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The Revocable Living Trust: Probate Slayer

Welcome back to another exciting episode of The Legacy Talk Podcast! In Episode, we explore the fascinating world of the Revocable Living Trust and its powerful role in estate planning. This episode is all about understanding why a Revocable Living Trust is often referred to as a “Probate Slayer” and how it can make life significantly easier for your loved ones after you’re gone.

 

What Is a Revocable Living Trust?

 

A Revocable Living Trust is a legal document that ensures your assets are managed according to your wishes while you are alive and after you pass away. Unlike a will, a Revocable Living Trust can help avoid probate, which is often a lengthy and costly process.

 

Benefits of a Revocable Living Trust

 

  1. Probate Avoidance:

Probate is the legal process through which your estate is administered. It involves validating a will, appointing an executor, and getting court approval for the distribution of assets. This can take anywhere from six to twelve months or even longer. By placing your assets in a Revocable Living Trust, you can bypass this process entirely, making the distribution of assets quicker and simpler.

 

  1. Maintain Control:

With a Revocable Living Trust, you keep full control of your assets during your lifetime. This means you can manage, invest, or sell your assets just as you always have. When you pass away, a successor trustee takes over, following the instructions you’ve laid out in your trust.

 

  1. Privacy Preservation:

Probate is a public process, meaning anyone can access your will and see how your assets are distributed. A Revocable Living Trust keeps your estate details private, shielding it from public scrutiny.

 

  1. Efficient Distribution:

With a Revocable Living Trust, the successor trustee can step in immediately to manage and distribute assets, paying bills and handling expenses without waiting for court approval. This immediacy can be a lifesaver for families dealing with funeral costs and other urgent expenses.

 

  1. Reduced Costs:  

Avoiding probate means cutting down on legal fees, court fees, and other administrative costs. Sure, there might be some expenses associated with managing the trust, but these are generally much lower than the costs involved in probate.

 

  1. Minimize Disputes:

Wills are easy to contest, especially when emotions run high. A Revocable Living Trust can help minimize disputes among beneficiaries because it provides clear, legally binding instructions for asset distribution.

 

  1. Simple Administration: 

If you own property in multiple states, a trust can help avoid probate in each one of those states. This makes asset management and distribution much simpler and more streamlined.

 

  1. Proper Funding is Key:

A Revocable Living Trust is effective only if it is properly funded. This means that assets like real estate, bank accounts, and investments must be transferred into the trust. Failure to fund the trust can render it ineffective, so it’s crucial to ensure all your assets are included.

 

Story Time

 

Every week, clients call in to discuss setting up trusts or to seek help after a loved one has passed away. Those with Revocable Living Trusts often find the process much smoother. The trust simplifies administration and allows families to focus on healing rather than getting bogged down by legal complexities.

 

In the News

 

This week, Brian Wilson of the Beach Boys was in the news due to his mental decline and the recent loss of his wife. His management team sought a conservatorship for his personal needs but didn’t need to manage his assets separately because they were already in a trust. This allowed for streamlined management without additional legal hurdles.

 

Avoid Probate with a Revocable Living Trust

 

The main takeaway here is that a Revocable Living Trust can significantly simplify the process of estate administration for your loved ones. It offers many benefits, from privacy to reduced costs, and is especially valuable for those with property in multiple states or complex assets.

 

If you haven’t yet set up a Revocable Living Trust or are debating between a will and a trust, consider the long-term benefits and peace of mind a trust can offer. Make the wise choice to protect your legacy and make things easier for your family down the line.

To delve deeper into the details and learn more about how a Revocable Living Trust can be your Probate Slayer, tune in to Episode 29 of The Legacy Talk Podcast. Listen now and take the first step towards a more secure and efficient estate plan.

 

[00:00:00] Narrator: You are listening to the Legacy Talk podcast hosted by James A. Jones, attorney at law and founder of sound legacy law, PLLC in Tacoma. Attorney Jones is here to talk about how to best protect your family assets and well, pulling stories from his more than 20 years of helping families and business owners protect their assets, create their estate plans, preserve their wealth and plan for the future.

