Secret To Naming Your Revocable Living Trust

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4 жыл бұрын

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Many people establish a revocable living trust in order to enable their loved ones to avoid the court-supervised and attorney-involved probate proceeding when they pass away.
All of those trusts have a name or title. Many people include the word "Revocable" in the title of their revocable living trust.
But perhaps it would be a better idea to leave the word "Revocable" out of the title of your trust. You may want to restate your living trust in the future to make it "Irrevocable," in order to attempt to protect your trust assets from potential creditors or from long term care expenses.
If the word "Revocable" is in the title, and if for some reason you want to have the protections in place that an irrevocable trust would provide, you will have to revoke your living trust, remove all of the assets from that trust, and then place them in some new trust.
However, if you exclude the word "Revocable" from the title of your living trust, you will have more restatement options and more protection options to restate the terms of your trust in order to achieve more protections that a revocable living trust would provide.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450

Пікірлер: 278

@fecconway378 7 ай бұрын

👍🏼7:24 when a target on a lawsuit is possible Do not title “Revocable..” Great vital Info !!!

@chelin7023 9 ай бұрын

Great advise! This is how a good attorney is thinking ahead and prevent unnecessary “corrections” in the future. This is the first time I hear this advise 👏🏼👏🏼👏🏼 Thank You!

@wildthings980 3 ай бұрын

Wish my atty had given me advice on naming my trust!!!😢

@TravelBySea 2 ай бұрын

@@wildthings980maybe your attorney is banking on future fees to retitle your trust 😁

@terry_willis 7 ай бұрын

This should have been a 30 second video: "Do not have the word "revocable" in the title of your revocable living trust".

@w.thomas306 4 ай бұрын

They can’t be that dumb. Are you saying someone actually did that?

@KennethGuilory-w8q 2 күн бұрын

@@w.thomas306 it doesn't matter what you call it if you hire an estate planner instead of an administration lawyer a a greedy trustee or title deed thief usually changes it when we're vulnerable.

@stanleygreene5324 14 сағат бұрын

For someone with zero knowledge and just starting to look into trusts and wills as we are, this was informative and not too long.

@maryannhartzell2958 3 жыл бұрын

You can make up an original name for your irrevocable living trust. The trust doesn’t have to be your own name. The name of your trust could be “happy days 123”. This could help information inside the trust to remain confidential.

@rachelb8863 2 жыл бұрын

Thank you that's a useful tip. Would you know how one would sign as a trustee for private Trust... for example if it's called, happy days, would you just create a new signature for Happy Days?

@deeplouffe5769 Жыл бұрын

Pq Qqq P Qqq Aaa A

@KOVIDGOON Жыл бұрын

These detail these idiot lawyers don't disclose. They still gate keep and treat it like its not important details they need to disclose. I didnt want my trust named after me and guess what 5k later I feel robbed. Smh expensive lesson.

@jimmaag4274 Жыл бұрын

@@rachelb8863 just like any other trust, sign "(your name) - Trustee"

@anntodd1233 8 ай бұрын

@KOVIDGOON I agree. Lawyers did the same thing with us.

@bbbb8001 2 жыл бұрын

Why not go with a private trust and leave the lawyers out of it?

@Yahreshohn 3 жыл бұрын

Thank you! Subscribed! I'll definitely continue to watch and smash that like button!

@raybergeron2999 3 жыл бұрын

Thanks you. Because of you (actually another video) I "revisited' my family trust, which is in my filing cabinet. Made sure it's a 'non-revocable'. I am passing you along. Thanks again.

@NealWalters 3 жыл бұрын

I've been consuming a lot of your videos, love your style and topics. Thanks!

@athomas2803 3 жыл бұрын

Thank you for that advice. I didn’t catch it the first time I watched, but now the light bulb just came on. Your information is so helpful as I draft my trust. I enjoy Binge watching your videos.

@lisbethsalander1723 Жыл бұрын

I am trying to draft my trust. May I ask- if you had used a lawyer or online help?

@yoxarystano7166 2 жыл бұрын

Amazing! Thank you, Paul. It makes perfect sense.

@kittycat6195 3 жыл бұрын

Love this channel. I am new to it. Thank you!!!! I will share this!!! I want you to keep going!

@RAW2125 2 жыл бұрын

I have reviewing your videos for quite some time now. Very informative and have learned a lot. Thanks for all your efforts and time you give. Thanks again and keep up the great work.

@elainethepain9418 2 жыл бұрын

Mind Blown! Have never considered this! Thanks!

@browneyes8513 3 жыл бұрын

Thank you so much sir. I hope you do more of this teaching.

@notmeee7302 8 ай бұрын

Strongly suggest you DO NOT PUT YOUR NAME anywhere in the trust name. Make up a name. Offers you privacy, anonymity, and asset protection against potential lawsuits.

