The Power of a Trust

Transcript:

A trust is a way to hold assets and money. The main purpose of it is so that you can avoid probate. If you die without having stuff in a trust, you have to go through probate. It takes a long time. It costs quite a bit of money. It ties up a lot of your assets.

A trust lives on after a person dies. Most of the time when people set up a trust, they just put everything into it, and they start treating the trust as themselves, so you don’t lose any rights of all your property.

If I died, and I had a checking account in my name, and my bank hears about it, they lock the checking account down. Nobody can get into it. But if it’s in the name of the trust, it’ll automatically go to the trustee. They won’t lock that bank account.

With a will, when you die, it can take up to two or three years before your property is dispersed. With a trust, it’s instantaneous.

Transcript

A trust is a way to hold assets and money. The main purpose of it is so that you can avoid probate.

If you die without having stuff in a trust, you have to go through probate. It takes a long time, it costs quite a bit of money, it ties up a lot of your assets.

A trust lives on after a person dies. Most of the time when people set up a trust, they just put everything into it. And they start treating the trust as themselves, so you don't lose any rights of all your property.

If I died and I had a checking account in my name, and my bank cares about it, they lock the checking account down. Nobody can get into it.

But if it's in the name of a trust, it'll automatically go to the trustee. They won't lock that bank account.

With a will, when you die, it can take up to 2 or 3 years before your property is disbursed. With a trust, it's instantaneous.