposes. Defining legal terms was beneficial. Thank you.

@dwaynemauk566 4 года назад

Thank you so much. Cleared up some questions i had, even though I have a trust. Appreciate it.

@jaydennis7346 3 года назад

Great!

@wiltonlawrence882 4 года назад

So clear! You are so good at what you do

@irfansechoes5268 3 года назад

Concise yet full of vital information.

@moxnix74 2 года назад

Hmm. I thought I was setup by having a Will. I was wrong. Very informative video.

@mubizz80 3 года назад

Thanks for making us plan for after life. It's a tough journey to prepare for.

@farmer9180 3 года назад

My uncle had a will took two years to finally have everything finished up . Lawyer drug it out as long as possible all the while charging the estate. Legal theft is what it is .

@cutenobi 3 года назад

Thanks for expressing this comment. Sorry that happened to your uncle.

@charlesrosaly 3 года назад

Disgusting, So sorry to hear this!

@maximusindicusoblivious180 2 года назад

It's funny to me to be on this site to sound like I'm defending lawyers because they don't need me to do that. But I also have gone through this process times 3 with deceased family members and there is a lot of emotions involved. Yes the process is long and drawn out and legal fees may seem unreasonably high but that is the process. And in a lot of cases family members make it worst, fighting over every single asset and making hourly legal fees go through the roof. And many lawyers will not tell you of all of the uncharged hours they spend on the case to keep fees reasonable. A living trust may sound like a good idea until you see over time how much it takes to administer and maintain them, they may be even more costly. liquidate all easily disposable assets early to save your loved ones the headache of dealing with it.

@terrymarkham1070 2 года назад

That remains me of the old joke about lawyers at the bottom of the ocean. Lol

@username8171 2 года назад

@@maximusindicusoblivious180 This happened to my siblings and I sort of. Our father had passed away many years ago. Then our grandfather passed years later. It was stated in his will that our fathers children ( us ) receive our fathers inheritance and not our stepmother. We had a sibling who was a half relative ( not a blood relative of our father ) contest the will. The amount of inheritance was $10,000, to be distributed between 6 children. So guess what our lawyer ( who happened to be our aunts friend ) charged for the representation ? You guessed it. $ 10,000. So we won against the half sibling, though received nothing from our grandfathers estate. A lesson well learned. But to our advantage, as our grandmother eventually passed, and the remaining balance of the estate was quite a bit more. So the 6 of us inherited my fathers share, the other going to my fathers siblings, and the half sibling received nothing, as it should have been.

@caribbeandeelovinglifesjou2974 3 года назад

This is an excellent informative video and perfect timing. Thank you

@justwannasay5454 3 года назад

This was absolutely top notch! Thank you so much for taking the time to put this together.

@kevlar_87 3 года назад

Excelente, thank you for this information. Lots to think about.

@mers6420 4 года назад

This is very informative and I’m planning to make my living trust since my girls are still minor.

@tedstewart7546 2 года назад

One of the best and easiest understood presentations I have ever seen that explains the real advantages of a trust!

@TobyMathis 2 года назад

We are really glad to hear that!

@TyroneSettles 3 года назад

Thank you for this invaluable information! Well presented and easy to understand.

@maanav00 2 года назад

Simple and concise presentation. Very well explained. One of best presentations on the subject.

@myrnaharding27 3 года назад

Thank you for your explanation it has been very helpful.

@annaroode8594 3 года назад

Thank you for this presentation. It was excellent and I learned a lot - very clear explanations.

@terryhill7099 2 года назад

You are the very best in your explanations! And such a pleasant voice!

@TobyMathis 2 года назад

We are glad that you enjoy our content!

@ditzydoo4378 3 года назад

Thank you for putting out this straight forward video on this subject. it Clarifies many misconception about Wills and Living trusts.

@imorlobonas8911 3 года назад

You just educated me. Will go for living trust.

@slimdawgwoof 4 года назад

This is a really well done overview. Great job.