@romoskri 5 ай бұрын

As an estate planning attorney, I can tell you this is not accurate and you should not be providing advice on these matters. Revocable trusts provide NO asset protection.

@realluckysgirl 5 ай бұрын

@@romoskrihow? LLC or? This guy is talking in circles...

@tampaterry1245 5 ай бұрын

@@romoskrifor asset protection do the assets need to be in an irrevocable where you are not the trustee?

@RickWilson13-kd2zv 15 күн бұрын

@@romoskri What about anonymity? Making it more challenging for someone to find your assets.

@joeretired4552 2 жыл бұрын

Great suggestion - just beginning to write my trust - this I will do.

@viviangronlierp.a.-southfl1896 2 жыл бұрын

Your videos are very helpful. Thank you for sharing your knowledge and expertise.

@robinpst4935 2 жыл бұрын

Great advice. Thank you so much for the information.

@deekorbel5259 10 ай бұрын

Thank you for the great advice.

@Deborajosephsplatt Жыл бұрын

Thank you for this video; it really helps understand the do's and don'ts

@dorothyhome577 3 жыл бұрын

Talk about a public service❣️Thank you so much for passing on ‘all’ this important information. You are very thorough. Your attention to the details makes a big difference.😊This subject matter is now be brought to the forefront is why so many people have been severely injured. This subject should be a prerequisite in all colleges. After all it is foundational to all life. All lives matter.... past, present & future.🙃 My children all have college degrees and know the bare minimum about this subject matter. AND they won’t discuss it!😣 I’m trying to avoid the mistakes my parents made due to the lack of guidance!

@americasestateplanninglawy1946 3 жыл бұрын

Thanks DH! 👍

@robertgray320 2 жыл бұрын

At first I wasn't going to watch this video but I'm so glad I did. Thanks for the information!

@brendamcchristy6044 3 жыл бұрын

Thank you for this advice.

@doughamel150 2 жыл бұрын

you are good man, i'm in canada and really have no money saved but paying off 11acres on a beautiful west coast island...you are great teacher!

@breathingabundance7754 5 ай бұрын

Absolutely amazing what you can learn on this internet 👏🏾

@iris5517 11 ай бұрын

OMG Thanks so much for this information!❤

@cinthyacasco8654 Жыл бұрын

Love your videos Thank you.

@karltraveldude7817 10 ай бұрын

Thank you for sharing, great information .

@jimmarobbins8402 6 ай бұрын

thank you so much for this advice

@NYse821 Жыл бұрын

Wow... I prayed & asked the Lord ..What should I name my Trust? opened up YT & saw this video. This vid helps a lot. Thanx 💚

@Dailywordsofdiscouragement 3 ай бұрын

Delusional

@aleshyabarbour6389 3 жыл бұрын

Great content! Thanks for sharing

@aileenciocon5167 2 ай бұрын

I am so glad I watched this!

@HialeahRefugee 7 ай бұрын

Awesome advise and informed my attorney to set up that way. I also used my initials instead of name.

@josepayumo9779 Жыл бұрын

thanks again Paul

@Michael-jp3qe 2 ай бұрын

Thank you for this information.

@boyboy-xe6rx Жыл бұрын

Amazing explanation. Thank you.

@BuzzWaxxCollectibleRocksandArt 3 жыл бұрын

thank you this is very awesome info!

@JamesKing2understandinglife Жыл бұрын

Thak you! Just the title is so important to do in a living trust.

@godowdy6 6 ай бұрын

Awesome info. Thanks!

@stephen5147 4 жыл бұрын

Very helpful. Thanks.

@chanelv5373 3 жыл бұрын

Thank you. I just subscribed 😃

@sueharris6616 2 ай бұрын

This information is very helpful!

@tessjones5987 8 ай бұрын

Good instructions.

@tadeuszsolowiej1522 2 ай бұрын

Great info, thank you☝️🙏

@MAJESTIC-SU9 Жыл бұрын

Again, thank you sir.

@myutube6422 4 жыл бұрын

As Tran mentioned, you might cover using a non-descript name for the trust.

@RichardCabeza-ck4cb 25 күн бұрын

Great video, thank you!

@ginniepalumbo5228 18 күн бұрын

Thank you for this vital information

@fazeelatshah3097 3 жыл бұрын

It is great information .

@misterdouchemz6217 3 жыл бұрын

I like the way u explain it. 👍

@FinanciallySavvyParent 3 ай бұрын

This is great advice. Thanks!

@HouseOfResolutions 2 жыл бұрын

Great information. Thank you!

