Easily Delete Brand Logo to the Pour-Over Will

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How to Delete Brand Logo to the Pour-Over Will

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welcome back to my channel my name is Thomas a Bushnell and Im an attorney licensed to practice law in Idaho Washington in California and in this part of our estate planning series were going to be talking about a pour-over will and a trust and how they work together instead of using just a standard will if you refer to that chart weve been using and youll see a B and C and C is probate when the second spouse passes away if you get two words from this entire series its this probate bad probate sucks probably takes nine months to a year five thousand eight thousand dollars on the average it could be as little as two or three it could be a whole lot more if people fight or things are not in order and so well I would like to do is help people save money get things passed on to their kids and of course try to keep the government out of their estate plan so a pour-over will is a will that pours over all your non probate able assets into a trust a trust is something we form why youre l

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What assets should not be in a trust?

What assets cannot be placed in a trust? Retirement assets. While you can transfer ownership of your retirement accounts into your trust, estate planning experts usually dont recommend it. Health savings accounts (HSAs) Assets held in other countries. Vehicles. Cash.

What makes a will invalid in California?

In California, oral wills that are not in writing are invalid. A will must be in writing to be considered legally valid. The testator, or person making the will, does not need to write or type the will himself or herself. The will can be typed or hand-written.

What is the major disadvantage of a trust?

The major disadvantages that are associated with trusts are their perceived irrevocability, the loss of control over assets that are put into trust and their costs. In fact trusts can be made revocable, but this generally has negative consequences in respect of tax, estate duty, asset protection and stamp duty.

Should my bank account be in my trust?

Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.

What assets should be placed in a trust?

What Type of Assets Go into a Trust? Bonds and stock certificates. Shareholders stock from closely held corporations. Non-retirement brokerage and mutual fund accounts. Money market accounts, cash, checking and savings accounts. Annuities. Certificates of deposit (CD) Safe deposit boxes.

What are the disadvantages of putting your house in a trust?

While trusts are highly structured, they do not protect your assets from creditors seeking restitution. In fact, creditors can file a claim against the beneficiaries of the estate should they learn of the persons passing.

What are the disadvantages of a living trust?

Most people think the benefits outweigh the drawbacks, but before you make a living trust, you should be aware of them. Paperwork. Setting up a living trust isnt difficult or expensive, but it requires some paperwork. Record Keeping. Transfer Taxes. Difficulty Refinancing Trust Property. No Cutoff of Creditors Claims.

What is a drawback of a pour-over will?

The main downside to pour-over wills is that (like all wills), the property that passes through them must go through probate. That means that any property headed toward a living trust may get hung up in probate before it can be distributed by the trust.

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