{"version":"1.0.0","segments":[{"startTime":0.033,"endTime":1.034,"body":"Revocable trust."},{"startTime":1.034,"endTime":3.536,"body":"Revocable trust, in my opinion,"},{"startTime":3.837,"endTime":7.44,"body":"is the center of a revocable"},{"startTime":7.44,"endTime":10.41,"body":"living trust centered estate plan."},{"startTime":10.677,"endTime":13.213,"body":"It's the fundamental foundation"},{"startTime":13.613,"endTime":15.148,"body":"of your estate plan"},{"startTime":15.148,"endTime":17.584,"body":"because it says what needs to happen"},{"startTime":17.784,"endTime":19.652,"body":"during your incapacitation"},{"startTime":19.652,"endTime":22.022,"body":"and what happens after you pass away."},{"startTime":22.655,"endTime":24.024,"body":"If we put a revocable"},{"startTime":24.024,"endTime":26.259,"body":"trust up against a last will"},{"startTime":26.259,"endTime":27.227,"body":"and testament,"},{"startTime":27.227,"endTime":28.962,"body":"there are several advantages"},{"startTime":28.962,"endTime":30.764,"body":"to the revocable trust."},{"startTime":30.764,"endTime":34.534,"body":"A trust maintains your confidentiality."},{"startTime":34.901,"endTime":35.468,"body":"You've heard me"},{"startTime":35.468,"endTime":36.169,"body":"talk about this"},{"startTime":36.169,"endTime":37.303,"body":"a lot before,"},{"startTime":37.303,"endTime":39.506,"body":"that when you have a revocable trust"},{"startTime":40.04,"endTime":42.008,"body":"the information in that trust"},{"startTime":42.008,"endTime":43.109,"body":"is confidential."},{"startTime":43.109,"endTime":44.978,"body":"It's your information."},{"startTime":44.978,"endTime":46.78,"body":"The only people that are really entitled"},{"startTime":46.78,"endTime":47.18,"body":"to see it"},{"startTime":47.18,"endTime":48.381,"body":"are your trustees,"},{"startTime":48.381,"endTime":50.083,"body":"your successor trustees,"},{"startTime":50.083,"endTime":52.218,"body":"and really your beneficiaries"},{"startTime":52.218,"endTime":54.154,"body":"and even your beneficiaries"},{"startTime":54.154,"endTime":55.488,"body":"there is some argument"},{"startTime":55.488,"endTime":57.123,"body":"that they really are only entitled"},{"startTime":57.123,"endTime":57.757,"body":"to see"},{"startTime":57.757,"endTime":59.192,"body":"the sections of the trust"},{"startTime":59.192,"endTime":61.261,"body":"that actually pertain to them."},{"startTime":61.528,"endTime":63.063,"body":"So that's very important."},{"startTime":63.063,"endTime":66.199,"body":"A trust, a revocable trust maintains"},{"startTime":66.399,"endTime":68.468,"body":"your confidentiality"},{"startTime":68.468,"endTime":70.603,"body":"as opposed to a probate,"},{"startTime":70.87,"endTime":71.037,"body":"where"},{"startTime":71.037,"endTime":72.539,"body":"if you have a last will and testament"},{"startTime":72.539,"endTime":73.54,"body":"or you don't have a last"},{"startTime":73.54,"endTime":74.441,"body":"will and testament,"},{"startTime":74.441,"endTime":75.341,"body":"and you have to go through"},{"startTime":75.341,"endTime":77.277,"body":"the probate process,"},{"startTime":77.277,"endTime":79.746,"body":"everything that's in that probate down at"},{"startTime":79.746,"endTime":80.88,"body":"the courthouse"},{"startTime":80.88,"endTime":83.583,"body":"is usually always public record."},{"startTime":83.917,"endTime":85.852,"body":"So anybody who wants to can"},{"startTime":85.852,"endTime":87.22,"body":"just go down to the courthouse"},{"startTime":87.22,"endTime":90.657,"body":"or even attend hearings and hear and see"},{"startTime":90.657,"endTime":93.793,"body":"exactly what's going on in your probate."},{"startTime":94.26,"endTime":95.228,"body":"Number two,"},{"startTime":95.228,"endTime":97.697,"body":"revocable trust also gives directions"},{"startTime":97.73,"endTime":98.631,"body":"on what happens"},{"startTime":98.631,"endTime":100.667,"body":"if you become mentally"},{"startTime":100.667,"endTime":102.869,"body":"or physically incapacitated."},{"startTime":103.903,"endTime":104.637,"body":"The revocable"},{"startTime":104.637,"endTime":107.64,"body":"trust will work in conjunction with ..."},{"startTime":107.64,"endTime":109.542,"body":"Like I said, the center point"},{"startTime":109.542,"endTime":111.444,"body":"of your revocable living"},{"startTime":111.444,"endTime":113.646,"body":"trust Centered estate plan."},{"startTime":113.847,"endTime":115.348,"body":"And it will work in conjunction"},{"startTime":115.348,"endTime":116.516,"body":"with your power of attorney"},{"startTime":116.516,"endTime":118.318,"body":"if that's needed. Hopefully not."},{"startTime":118.318,"endTime":120.353,"body":"And your health care power of attorney."},{"startTime":120.353,"endTime":123.123,"body":"But the revocable trust allows"},{"startTime":123.523,"endTime":124.858,"body":"and gives directions"},{"startTime":124.858,"endTime":126.392,"body":"for what you want to happen"},{"startTime":126.392,"endTime":128.561,"body":"if you were to become incapacitated."