What is a Living Trust and What are the Benefits? (Living Trust 101)
Toby Mathis Esq | Tax Planning & Asset Protection・19 minutes read
Boil spaghetti, fry pancetta, mix with egg and Parmesan, season, and serve, creating a classic carbonara dish. Toby Mathis discusses living trusts, explaining how they can avoid probate, simplify asset transfer, and provide detailed instructions for asset distribution during and after the funder's life.
Insights
- Assets accumulated during one's lifetime are typically in the individual's name, necessitating a transfer upon passing to avoid probate.
- Living trusts, involving a funder, trustee, and beneficiaries, offer a probate-free solution with detailed asset distribution instructions, ensuring privacy and efficiency compared to wills.
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Summary
00:00
Classic Spaghetti Carbonara Recipe
- Recipe for classic spaghetti carbonara
- Boil 400g spaghetti for 10 minutes
- Fry 200g pancetta until crispy
- Whisk 4 eggs with 100g grated Parmesan
- Drain spaghetti, mix with pancetta
- Add egg mixture, stir until creamy
- Season with black pepper, serve immediately
00:00
Living Trusts vs. Wills: A Comprehensive Guide
- Toby Mathis from Anderson Business Advisors discusses living trusts 101.
- Assets accumulated during one's lifetime are typically in their name.
- Upon passing, assets need to be transferred to someone else.
- Joint accounts with rights of survivorship can simplify asset transfer.
- Low-asset probate may be avoided for small asset amounts.
- Intestate situations occur when no will or joint ownership is in place.
- Intestate cases lead to probate under state statutes.
- Probate can be a lengthy and costly legal process.
- Wills guarantee probate and can lead to family conflicts.
- Living trusts eliminate probate, ensuring privacy and efficiency.
- Living trusts involve three parties: the funder, trustee, and beneficiaries.
- Trusts can be revocable during the funder's lifetime.
- Trusts allow for detailed instructions on asset distribution.
- Trusts can include provisions for education, travel, or charitable work.
- Living trusts cover events during the funder's life and post-death.
- Misinformation and cost disparities exist between wills and living trusts.