[00:00:32] Nobody wants to think about estate planning, but life has a way of sneaking up on you and. And at any moment, something unexpected could happen that will leave you regretting not having acted sooner. So join attorney James A. Jones in the Legacy Talk podcast and together learn how to plan for your future today and have peace of mind tomorrow.

[00:00:50] Atty. James Jones: Welcome to Legacy Talk. I’m your host, James Jones. I’m an estate planning and probate attorney in Tacoma, Washington. I’ve been practicing for over 20 years and my main practice areas include [00:01:00] estate planning, probate, and estate administration. On Legacy Talk, we discuss topics surrounding families and estates.

[00:01:07] Estate planning is often a confusing and complicated topic, but my goal with this podcast is to make it understandable and accessible to those who need it. So if this is something that interests you, I’d appreciate it if you would click the subscribe button and like this episode so that you can follow along as we break down the barriers to estate planning.

[00:01:26] I’m excited to get to today’s topic. Today’s topic is The Revocable Trust: Probate Slayer. Because who wants to go through probate if they don’t have to? So on today’s show, we’re talking about the Revocable Trust Probate Slayer.

[00:01:44] So let’s get to it. When I was a kid growing up, I grew up in South Jersey. I had a paper route delivering the Atlantic City Press, which is the regional newspaper down there.

[00:01:52] Every month, as part of my job as a paper boy, I was required to go door to the people that I deliver the papers to every [00:02:00] day and collect the money for their monthly subscription. I’m a 10 year old kid out collecting money in the neighborhood. And even though a nice little kid was showing up who dutifully delivered the morning paper seven days a week in the rain, in the snow, in the heat, there were those accounts that were elusive as far as collection would go.

[00:02:22] They had high balances and I needed to collect that money to get paid. So if I didn’t collect the money, I got nothing. So I deliver the paper, I collect the money. And at the end of the month, I reconcile with the delivery supervisor person that would come to my house on my dining room table. And we’d figure out what was collected and what my share was.

[00:02:40] And if I didn’t get any money, I got no money for that paper. So at that time, in the early 1980s, mid eighties, my favorite type of music was heavy metal. It’s like, we’re just starting to get into the heavy metal age. The hair bands were coming out and movie characters like Rocky and [00:03:00] Rambo, Terminator, Conan the Barbarian were iconic, right?

[00:03:07] And two of the characters were played by the same person, by the way, of course, as you know. You figure out who that was. If you don’t know, look it up. I hope you know.

[00:03:16] So when I was out there collecting on my bike with my Walkman, blasting some Motley Crue or Van Halen tunes, armed with my collection card ring.

[00:03:26] With those little cards on a metal ring, like, I can describe it for you. I felt I was on a mission to collect that money, right? Because if that money allowed me to go down to Jamesway, which was like a Walmart in South Jersey at the time, I don’t know if it’s still there, or if it’s still a chain, I think it still is.

[00:03:43] Anyways, like a Walmart style store, and I’d go and get my tapes, cassette tapes, sometimes records still, but tapes work better than the Walkman, with my collection money, right? So I needed that money and so, you’re probably wondering how this anecdote applies to a revocable living [00:04:00] trust and probably from the title of this episode, Probate Slayer.

[00:04:06] It applies because, like Rocky and Rambo in the Terminator, a revocable trust is an unstoppable force when it comes to avoiding probate. When a revocable trust is in the picture, probate doesn’t stand a chance. So today we’re going to discuss how a revocable living trust can be your probate slayer. So let’s get to it.

[00:04:27] So probate, if you listen to this podcast at all, or if estate planning is something that you’re researching or something, you’ve probably heard of probate, or if you have a family or friends, most of the people have heard of probate, but what is it? Probate is the legal process through which an estate is administered, okay?