},{"startTime":128.561,"endTime":129.996,"body":"And because you have"},{"startTime":129.996,"endTime":131.531,"body":"funded everything correctly"},{"startTime":131.531,"endTime":132.031,"body":"and everything's"},{"startTime":132.031,"endTime":133.266,"body":"in the name of your trust,"},{"startTime":133.266,"endTime":136.736,"body":"your successor trustee can simply step in"},{"startTime":137.07,"endTime":139.973,"body":"and take over your assets now"},{"startTime":140.373,"endTime":141.341,"body":"and take over the assets,"},{"startTime":141.341,"endTime":143.51,"body":"I should say, for your benefit. Right."},{"startTime":143.51,"endTime":145.078,"body":"Because they have a fiduciary"},{"startTime":145.078,"endTime":147.18,"body":"to take care of you."},{"startTime":147.18,"endTime":148.148,"body":"If you had the last will"},{"startTime":148.148,"endTime":150.483,"body":"and testament or nothing at all,"},{"startTime":150.483,"endTime":152.218,"body":"then your loved ones"},{"startTime":152.218,"endTime":153.92,"body":"would have to go down to the courthouse"},{"startTime":153.92,"endTime":156.489,"body":"and most likely get a guardianship,"},{"startTime":156.923,"endTime":160.56,"body":"basically a living probate right over"},{"startTime":160.56,"endTime":161.761,"body":"you while you're living"},{"startTime":161.761,"endTime":163.229,"body":"to take care of you."},{"startTime":163.229,"endTime":165.465,"body":"And that is why it is so important"},{"startTime":165.765,"endTime":169.536,"body":"that you recognize that estate planning"},{"startTime":169.802,"endTime":173.373,"body":"takes care of you, during your lifetime"},{"startTime":173.706,"endTime":175.074,"body":"with proper funding."},{"startTime":175.074,"endTime":177.21,"body":"In other words, proper trust funding,"},{"startTime":177.51,"endTime":180.547,"body":"your revocable trust will work,"},{"startTime":180.747,"endTime":182.515,"body":"hopefully exactly"},{"startTime":182.515,"endTime":184.35,"body":"like you intended it to do."},{"startTime":184.35,"endTime":185.652,"body":"But if you leave assets"},{"startTime":185.652,"endTime":187.353,"body":"out of your trust,"},{"startTime":187.353,"endTime":188.354,"body":"then your trustee"},{"startTime":188.354,"endTime":190.056,"body":"does not have control over them."},{"startTime":190.056,"endTime":190.557,"body":"And that's"},{"startTime":190.557,"endTime":192.492,"body":"why it's so important to have your trust"},{"startTime":192.492,"endTime":194.494,"body":"as the foundation of your trust."},{"startTime":194.494,"endTime":196.629,"body":"Because if you have also done"},{"startTime":196.629,"endTime":197.697,"body":"a power of attorney"},{"startTime":197.697,"endTime":199.499,"body":"as part of a complete package"},{"startTime":199.499,"endTime":201.134,"body":"then that power of attorney,"},{"startTime":201.134,"endTime":203.036,"body":"if you're still living, can go out"},{"startTime":203.036,"endTime":204.904,"body":"and change the title of that asset"},{"startTime":204.904,"endTime":206.472,"body":"that is not in your trust"},{"startTime":206.472,"endTime":208.274,"body":"and put it into the trust"},{"startTime":208.274,"endTime":211.978,"body":"for distribution and for for for them"},{"startTime":211.978,"endTime":214.047,"body":"to be able to have control over it"},{"startTime":214.047,"endTime":216.182,"body":"under the terms of the trust."},{"startTime":216.182,"endTime":217.884,"body":"Now, that's in great opposition to"},{"startTime":217.884,"endTime":219.185,"body":"if you have no estate"},{"startTime":219.185,"endTime":220.353,"body":"planning whatsoever,"},{"startTime":220.353,"endTime":221.221,"body":"your family would again"},{"startTime":221.221,"endTime":222.589,"body":"have to go get a guardianship"},{"startTime":222.589,"endTime":223.59,"body":"to take care of"},{"startTime":223.59,"endTime":224.49,"body":"those assets"},{"startTime":224.49,"endTime":225.558,"body":"that are not in the trust"},{"startTime":225.558,"endTime":227.36,"body":"or just take care of those assets"},{"startTime":227.36,"endTime":227.894,"body":"in general"},{"startTime":227.894,"endTime":229.596,"body":"because there is no direction"},{"startTime":229.596,"endTime":230.463,"body":"by you"},{"startTime":230.463,"endTime":231.831,"body":"on what you want to happen"},{"startTime":231.831,"endTime":232.832,"body":"with those assets."},{"startTime":232.832,"endTime":233.733,"body":"And those could be bank"},{"startTime":233.733,"endTime":235.134,"body":"accounts, financial accounts."},{"startTime":235.134,"endTime":236.536,"body":"It could be commercial"},{"startTime":236.536,"endTime":238.304,"body":"real estate that you own"},{"startTime":238.304,"endTime":240.34,"body":"little rental houses of your own,"},{"startTime":240.34,"endTime":242.442,"body":"maybe a side business, whatever it is."},{"startTime":242.942,"endTime":244.577,"body":"But it's really important"},{"startTime":244.577,"endTime":246.079,"body":"because a revocable trust"},{"startTime":246.079,"endTime":247.347,"body":"will give direction"},{"startTime":247.347,"endTime":248.314,"body":"to your successor"},{"startTime":248.314,"endTime":250.516,"body":"trustee on how to take care of"},{"startTime":250.85,"endTime":253.019,"body":"those assets and what to do with them"},{"startTime":253.186,"endTime":255.221,"body":"so that you are taken care of"},{"startTime":255.221,"endTime":257.79,"body":"exactly how you want to be taken care of."}]}