@TobyMathis 4 года назад

You are welcome. Don't forget to subscribe to our RU-vid channel.

@pquach00 3 года назад

Thanks for the well explained presentation! Very informative!

@teamdefante3053 3 года назад

Thank you. I learned a lot very well explanation.

@laurahanson3749 2 года назад

After all I’ve seen the fights the grief people face with a will is unbelievable and so sad … this is very useful and sounds a peaceful plan thank you for the information💓🦋💐🎨

@TobyMathis 2 года назад

Thank you, we do hope you find it useful.

@pan1434 2 года назад

Hi, Lora, I can't thank you enough for your great video educating us so much about will is not = probate. I paid for a will written by an attorney through my financial adviser in 2017 and though I was well taken care until today. Thank you, Toby, your videos are very good too.

@TobyMathis 2 года назад

Wonderful!

@lic4953 Год назад

Excellent presentation , I learn a great deal of the differences.

@elisua5719 2 года назад

Great information, but based on what a local lawyer told me, a Will is sufficient for a family that has not accumulated a lot of assets in which case it would be more cost effective than a living will.

@lynndieu2587 3 года назад

Thank you so much for your very detail and value lecture!…

@johnwenderlich3254 3 года назад

Outstanding! Thank you.

@vparikh33 2 года назад

Great educational, eye opening informative, & simple for ordinary people to start thinking what is good will or a revocable trust for them and their immediate family. I still believe properly defined will is a very good start up document for small estate if all accounts have properly defined beneficiaries to avoid probate related cost.

@crystaljacobs1164 2 года назад

I just came across this and it was so informative it answered a lot of my questions now I know what to ask for and setup for my family. Thank you

@TobyMathis 2 года назад

Glad it was helpful!

@martinkenney9262 2 года назад

@@TobyMathis b b

@janebishop5885 Год назад

Really liked this video for being informative, thorough and professional. This is the kind of person I would want for a lawyer. Thank you!

@cathyspiegel6765 Год назад

I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super biz which gives me total $140,000 a yr to live comfortably. I have no debts ... Giving credits to Roch Dungca-Schreiber, (my fin. adviser) she saw me through the process. Look-Her-Up. Stay Motivated!!!

@cathyspiegel6765 Год назад

Credits to *ROCHELLE DUNGCA-SCHREIBER,* my fin. adv. who has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. She has years of financial market experience...

@Jagkhalsa 3 года назад

Excellent clear presentation. Thanks.

@ernestinephillips9862 2 года назад

Wow this here is the best information I have found on Wills vs. Trust.

@TobyMathis 2 года назад

We are happy to hear that, let us know if you have any more questions! We also offer a free strategy session if you are interested andersonadvisors.com/ss/

@brave101 2 года назад

I wish everyone had her gift...where you can understand every word. Awesome presentation. Thank you!!

@TobyMathis 2 года назад

Thank you Mary!

@SandraDevant 13 дней назад

I agree she's clear and concise

@melodeeplath9597 2 года назад

Wow! She explains things SO WELL ! Thank you, I learned so Much 🌹

@TobyMathis 2 года назад

We are glad it was helpful!

@jwpabc123 2 года назад

Thank you for doing this video. All that information you give is very important and helpful.

@TobyMathis 2 года назад

You are so welcome! We are always so happy to read comments like yours!

@sulingfloresca4120 3 года назад

Thank You Lora... Get me an idea And vision ... A Clear Information ... 🙏

@rachelletauro3607 3 года назад

Well done! Explained well.

@Jacquesmyers1031 2 года назад

This is awesome information. I’ve always had it in mind to have a required financial course in place before distributing assets. Thank you for this information.

@madmikedds 4 года назад

Thank you this was very informative

@Spikespeak 2 года назад

Thank you for your efforts in educating us regarding a Living Trust. I am in a unique position in which I am married to a foreign woman, but our marriage hasn’t been registered in Clark County. We currently live in Bangkok Thailand

@marney68papua 2 года назад

Thank you for sharing your knowledge with us now I know what I must do

@neelanair5002 2 года назад

Thanks much for imp. Info. Very timely.

