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It is one of the most common questions lawyers here.
What should I do before I die how can -- make sure that my family -- and hung out to -- Bob Massey is a Fox News legal.
And real estate expert and he -- live from Vegas.
A -- -- sir are -- this is going to be interest -- because there are a lot of people who have wills because they wanna protect them -- but our first question is -- what is the basic difference between a will and -- trust because some people who have -- probably should have a trust.
Well here's a.
Think when you have a will basically that means that if something happens you and lets you -- something as a joint owner like we called joint tenancy things like that.
When you pass the somebody -- -- appointed to the court system to fulfill the wishes of the -- that's called probate.
On a living trust.
That avoids the probate it avoids it for many different reasons but the biggest thing I want our viewers to understand is you don't have to be a wealthy person.
To do living trust there's this perception out there.
That you have to have a lot of money in order to do -- try share the trust is designed to avoid the court system.
After you pass all right so people are watching right now and it thinking OK well I would qualify and that does super rich I'm not in the truck category -- should I go ahead and and change my will to a trust.
I think if you have a home and have a little bit of money put away he should always get a consultation.
From estate planning attorney to determine if you should do -- trust if it's in your best interest.
There there's no reason really not to do one necessarily okay but if somebody has a very smallest statement here's the thing.
When you do it trust we call what's called funding funding mean Steve that you take your home for example it's -- your name's reducing.
You transferred out of your name into the name of the trust.
Why because now the trust owns -- you only trust yourself right you could change at any time you want god forbid something happens to you.
It doesn't have to go through the court because you've appointed people to fulfill your wish is avoiding the need for probate that's interest and so that that title on the mortgages not Steve -- you would be at DC and we trust -- -- -- a real hot on the title on the title to the property all right final question what is the most common myth about a -- got thirty seconds.
-- think most people think you have a living trust it's an asset protection vehicle in other words protect your assets.
That in and of itself is not a true statement there are types of trust.
That estate planning lawyers do that you could do to protect your assets but a living -- what we call radical family living trust.
In and of itself.
Is not an asset protection vehicle it's a very big misunderstanding.
And I want people to understand -- get good advice I don't care how much how many assets you have.
Always get your affairs in order god -- just so you make sure things -- the way they want it should be OK Bobby got a good job explaining the difference between -- trust but you know I've got to Willie and Brian -- still gets all my beatle records back.
That an inventor.
Right -- Bob thanks for joining us today from Vegas --
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