@HouseOfResolutions 2 жыл бұрын

Binge watching your videos 😌

@maryannhartzell2958 3 жыл бұрын

Thank you💫

@JinjianTu 14 күн бұрын

You are an amazing lawyer !!! It’s so useful ! Thank you so much for sharing your insight and knowledge. We are doing trust and will planning now. Will definitely take your advice! I am new and just subscribed your channel , will watch it everyday ❤

@Adventure2wheels 2 ай бұрын

Thank you Paul

@edwardteal4984 2 жыл бұрын

Fantastic thank you

@Beachbumartist Жыл бұрын

Great information, thank you

@jcarlos9079 3 жыл бұрын

Always wondered how to say your last name, didn't catch it till now, paying more attention to the substance of your videos. Appreciate you!

@matney12 4 жыл бұрын

Is it ok not to use your name in the trust title? It seems it would also help with some protection.

@aprilrandle8936 3 ай бұрын

I like it! I told my estate planning client to watch your videos. He then schooled me in the Paul R way about why he didn’t want to use “Revocable” in the title of his trust. 😂 Title promptly changed using find and replace with reasons duly noted. 😊

@americasestateplanninglawy1946 3 ай бұрын

Love that!

@genrodriguez5496 5 ай бұрын

You are so cool!!! Thank you!!1

@greenb6149 2 ай бұрын

very educational!

@endorphinder 2 жыл бұрын

Thank you very much for your valuable content! Are there pros' and/or cons' to putting your name(s) in the title of the trust?

@2BailaConmigo 4 жыл бұрын

This was very helpful. I had no idea about the importance of naming the Trust. Thanks for your generosity.

@NaveDelAmor 3 жыл бұрын

Huge!!!

@Colorado18 4 ай бұрын

Thank you

@nrkgadda9 4 жыл бұрын

Thank you for making it easy for us, to name a Living Trust.

@americasestateplanninglawy1946 4 жыл бұрын

Thanks NRK 👍

@RockyMountainHunter2 3 жыл бұрын

New to the channel. Subscribed. Anxious to see if your Online program will include Ohio.

@CKevni 8 ай бұрын

My attorney said you can title it however you want. So in theory, the x,y z irrevocable trust however the trust document itself is a revocable trust. Ever heard of this before?

@lawrenceellison2972 5 ай бұрын

Thank you, sir. I after listening to your messages I decided to form a family Trust and it was an adventure. Took a year to get all done but well worth it. I believe my family and heirs now have a legacy my wife and I can leave for a long time after we are gone. Thank you.

@nickc9622 2 жыл бұрын

Your videos are very informative. I'm looking for one that describes a married couple with community property with two children. I have a child from previous relationship and my husband has a child from a previous relationship. What should we be mindful of in the wording of the Last Will and Revocable Trusts (just for house) to ensure both our child and step-child are not left out.

@peaceloveandharmony 3 жыл бұрын

You are an asset for those wanting to gain knowledge - thank you very much

@americasestateplanninglawy1946 3 жыл бұрын

You’re welcome PL&H! 😎

@regina627 Жыл бұрын

Thanks

@fecconway378 7 ай бұрын

12.29.23. See 6:11 & prior Great points on future Medicaid application for long term care ex: in 5Yrs . Do NOT title “revocable”. Thank you

@Mantraflip 3 ай бұрын

When learning about Irrevocable life insurance trusts, I learned that many people feel their “trust” is affording more protection than is actually the case. Self education plus professional advice is my goal. I see too many people blindly following professional advice. The advice should be the beginning of journey, it’s too late at the end (I wish I knew that earlier, etc.)

@Snappypantsdance 10 күн бұрын

I very much agree. Are there any "invaluable" resources that you might recommend?

@WARISCOMIN2023 2 жыл бұрын

Thank you so much,2022

@molo8657 3 ай бұрын

Superlative!

@andrewg4us2010 3 жыл бұрын

Thank God we did this by accident. Thank you for this advice!

@carolyn6406 4 жыл бұрын

If your home is your homestead and protected against creditors does changing the ownership to a trust open the door up for now being sued by creditors? Also for second homes not homesteaded or other properties?

@JL-xg7xb 3 жыл бұрын

Do you recommend not to use your name on the trust for assets protection?

@michelinelavoie2086 4 жыл бұрын

Can you do a trust for someone that lives in Florida? Such as myself?

@becky5599 3 жыл бұрын

Very well explained thanks

@iitorrance285 4 жыл бұрын

Awesome

@americasestateplanninglawy1946 4 жыл бұрын

😎

@Nabiyah1 10 ай бұрын

*Question:* Can a person posthumously receive a death benefit (Insurance Beneficiary) and designate that benefit to a trust for a child to receive, if they want to protect assets and prevent others from taking what belongs to the child? *Scenario:* Someone older is a beneficiary on a policy. However, they are likely to transition before the policy will be paid (before the insured will transition). Is it possible to name that policy in a trust BEFORE they transition to ensure that the trust is paid, even if it's posthumously, and have that benefit designated to a specific person? Thanks for your help with this :)

@SusieAspen 3 жыл бұрын

What a brilliant idea! But, if the original Living Trust is recorded at the County Recorder's office, won't they be able to pull that up and see you made changes?