[00:04:46] It involves validating someone’s will, or no will getting an executor or administrator appointed by the court and having that person become authorized through a court order from a [00:05:00] judge to administer a person’s estate when they’re gone. And it’s a costly affair, it takes a long time, most likely six to 12 months on average for a simple one.

[00:05:11] You’re going to have to get a lawyer. You’re going to have to pay fees. You’re going to have to report back to the judge every once in a while.

[00:05:18] And so, it’s something that most people want to avoid and even as an attorney that does estate planning, but also because of estate planning, I also do probate because they go hand in hand.

[00:05:31] If it were up to me and I’ve said this a million times on this podcast, I always tell my clients if it were up to me, I would have you avoid probate rather than having to come back later and do a probate. Cause if we do an estate plan, right, you can get out of that whole probate process. Okay?

[00:05:47] So, the number one benefit of this revocable living trust for everybody, it does this for everybody, is probate avoidance, okay?

[00:05:55] So by putting assets in a revocable trust, those assets [00:06:00] can bypass probate completely. It means they can be distributed more quickly to beneficiaries without any court involvement, and this is particularly advantageous when there’s complex assets involved, real estate, multiple real estates businesses, oil rights, mineral rights, those kinds of things.

[00:06:21] So having complex assets in a trust avoids probate. Also, it just streamlines the process. So avoiding probate by having assets in the revocable trust is the number one benefit of the trust. It applies to everybody.

[00:06:34] There’s other benefits that might apply to you or other people, but the one that always applies when you set up a revocable trust, revocable living trust, is that it avoids probate if it’s, done properly. Okay? And we’ll talk about that as we go here along this list.

[00:06:48] Number two is the benefit of a revocable trust. And we did an episode about irrevocable trust versus revocable trust. The revocable trust allows you during your lifetime to maintain control. [00:07:00] Okay?

[00:07:00] And because you have control when you’re gone, the trust provides for a successor trustee. And that person is authorized pursuant to the terms of the trust to administer this, the trust and its assets for the benefit of the beneficiaries pursuant to the terms of the trust. So the trust has intrinsic authority, granting provisions, whereas a will has to go through probate for the judge to make that determination and authorization, sign that order. Okay?

[00:07:29] And so when you’re gone, this trustee just steps in, right? It is also during your lifetime, and this really isn’t about what a trust does for life, we’re talking about what it does during probate. We’ll talk about this a little bit later in the news segment.

[00:07:44] So during your lifetime, the flexibility of the trust allows someone to manage those funds for you if you’re unable to, okay? And continue managing those funds when you’re gone, without court intervention, okay?

[00:07:57] You’d retain full control of your assets [00:08:00] during your lifetime. Your successor trustees who come into play when you’re not able to act or when you pass, maintain that full control when you’re gone. Okay? And they have to manage it according to the terms of the trust, because it’s something that is binding legal, right? They’ve got a fiduciary duty to manage the trust in the best interest of the beneficiaries of the trust.

[00:08:21] The number three reason that a revocable trust is a probate slayer is privacy preservation. You see, when we go through probate, I’ve done an episode on probate. We talk about probate a lot, but when you go through probate, everything is public, it’s a court proceeding, all those documents that are in the court record, unless there’s certainly certain specific documents that contain like social security numbers or account numbers, their public record.

[00:08:50] And so unless it’s sealed by the core, which very few court documents are sealed, there’s a handful. Everybody can see it, right? Your nosy neighbor’s going to show [00:09:00] up, you know, your best friend from high school might, I don’t know, check out, you know, what did Bob die with? I don’t know. I’m going to go check out at the court, you know, so there’s ways for people to look at those documents, including inventories and your will and your death certificate potentially. That’s one of those things can be shielded.

[00:09:18] So the revocable trust, because it avoids probate, keeps your estate and how you’re distributing your estate and what’s in your estate. So it doesn’t go through probate, it remains a private document so that your nosy neighbor Sally next door doesn’t come over and say, well, Bob had way more money than I thought.

