Living Will
Categories: Trusts and Estates
Walking across the street one day, you get hit by an ice cream truck. Now you're in a coma. Your kids are fighting about what to do. Madison wants to pull the plug. Eddie also wants to pull the plug, but wants to wait a little bit...he's hoping to find a copy of your will first, just to make sure he's got an inheritance coming.
Meanwhile, you have no say...because you're just lying there, drooling into a pillow.
You should have set up a living will. It describes how you want these kinds of situations handled. It provides a list of your wishes for medical care and other related topics if you end up unable to communicate...like from a freak ice cream truck accident.
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Finance: What is a Living Trust?35 Views
Finance allah shmoop what is a living trust Well a
regular old trust is a legal vehicle into which assets
are placed so that their distribution or rather who gets
what from them when the owner of that trust dies
is legally clear How does that matter Like at all
Sounds like a lot of paperwork for more or less
the privilege that pay lawyers well if you had don't
have clarity as to who gets what When you die
the government often has the right to tax the crap
out of whatever you have left in the form of
filtering through it in a process called probate and it's
being like probed in a not a good way Anyway
probate is basically a process of figuring out if in
fact your will is your will And if you are
in fact will so living trust is one that lives
while you do when you die it gets distributed and
beyond Reducing taxes and giving clarity is the how your
dearly departed spirit wants its assets distributed A living trust
can also adjust to your moods Living trust our revokable
which means you can change your mind and revoke it
I'ii take it back after you die it becomes irrevocable
Unless you can legitimately send your spirit back from the
dead and convince a judge to let a lawyer amend
it And you can't that's just a joke you're living
trust basically comprises three sets of people you are trusting
in the form of bringing them inside your financial tent
Well the first player is you that is you are
a separate party in this some party And it is
you who creates the trust and divines who gets what
when and how you kaname yourself and potentially your spouse
as trustees beneficiaries That means that until you die at
least you are in charge And then your spouse if
you have one is in charge after you go you
know kick the bucket The likely successor trustees are your
kids So yeah the second player is the trustee the
person in charge of your assets after you die and
it's their job to be sure that your assets are
disposed of the way you want him to be Well
the trusty also deals with conflicts defending the wishes in
your trust The way that person presumes you'd want them
Defended nor example you're loving spouse the fifth one the
one who actually loved you for you all right the
third component of living trust the beneficiaries the ones who
get the one point three million dollars in proceeds from
the sale of your mansion in palo alto Yeah this
one it says nike on it That shoebox thing Yeah
they're the ones who get the house the custom range
rover with pure gold rims and passenger side ejector seat
And all of this is done in large part so
that your airs don't have to go through probate which
saves them a ton of time and money in grief
Your heirs don't want to have to live in their
cars while your assets wend their way through the government
process he's over years And the will does not have
to get filed publicly which means that even after you
are dead you can maintain privacy Generally the more assets
you have the more important it is to have a
living trust If you have booked guests now probably doesn't 00:02:55.67 --> [endTime] matter