@SusieAspen 3 жыл бұрын

I have since found that you record the transfer of the property into the name of the trust, but don't need to actually record the full trust. The trust will be named and recorded upon transfer, therefore.

@steviesevieria1868 2 жыл бұрын

Trusts aren’t recorded

@bernicewahine9625 Жыл бұрын

In Hawaii a short form of the RLT must be recorded if the subject real estate to be deeded is in the Land Court system as opposed to the regular system.

@NYse821 Жыл бұрын

You can Record a Certificate of Trust. I wouldn't record my entire Trust. Hope this makes sense💚

@learnjcbskidsterchickensga7594 6 ай бұрын

See above, I have seen where something is recorded to show trust existence, basically to avoid foul play? The beauty of a trust is that it is private .

@NYse821 Жыл бұрын

Thank you for all the information😊. I have 1 question...You mentioned that if Creditors realize that you have Assests in a Living Trust, they can come for your assets...but aren't Trust Private?

@anntodd1233 8 ай бұрын

It doesn't protect you from creditors.

@Maownvisa 6 ай бұрын

A foreign living trust does

@rms539 2 жыл бұрын

How would reverse mortgage come into play with long term care needs? from PA. Have been sharing you channel with others. .so helpful!

@steviesevieria1868 2 жыл бұрын

Reverse mortgage comes under the category of: Scam

@roxannasheffield8439 2 жыл бұрын

do we need to title our trust with our legal names or just any title?

@alliesteamc3546 2 жыл бұрын

From Asser protection perspective, some attorneys suggest NOT TO USE your name in the trust, have a separate EIN name which will enable you to open bank account. Anything else seniors should know when they set up a rev trust in any word?

@jjf609 6 ай бұрын

Separate EIN- so you went to the IRS website & created a separate EIN? Is this just for the bank accounts? When you file your taxes do you use both your social security # & EIN #?

@learnjcbskidsterchickensga7594 6 ай бұрын

@@jjf609 as far as I know, you would use the EIn if you are receiving income within that trust.

@lanashevtsov7748 8 ай бұрын

Can I call the trust just ‘freedom’ or any other name not including my last and first name? I just have attended a training with company that sells software to create a trust, they said it is better to name the trust with any name, the way scammers should not know. There are scammers who would request money from trust after you pass away from your relatives claiming you owe them. Also, what is the 5 years rule to restrict government to see your money in trust?

@wendyw3230 3 жыл бұрын

Why not structure the trust to protect the assets In the beginning?

@jennifermariechandler5758 7 ай бұрын

What if I created a Rev Trust, and had no idea that this may create an issue with my disabled husband who receives SSD; should I have it changed asap?

@horacewilley8728 Ай бұрын

I would love to know more about trust.

@stopwars8642 Жыл бұрын

A bit confused on the if you change the title to names but then you can have creditors and lawyers cause issues 6:18 so what are you doing to protect that from happening? yousay restate the terms . So your then retsting the terms to protect from creditors and lawyers then not before ? Also if you dont use your name but make it up how can that keep things inside confidential where as if you put your real name on it and is this something you should do?

@lobaktao109 4 жыл бұрын

Very interesting. Thank you for the very informative video. Can you give examples of ways to restate the trust terms to protect from lawsuits? Can you restate and just say that this trust is now an irrevocable trust? What’s the difference between restate and an amendment?

@learnjcbskidsterchickensga7594 6 ай бұрын

The way I understand it if you’re making big changes like the primary beneficiary, you would want to do a reinstatement. If you just have a few little things to change, I think that would be an amendment.?

@alynwilson5694 Жыл бұрын

What are the drawbacks to doing this? What effect will it have on travel? What are the solid benefits to doing this long term and short term? I own land, will I lose it if I do this. Where is doing this, if at all linked to declaring a sovereign state where I'm living?

@gregorylynncarawayttee8900 3 жыл бұрын

THANKS GREAT CONTENT 2020™

@sharonelder2546 Жыл бұрын

How to changeour living trust amended to irrevocable trust.We typed up an amendment and had it notarized 4 years ago 75 on Arkansas

@KOVIDGOON Жыл бұрын

Can a trust be renamed?

@user-gf4kk8yu3y Жыл бұрын

Thank you for all the information you give. I have a question: Can we convert a revocable trust to an irrevocable trust upon our death to provide for future generations?

@rayslack6087 5 ай бұрын

I'm pretty sure all revocable trusts convert to irrevocable trusts upon death. After you die you can't make the decision to revoke it, so they are irrevocable.

@Amyleonhardt947 3 ай бұрын

From my understanding, it automatically becomes irrevocable at death of all Trustees. NAL