[00:09:40] You know, we don’t want Sally to be checking this stuff out, right? We don’t want her to look into the trust. He’s our nosy neighbor. We try to keep her out, right? Try to keep her away. So we want to keep that detail with regard to how your estate’s distributed and who gets what and what it consists of.

[00:09:56] So, number four. [00:10:00] Because you’re not going through probate, the distribution of your assets when you pass is more efficient, much more efficient. When you die, the successor trustee that you name in your trust can immediately step in to manage the assets of the trust.

[00:10:12] For example, if you have a bank account that’s in the name of the trust, your successor trustee can go to the bank and say, Hey, Bob passed away, I’m the successor trustee. Here’s the document that shows this, I need to have access to that account. And that process is pretty quick, right? Depending on the bank, but pretty quick, they’ll let you have access to that for Bob’s trust. Okay?

[00:10:35] And this bypasses the delays of having to go to court, hire a lawyer, cause you know, people come to me, I do a lot of probates because you know, people come to me and they refer people to me and we do probates for people. Right? And our process, you know, it might take a week or two or three, depending on whether we get all of our documents and all the information that we need to even get that case filed [00:11:00] sometimes. And so that’s a delay, right?

[00:11:02] And then we have to get to court and we have to wait for the court to look at the petition and sign the order. And then we have to order letters from the court, and that can take another week or two. And so, it sort of delays that process for you to go to the bank and say, Banker, Bob died, I’m the executor now.

[00:11:20] This is a month later, potentially. Here’s the letter from the court saying I’m in charge. So you’re basically cutting out a couple weeks, at least, right? So you can immediately deal with like last expenses, funeral expenses, all of that stuff.

[00:11:33] Number five reason why the revocable trust is a probate slayer. Reduced legal and administrative costs. I’m not sure if you’re noticing how I’m saying probate slayer, but I’m saying it a little differently. So we’ll see how that plays. Have to comment on a YouTube video, I guess you can comment what you think about the way we say probate slayer. So, reduce legal and administrative costs.

[00:11:58] Probate, almost [00:12:00] always, is better managed when you have a lawyer. You don’t always have to have a lawyer for probate. I’ve said this before, you can always do it yourself, in most cases. Not every case, but in most cases you can do it yourself. But it’s almost, like, 99% of the time it’s better to have a lawyer, it’s so much easier. You try to do it yourself, it’s a pain. Right? You don’t want to learn all that stuff.

[00:12:21] Anyway, so most people hire a lawyer and that requires paying the lawyer money because we don’t do this for free. This is our job, right? We want to make money doing this, that’s why we became lawyers, not just about justice or whatever.

[00:12:35] We want to have a career and provide for our families. We’ve got bills too, so this probate process, not alone, not only does it require you to get a lawyer, which is not cheap in many cases. It requires you to pay court fees, it requires you to pay publication fees, sometimes executor fees, you know, that can be significant.

[00:12:57] And by avoiding probate, the revocable [00:13:00] trust can reduce these expenses, preserving more money for your beneficiaries and for your heirs. There will be some administrative costs, probably, because, you know, oftentimes, like, we’ll do revocable trust. I do all the time. And when people die, they’ll come to see me to get some advice and sort of get some handholding, but that’s much less involvement and much less costly than doing a full blown probate, so those fees are generally much lower, actually.

[00:13:26] Number six reason why the revocable living trust is a probate slayer. Dispute minimization. Wills, because they are going through probate, and they have a case open in the court system are more easily contested than a trust. Disgruntled heirs can challenge the will’s validity on various grounds.

[00:13:48] And this can be prolonged battle heirs or potential heirs or wives or husbands or girlfriends. So the trust, they’re harder to [00:14:00] contest because they are clear oftentimes. The detailed instructions in the trust can reduce the likelihood of disputes among beneficiaries.

