Trust vs Last Will Reason No 4
- Hi guys. Today we're gonna talk about reason number four of why a revocable living trust is better than a last will. Welcome to Two Minute Tuesday where I attempt to discuss an estate planning topic in two minutes or less. Several times over the last couple weeks, I have had clients in my office who are on their second or on their third marriage. And one of the concerns that they all expressed is having kids from each of their marriages and wanting to protect those kids in case they pass away. And you've probably heard me say on more than one occasion do you want your kids to have your stuff or do you want your new spouse's kids to have your stuff?
Think about that for a second and it really is a valid estate planning concern. If you are on your second or third marriage, then you really need to consider how you want to distribute your assets. Do you want your new spouse to have a living estate in your house and then after they pass away then it goes back to kids? Or do you want your new spouse to get everything leaving your kids out completely from any type of inheritance? Well, if you have a revocable living trust we can make that a reality.
So what we do is we simply set up the trust and we allow your new spouse to have a life estate in your residence and then allow them to have income from the assets in your trust. And then when they pass away, the house and your assets go to your kids so you know that both your new spouse and your kids will be protected in the future. So, this is just one reason why I believe a revocable living trust is better than a last will in creating a revocable living trust-centered estate plan.
So, if you have questions or more concerns, please watch some of our other videos and if you're ready, attend one of our live seminars that is coming up in the next few weeks. The phone number should be appearing below me right now to sign up for these seminars. Or you can also click on the link below which I'll put in the description and in the comments section below so that you can sign up on your own for an upcoming seminar. Well, that's all for today. As always, I hope you have a great day and a great week. And we'll see you next time. Thanks again.