You want to have documents to protect your wishes, making sure that you leave a legacy behind for your loved ones, and if you become incapacitated — if you need help in your later life, if you're unable to speak for yourself — there is legal proof that honors your wishes. Legacy Estate Planning attorney Steve Waltar joins Suzanne to talk about the value of trusts.

Steve explains, "There's pros and cons with everything. But I was [working with] a retired pastor and his wife. I was just doing a simple will plan. And the wife says to me, 'Steve, how come Suzie Ormond says some people should have a living trust.?' I said, 'some people are worried about avoiding probate, and he says, 'we're worried about avoiding probate.' And I said, 'Some people are worried about incapacity, and she says, 'we're worried about incapacity'. Then I said, 'well, some people are kind of worried about privacy. They don't want anyone to know who gets what, when and how.' They said, 'we're worried about that.' And I said, 'would you guys like a trust?' Trusts are beneficial for so many things, maintaining privacy, avoiding court, flexibility. If you move from state to state, they are essentially a will replacement tool. They're not for everyone, but they just, they do an awful lot of things.

"A living trust is a tool that was used more than 1000 years ago to get around the king's court, to get around probate. So it's a private way to own things, where you have a trustor or trustors that create it, you have trustees that manage it, and then you have beneficiaries. It's a lot like: you have a chest of drawers and you move things into it, and then you have use of them during your lifetime. Upon your death, depending on whether it's a married couple or a single couple, there's certain things that happen, and when all the trustors are gone, then it can be as simple as going outright to the beneficiaries, or you can still give them trusts with some protections for the beneficiaries.

"On the one hand, it's generally more cost and work to set up. On the other hand, it's more likely to work, because who knows your assets better than you? So frequently when someone does a will, they don't check their life insurance or their IRA, they don't look at anything, they don't retitle anything. A trust kind of makes you look at how you own things, what should be transferred into the trust? And once you have things in the trust, it means they can't be subject to a court process of a guardianship or a probate. They're in the trust, and you have backup trustees that manage things. So it's kind of peace of mind and organizational element."
Legacy Estate Planning at Answers for Elders
Legacy Estate Planning website or call 425-455-6788
More podcasts with Steve Waltar
Find an attorney near you at the American Academy of Estate Planning Attorneys website
Check out our affiliate podcast Alzheimer’s Speaks

You want to have documents to protect your wishes, making sure that you leave a legacy behind for your loved ones, and if you become incapacitated — if you need help in your later life, if you're unable to speak for yourself — there is legal proof that honors your wishes. Legacy Estate Planning attorney Steve Waltar joins Suzanne to talk about the value of trusts.
Steve explains, "There's pros and cons with everything. But I was [working with] a retired pastor and his wife. I was just doing a simple will plan. And the wife says to me, 'Steve, how come Suzie Ormond says some people should have a living trust.?' I said, 'some people are worried about avoiding probate, and he says, 'we're worried about avoiding probate.' And I said, 'Some people are worried about incapacity, and she says, 'we're worried about incapacity'. Then I said, 'well, some people are kind of worried about privacy. They don't want anyone to know who gets what, when and how.' They said, 'we're worried about that.' And I said, 'would you guys like a trust?' Trusts are beneficial for so many things, maintaining privacy, avoiding court, flexibility. If you move from state to state, they are essentially a will replacement tool. They're not for everyone, but they just, they do an awful lot of things.
"A living trust is a tool that was used more than 1000 years ago to get around the king's court, to get around probate. So it's a private way to own things, where you have a trustor or trustors that create it, you have trustees that manage it, and then you have beneficiaries. It's a lot like: you have a chest of drawers and you move things into it, and then you have use of them during your lifetime. Upon your death, depending on whether it's a married couple or a single couple, there's certain things that happen, and when all the trustors are gone, then it can be as simple as going outright to the beneficiaries, or you can still give them trusts with some protections for the beneficiaries.
"On the one hand, it's generally more cost and work to set up. On the other hand, it's more likely to work, because who knows your assets better than you? So frequently when someone does a will, they don't check their life insurance or their IRA, they don't look at anything, they don't retitle anything. A trust kind of makes you look at how you own things, what should be transferred into the trust? And once you have things in the trust, it means they can't be subject to a court process of a guardianship or a probate. They're in the trust, and you have backup trustees that manage things. So it's kind of peace of mind and organizational element."
<ul>
<li><a href="https://answersforelders.com/legacy-estate-planning/">Legacy Estate Planning</a> at Answers for Elders</li>
<li><a href="https://www.waltar.com/">Legacy Estate Planning</a> website or call 425-455-6788</li>
<li>More podcasts with <a href="https://answersforelders.com/legacy-estate-planning/steve-waltar/">Steve Waltar</a></li>
<li>Find an attorney near you at the <a href="https://aaepa.com/member-listing/">American Academy of Estate Planning Attorneys</a> website</li>
<li>Check out our affiliate podcast <a href="https://alzheimersspeaks.com/">Alzheimer’s Speaks</a></li>
</ul>

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

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Empowering Seniors and their Families through the Daunting Journey of Aging

For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.

For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Empowering Seniors and their Families through the Daunting Journey of Aging
For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.
For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

Answers for Elders

You want to have documents to protect your wishes, making sure that you leave a legacy behind for your loved ones, and if you become incapacitated — if you need help in your later life, if you're unable to speak for yourself — there is legal proof that honors your wishes. Legacy Estate Planning attorney Steve Waltar joins Suzanne to talk about the value of trusts.

Benefits of a Living Trust

https://api.omny.fm/orgs/5e27a451-e6e6-4c51-aa03-a7370003783c/clips/d9e6e9ec-b459-4b6f-93d8-b1a900a6e9dd/transcript

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