[00:14:07] The other reason why is there’s not an automatic court case open. Whereas with the will, there’s a judge involved from day one. And so once there’s a judge there, people see, that as like, okay, I got to go to talk to the judge because somebody’s not, they’re not doing it right. I’m not getting what I’m supposed to get, right? I’m not getting my fair share, actually. I get calls all the time from beneficiaries thinking that they’re supposed to get more stuff than they’re really getting.

[00:14:34] And they’re in probate, and they could contest it, whether they win or not, unlikely. But with a trust, you’re not, that automatic case isn’t there. And so it’s more hoops to jump through for a person, especially a person that doesn’t have the money, a person that’s not sophisticated, that doesn’t have the wherewithal to hire an attorney to help them contest an estate or something.

[00:14:55] It’s much easier for them to get involved when there’s a court case already open. And so, [00:15:00] without that contest, without that threat of a contest, which is still there, like I’m not going to say that you can’t contest a trust, you can. But because there’s less, more barrier to entry, more barrier to entry for a trust contest than a will, it’s less likely to be contested by the casual contester, okay? Which makes the distribution process so much easier, more amicable usually.

[00:15:24] The seventh reason that a revocable trust is a probate slayer is ease of administration. So every one of those first six things we talked about how much easier it is to administer a revocable trust when someone passes, then going through probate.

[00:15:41] This is also applicable if you own properties, and we mentioned this before in this podcast, it’s coming back. If you own properties in more than one state and you do not have a trust, you are going to go through probate in each one of those states. So if you’ve got a house in Arizona or a house in [00:16:00] Idaho or I don’t know what a condo in Hawaii, I don’t know.

[00:16:04] You’re going through probate in every one of those states to clear title to those assets. And so having a revocable trust and putting those pieces of real estate in the trust allows the trust to administer those assets and avoid probate in Hawaii and Arizona and Idaho. I don’t know, where else do you want to have a house? Florida? I don’t know.

[00:16:27] Maybe like the Alabama coast. I’ve heard that’s pretty good and it’s cheaper real estate, I think. Maybe that’s where you want to go anyway. If you have a trust and multiple properties, you’re avoiding probate in multiple states or jurisdictions. Okay?

[00:16:41] Especially two, this is something that you might not consider all the time, but did you inherit like mineral rights from your parents? I’ve got a ton of clients that have mineral rights in North Dakota or South Dakota or Texas a lot in Texas, Oklahoma That their parents may have even inherited from their parents, right?

[00:16:59] But they’re [00:17:00] sort of running down the family, and so if you have rights like that having a trust is essential to avoid probate in all those different states. I’m deal with it all the time, and they’re not, they’re probably the most difficult assets to deal with in a state administration, is those mineral rights.

[00:17:15] So, if you have something like that, a trust is the way to go for that, to make sure it’s titled in there. A lot of the time you’ll find that there’s titling issues that go back generations, and so, getting it sort of dialed in when you get a trust is important. Okay?

[00:17:31] Number eight. This is not a why, reason, question. That a revocable trust is a probate slayer. We’ll see, man, I don’t know if you’re laughing at this or like, what kind of an idiot is saying that every time. I don’t know, we’ll see.

[00:17:44] Number eight reason, okay, is a how, not a why. So how does a revocable trust become a probate slayer? Okay, a revocable trust, in order to become a probate [00:18:00] slayer, must be funded. Okay? In order to accomplish all of these things that we’ve talked about in this podcast to this moment, so far, the revocable trust must be what?

[00:18:12] It must be adequately funded. So, we’ve talked about this before in other podcasts. The reason that a, and we’ve alluded to it at the beginning of this, the reason that a revocable trust avoids probate and a will does not void probate is because the trust holds those assets that cause probate.

[00:18:34] And they have in the trust. Authority granting provisions, which we’ve already talked about to say when I’m not around, my successor trustee can act without going to court, but in order for that successor trustee to be able to act with in the scheme that you’ve set up for the probate slayer being the revocable living trust that just has to be funded. These assets that cause [00:19:00] probate, which are like real estate, bank accounts, brokerage accounts, oil rights, right?

