Black out text in the Revocable Living Trust in a few clicks

Aug 6th, 2022
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How to black out text in the Revocable Living Trust

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so this video addresses a docHub estate planning problem in America and what to do about it so if youve set up a revocable living trust in an attempt to enable your family to avoid probate when you die then you need to watch this video from start to finish but before I get into all the details let me first congratulate you because if youve set up your living trusts youve taken some steps to enable your family to avoid all those difficulties that people complain about probate takes too long gotta hire lawyers its expensive Ive got a deal with courts and pleadings and frozen accounts and cant sell the real estate so congratulations for taking those steps to enable your family to avoid that however theres a problem out there and its a beast and the big problem is that people are setting up living trusts and theyre not funding or theyre not retitling assets into the name of their trust assets arent in their trust when they die so those assets are frozen and theres no way a

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A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldnt go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
The biggest downsides of a revocable trust include the following: Your trust assets arent protected from creditors. You may not qualify for needs-based Medicaid coverage for a nursing home because the assets held in trust are still counted as resources when determining benefits eligibility.
Revocable trusts let the living grantor change instructions, remove assets, or terminate the trust. Irrevocable trusts cannot be changed; assets placed inside them cannot be removed by anyone for any reason. Revocable trusts allow beneficiaries to avoid probate court and guardianship or conservatorship proceedings.
You should put your bank accounts in a living trust to ensure the funds are easily accessible for your beneficiaries when the time comes to inherit.
Arguably, the single greatest advantage of choosing a revocable living trust is the simple fact that it avoids probate court. With a last will and testament, the named beneficiaries must go through a lengthy court hearing before they are able to legally obtain the estate and/or assets specified in the grantors will.
People set up a revocable living trust in order to give someone else the power to make financial decisions on their behalf, in the event they become unable to because of injury or illness.
Four Reasons You Dont Need a (Revocable) Trust Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.
Revocable living trusts have a few key benefits, like avoiding probate, privacy protection and protection in the case of incapacitation. However, revocable living trusts can be expensive, dont have direct tax benefits, and dont protect against creditors.

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