@richardlawson7264 3 года назад

This presentation was extremely helpful. Thank you.

@billbobp69 3 года назад

2488672035

@olgamatthews1973 3 года назад

Very interesting & educational

@davidhook487 3 года назад

Great stuff! Thank you very much!

@dawhike 2 года назад

In Texas, if the real estate assets are held as joint tenants, with right of survivorship, the asset ownership automatically reverts to the surviving tenant. This works good for a single surviving spouse or legal survivor.

@graceeb4835 Год назад

I am in Texas and my husband and I are looking to do a trust for our home for our kids (who are minors). Which would you recommend? A will or trust?

@CP-td4kj 6 месяцев назад

You explained perfectly the other videos I saw on you tube confused me and bored me but yours was great thank you

@TobyMathis 6 месяцев назад

Glad the video helped out.

@olgacotto7915 2 года назад

Great information. I will do this. Thank you!

@thomaswashington2455 Год назад

I can't speak to all states, but in my county in South Carolina, I have found the probate process to be quite simple, with excellent advice from the staff at our probate court. I have been the personal representative for three estates with wills and one without. The process overall was quite simple, even though real estate and investments were involved in several of them. Valuation of the assets was simple. Notification to potential claimants was simple and really the only part of the process that was time consuming. Fortunately the wills were straight forward, and I did not have to deal with any protests on the part of the beneficiaries. Probate costs were, I thought, quite reasonable. I handled most of this on my own, with the exception being the transfer of some real estate which did require the use of an attorney.

@joycebeasley-ali5333 2 года назад

I really needed that...Right on time.

@michaeltran8668 2 года назад

Thank you Lora, very good information and very helpful.

@naikeelovince7774 2 года назад

Wow! That was an excellent presentation with timeless information. Thank you very much.

@TobyMathis 2 года назад

Glad you enjoyed it!

@EastTennesseeVol 3 года назад

Great information. Thank you for sharing.

@reynaldosalucop7296 3 года назад

Thank you, very informative.

@arlinemoore7276 3 года назад

Great presentation ... very clear and informative 😀👍❗️

@thuanle-phi7879 3 года назад

Thank you so much for very educative information

@robertklose2140 3 года назад

This is a superb explanation

@wendyrivera2782 3 года назад

Omg thank you for this.. I was up against the wall trying to choose between a living will vs. a living trust. This is most informative! I need to hire this lady and her company...

@velvetpaws999 3 года назад

Yeah you definitely do! If you think you must choose between a "living will" and a "living trust", you are dead off track, my dear. But funny, lol. Go google what "living will" means.... so you can laugh along! (rolling eyes a little...)

@velvetpaws999 3 года назад

That was very well presented, structured and informative. I enjoyed listening! It would have been even nicer had you also touched on what the "ballpark" cost of setting up a living trust would be. Along the scenario, say, that there won't be any complications due to several divorces with kids, or legal battles en cours, or murky estate / ownership situations. Something clean and straight forward.... how much would that cost to establish? My husband and I have been thinking about setting up a living trust, but we can't find a lawyer we feel good about... and we have no idea what the time line and cost factor are. Maybe there are quite a few people who will say "same here!".... thanks for addressing this if you could!

@cremewealth 2 года назад

You’ll need an attorney licensed in your state. Ballpark costs are a wide range. Lowest I’ve seen is $2,000 but average is $4-5,000 for a revocable living trust. Irrevocable trusts can be $10,000+ because of complexity.

@thecurator2626 2 года назад

I have the same question.

@goobanet 2 года назад

RLT sounds great for our purposes but there is no mention of ongoing costs of running the trust...

@madstarr2 Год назад

We attended a couple of free seminars by different Estate Law firms, learned a lot, and at the end most gave us an estimated cost based on a questionnaire we completed. We didn't choose the cheapest, but based on complexities for our situation are very satisfied with who we chose. All I can say is get it done by a firm that specializes in Estate Planning. Also, there will be annual charges if you select a maintenance plan where you can make changes ($250-350); we knew we wouldn't be making changes for about 3-5 years so we elected to pay for any updates when needed.