[00:19:06] All those kinds of things, investment accounts, all those kinds of things that have title are gonna require a probate if they’re not in the trust. And so you’re, it’s basically the probate’s kryptonite. So if we’re talking about like iconic characters, Superman, his, you know, biggest problem was when someone put kryptonite right by ’em.

[00:19:29] Like sometimes they’d try to trap ’em in areas with kryptonite or something. So the revocable trusts kryptonite is lack of funding. And so we want to make sure that we’re getting that lack of funding out of the way that kryptonite is gone from superman, right? As soon as we get it away, he gets his strength back, right?

[00:19:48] And so same with a revocable trust, when that trust is funded fully and accurately, it truly can be a probate slayer. And so, that’s one of the things that I really want to [00:20:00] emphasize. And this is the thing that when I set up trust for clients, you know, we emphasize that this thing doesn’t work like you think in avoiding probate if it is not correctly funded.

[00:20:13] And so, we provide a ton of information, we’re available on call, we’ll help get with your banks and get with your investment accounts and all those things to help get that trust funded so that it can assume its role as probate slayer for you.

[00:20:30] So that brings us to our story time. We’ve got the top eight things, I guess. So the story time here is pretty simple, right? I do a lot of trust, I’ve been doing this 21 years, I’ve done a ton of trust, right? I’m a trust guy, I like the trust. I like a trust better than a will. So I’ve done way more trust than I’ve done wills, just will plans. And here’s why?

[00:20:50] Every week, it seems like we get a call from somebody’s spouse or kids, that mom or dad or husband or wife [00:21:00] passed away, right?

[00:21:01] Part of life is dying, right? That’s part of our life here on earth. And so, it’s not taboo for us to talk about it in my business cause we’re always talking about it. So we’re kind of immune to the potential negatives about it, but every week we get calls from clients that someone passed away, right?

[00:21:19] Every week, every day, we probably get clients calling or potential clients that someone has died in their life and they need help. And so, these clients that have the revocable trusts come in, you know, we talk about what needs to be done, give them some information.

[00:21:38] We set up a plan to sort of get the administration done and this administration on a trust can be done within a visit or two with me or my team versus where you’re dealing with months and years potentially dealing with a probate because you’re going through these court deadlines and you’re going to have to give notice to everybody [00:22:00] and there’s all these things to check off the boxes for, right?

[00:22:03] And so, it’s so much easier avoiding probate through the trust than having to go through the probate process at all. Right? And so that’s the story, right? That’s the moral of this podcast episode is, especially if you’re gone, right? And we’ve talked about this in other episodes.

[00:22:22] So if you haven’t listened to these, like maybe if you listen to the front to the back, this is the 29th episode, I believe you’re going to get a lot of these, like recurring themes, you know, because there’s a lot of the same themes in the state planning. But one of them is, why would we want to complicate the lives of our loved ones or friends, you know, in creating a situation where they’re having to go through court, they’re having to jump through all kinds of administrative and judicial hoops, just so that your estate can be distributed, right?

[00:22:54] Just so that your wishes can be accomplished. That’s why that’s the biggest thing as to [00:23:00] why a revocable trust is a probate slayer and why you want it to be your probate slayer, right?

[00:23:06] That’s why, because you’ve got other things to do in life for one. And the last thing we want to cause is our family to have a huge blow up meltdown, fight, hassle to administer our estate. And the best way to prevent that is to avoid that probate process.

[00:23:25] And so, if you haven’t done it yet, if you’re thinking about, well, should I do a will or a trust, what’s the best thing for my estate, the trust, the revocable trust is a night and day difference administration wise and simplicity wise. And there’s a ton of other things that are revocable trust does, and it benefits you by having a revocable trust versus a will, which we’ve talked about in this podcast and other episodes.

[00:23:52] But for today we’re talking about the properties of a revocable trust that make it a probate slayer, okay? [00:24:00] So that’s the end of the story time I guess here.

