Do You Need Both A Will And A Living Trust

Do you need both a will and a living trust? In this video, I'm going to break down what's a will, what's a trust, and what the answer is at the end of the video. So get a pen and paper, we have a lot to talk about. The three specific things I'm going to talk about, what's a will and what's a trust, let's define them. Number two, why do you need both? And there's actually more components I'm going to share with you. And number three, what to look for and what's critical as you put them into place. So again, get a pen and paper, let's begin. So I'm going to say by definition, what's a will and what's a trust. So I'm actually going to read this to you. So we're getting right out of the book. A will is a simple legal document that says forth your wishes regarding the distribution of your tangible assets of death, called your stuff. Like who's going to get these necklaces, who's getting earrings, who's getting my jewelry, who's getting the Rubicon, who's getting the stuff. A trust protects the assets that are titled in the name of the trust. It can include your house, bank accounts, any of your entities, LLCs, limited partnerships, all your entities, which automatically get retitled into the name of your beneficiary upon death. So you can structure your will and trust however you want. My favorite conversations are to lead you through what to think about when you're thinking about it. Too many lawyers, which I don't know why they're doing this, are saying a will's enough. I've met so many people from the YouTube channel or TikTok channel. They're millionaires. They have a trust and it's been told by somebody that a will's enough. It's not. A will will not keep you out of probate. A will disseminates your stuff, right? Who gets your dog? Who gets your cat? Who gets your stuff? It's not protection of probate court. So all around the world, there's a place called probate court. Upon death, everyone goes, your estate moves to the state. The state will give it back to the family immediately if you have a properly documented trust. And part of the trust is a will, a pour-over will. All of the beneficiary details, like who gets what when, you can put behavioral details in there that if your kids aren't responsible and contributing, members of society, they're not doing that. They don't get it. Some trusts are actually what are called non-depletion trusts where you have to take loans. The principle of the trust never goes away. So the families just keep building and building a bigger family office and bigger estate. So you can define a lot of this. You can define that you don't want your exes or stepkids or however that works. How this whole thing gets laid out is critical to you. When you click on the link below, go to generational wealth systems. I'm going to have you talk to one of our experts about what kind of corporations you probably need, what kind of trust you need. And then we're going to send you over to the insurance side. Now to have all these experts, you have to be a client in our coaching or mentoring program at some level. So go to askworld.com, ask to talk to one of our teams and how we as a whole team can help you with the plan. I'm not an advisor. I'm not licensed. I've never been. I have a whole team. I'm the ones out front educating and waving the big flag for this mission of generational wealth and legacy work. And the experts, including estate lawyers are all on our team ready to help you get this done right for you and your family. Why create wealth? And if you're here, it's obviously because you want to be part of the millionaire maker planning if you're not going to do upon death properly. So let's talk about that. So why do you need both? Well, they go together, right? A will is a component of the trust. So can you just do a will separately? Yes. I mean, Susie Orman used to do an ad and tout wills, wills, wills, wills. That's just the dissemination of your stuff that doesn't avoid probate court. So it's never enough. It was interesting advice at best. It's not complete. You need to have the complete trust, proper life insurance to fund it, the entities and everything you own tucked into the trust in the name of the trust. So does it make it more challenging to get mortgages, for example? Yeah, you're going to have to unpack it because the mortgage company is probably going to lend to you. Then you got to pack it back into the LLC, back into the trust. So there's some structure to it that you're going to have to just understand, but the experts will do all the work for you. So you just have to give them the direction of what you want done. If you don't know, that's where the mentoring comes in, where I just conversationally talk to you. What do you want? Some people don't want a big legacy. They want to spend it all in their lifetime. Some want to give it all the way to charity. It's like, I don't know. We have to have a conversation. So again, asklaurel.com exists for you to ask questions and make requests like that. So the other reason you want both is to really curb the family conflict. The amount of fighting that happens when someone dies is crazy. The amount of lawsuits that happen. I mean, most generational wealth plans only last two decades because the families fight. I'm going to get before that and say, it's because you never had a conversation, right? Old school people, right? They give a surprise basket. They die and everybody sits around. The lawyer tells the kids what all they get. And then the kids go to war and fight. I've helped unpack an entire billionaire family and their entire estate because the kids and the grandkids all sued each other and fought over the money and said, go out and make your own damn money. It's just crazy to me. Crazy to me. But we're here and we exist to be in the conversation, how to help you. So you avoid probate court. You avoid a huge family war. I have a client that came to me after 34 years of a family war upon a death. I mean, 34 years of fighting, the amount of time and energy, what a waste. It doesn't have to be that way. You can put it together, but everyone I believe needs to be involved. It needs to be transparent. Why certain people are getting what if some kids get more than the other kids, blended families get really messy. So I like just the easy divide. Your kids, your money. And then between you can build whatever you want to build together if you decide to build together. But keeping that separate, I've literally seen families marry. The one has more wealth. In the trust, they didn't define that the new married family and those kids don't get anything. They didn't clean up the will. It was like four or five years old. And those kids went to war, nothing to do with the family, but the trust wasn't defined enough and actually ended up dividing the entire state and everybody went to war with lawyers. It was crazy. The conflict gets big. So do it right. Get the right help. Again, our link Generational Wealth. We have experts that will talk to you for a free consultation and tell you what you need. We have a whole lineup of lawyers in every state across the country and in Canada to help you get it done right. Please subscribe to the channel. Your entire family of a state of a people of errors who are going to inherit this will and trust and everything you're going to get. They need to know about this. They need to understand money. So this channel is about business and money and finance. Check the notification button and then listen to it. Engage every day. Say, so what did you learn? Get a journal. What's one thing you're going to learn? What are you going to do? What's a habit you're going to change? How do you want to blend this? So you have the plan and you control the plan and the experts do the work for you on behalf of your plan. See a lot of you, you have your relationship reversed with these experts. It's their plan and you just hope this is all going to work out, right? I need you to lean in and learn. So you have the confidence to say, okay, experts, you work for me. And this is what I want with my life. And you're going to learn enough about the millionaire maker process and how to live this, that you can lead it, but you don't have to do it. Go to askable.com, make a request, ask a question, talk to our team. Let us help you get this set properly. You can go to online, you know, I call them cheap and cheerful, you know, dot coms, but you're not getting any real help. You're just clicking buttons on what you think you need versus know what you need. So have a conversation with our team and we'll talk to you tomorrow.