@gregoryfaulcon550 2 года назад

Great job explaining the difference between a will or living trust.

@TobyMathis 2 года назад

Glad you enjoyed the content and found it useful.

@anthonylandrum63 2 года назад

Thank you for the education, Tony

@blueeyephil 3 года назад

Very informative. Thanks.

@smartanajones4u 2 года назад

OMG! This is an awesome video. I kinda dred having think about stuff like this and I don’t generally watch videos over 10 min, but this video was very engaging, very informative, insightful and educational! I do still wonder though do you still need a will if you have the trust or can you just have the trust to be the legal catch all (so to speak) and omit a will ? Thank you sincerely!!!

@jeremywhite164 3 года назад

This is an excellent explanation and very beneficial to all.

@wanhawkins3513 3 года назад

Greatly appreciated.

@fredjohnson5458 3 года назад

Hello Wan🤩

@ConsiderItHealth 11 месяцев назад

This was really helpful. Thanks for breaking this down!

@TobyMathis 10 месяцев назад

Glad it was helpful! Thank you for watching the video.

@horlbecm 2 года назад

Excellent video - thank you for a thoughtful and clear presentation! Great resource!

@TobyMathis 2 года назад

Glad you enjoyed it!

@amabledunn4189 2 года назад

Thank you for the good advise!!

@lbdemoss 2 года назад

This was very informative and excellently presented - thank you so much!

@TobyMathis 2 года назад

You're very welcome!

@robertoguerrero1962 3 года назад

It's clear enough and I understand the importance of Living Trust

@jwalker277 3 года назад

Very good information, thank you

@user-cq6rh5dk5u Год назад

Very helpful breakdown!

@BIGKIDSSANDBOX 3 года назад

Great presentation clear and simple..

@BlissRobert 3 года назад

All four of my children are self-employed adults, so I just instructed my stock broker to transfer on my death (TOD) 25% of the assets in my accounts to each of them. I plan to create a revocable living trust for anything else of great value that I acquire in the future.

@maks8891 3 года назад

Very informative, helpful👍🤗

@kayscarlett3772 2 года назад

Thank you for the information!

@lirobinght 2 года назад

Very informative.... much appreciation ✌

@joeyojoeyo3613 Год назад

I did executor work and probate, mine was pretty simple and as basic as it can get. Still it takes time, mine was shorter with just a inexpensive home but one that had to be sold cash, no financing. My own personal will, will be a trust with a more expensive home that is paid for.

@suleimanmoussa9377 3 года назад

Very,very good. Thanks.

@MiguelHernandez-rw4xu Год назад

Clear and concise information 👌

@rodneyzurek4900 2 года назад

The video was informative but from my experience probate has never presented a problem! Overall seems to be an infomercial for living trusts. Anyway , I have an appointment with a very trusted attorney in my area this week and you have given me quite a few things to inquire about. Thank you.

@TobyMathis 2 года назад

We are glad to hear that you found our content useful!

@yetatekuejigu3117 2 года назад

0⁰

@manuelahernadez5757 2 года назад

Thanks for the valuable information,.!!!

@cheeriomartinez 3 года назад

Thank you very much for this. It helped a lot

@user-vw3jy9ep3p 2 месяца назад

The attorney was very very informative professional. Great presentation.

@BRunner12 2 года назад

Or, if you want to bypass probate and lawyers you can very simply add beneficiary designations to your bank account, 401k, brokerage accounts, and include your spouse on the house title and you are good to go. Unless you have a business don’t complicate it with legal documents….

@billbeverly2864 Год назад

Wow, had to go back and listen to it again, great info, thanks you. I am going to look into how to specify a separate property trust just in case he gets a divorce.

@terryhill7099 2 года назад

Outstanding! Pleasant! Wish you were in Canada!