[00:24:02] So here’s the segment now back to something good or in the news segment. So this is not necessarily good like you may have heard this, I’m a big music guy, so I really like music, and I like old, like, you know, 60s, 70s, 80s, you know, 50s, going back, right?

[00:24:20] Like, classic rock when I was growing up was a thing from the 60s or 50s or oldies, right? I don’t know. Now, like, the stuff that I was listening to that was new in the 80s or 90s is oldies, right? That’s always how it is for us when we age, but Brian Wilson was in the news this week from the Beach Boys.

[00:24:40] Brian Wilson, things haven’t been going well for him lately and that’s a sad thing. It’s not a good thing, but there is a positive thing about this. So he’s got some dementia issues, apparently, and his mental decline coupled with the death of his wife, which was pretty recent, who he loved. Like she was his rock, like his savior, he [00:25:00] said. And so he was, and she was his main caregiver. You know, she managed him and really helped him to thrive, which is awesome.

[00:25:09] But in the news this week his mental decline and his wife’s death led Brian Wilson’s management team to petition the court to place him under conservatorship. The loss of his spouse in such circumstances is a common trigger for such legal arrangements.

[00:25:24] This is the thing that I mentioned earlier at the beginning of this podcast that’s a positive thing about a revocable trust. The petition sought only a conservatorship of Wilson’s person, which in Washington is called a guardianship, saying he doesn’t need a conservator over his finances because his assets are in a trust with a manager as trustee.

[00:25:43] And so, even though Brian’s, you know, couldn’t mentally handle his care, make medical decisions for himself, they didn’t have to get a conservatorship over his assets, like many other cases [00:26:00] require, because he had a trust involved.

[00:26:02] And so, that’s a positive thing, that’s another reason why you want to have a revocable trust instead of just a will. He probably had durable power of attorney documents, but I bet his wife was his primary durable power of attorney and he may not have had an alternate.

[00:26:16] I’m not sure about that part of it, but that’s probably what happened. And so his team came in and helped, right? The doctor declared that Wilson had a major neurocognitive disorder, taking medication for dementia.

[00:26:30] And was unable to properly provide for his own personal needs for physical health, food, clothing, and shelter. So they put his team in place, he didn’t contest it. And he was able to get this conservatorship over his person put in place. He consented to the arrangement because he lacks capacity to make healthcare decisions, so that’s in the news this week.

[00:26:50] So that’s another plug for the revocable trust, right? Because Brian Wilson had this trust or he may probably has trusts because he was, you know, he hasn’t got a lot of money cause he’s very [00:27:00] successful man.

[00:27:01] Because he had that, he didn’t have to have the conservatorship for his assets. And that trust can do the same thing for you by having all of your assets under the control of a trust or trustee. I’ve had guardianships, conservatorships very similar to this where we required a guardianship because of healthcare, but the person under guardianship had a revocable trust.

[00:27:21] So we didn’t have to do a conservatorship, which is the asset side. Whereas the guardianship in Washington is the guardianship of the person. And so, it made it so much easier because the worst part of the guardianship is the conservatorship, which is, it used to be called guardianship of the person, guardianship of the estate. Now it’s guardianship and conservatorship in Washington.

[00:27:39] Anyway, the worst part of the guardianship conservatorship is the conservatorship because you have to report everything every year or three years and keep all your books and all that stuff. Not that you don’t have to do that in a trust, it’s just you don’t have to report it to the court, it’s out of the court’s hands.

[00:27:55] So, that’s the end. That’s it. That’s the end of our episode today.

[00:27:59] So I [00:28:00] hope that you learned something helpful. I hope that this episode was something that you can help build on because that revocable trust truly can be a probate slayer for you.

[00:28:11] Anyway, thank you for listening to today’s episode of Legacy Talk.

[00:28:15] If you liked today’s episode and would like to learn more, please like and subscribe for more great content. I’ve been your host, James Jones. To your legacy.

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