Full Transcript for Your Will Is Only Half the Estate Plan

00:05:21.759 --> 00:05:31.439 I want people to, you know, this to really ring clear to people and understand how this stuff actually works and where the rubber meets the road. 00:05:31.439 --> 00:05:39.759 So, you know, it's very, very important to have a will, first of all, to to make sure that that doesn't happen. 00:05:39.759 --> 00:05:48.720 So, you know, especially when you start getting multiple marriages and children from different marriages, I mean, you have to have clarity on this stuff. 00:05:48.720 --> 00:05:52.160 And let's face it, that's very, very common today. 00:05:52.160 --> 00:05:59.279 Um, and so you really have to have clarity on, you know, what how what are you trying to accomplish? 00:05:59.279 --> 00:06:04.319 Who who do you want to get this stuff and how do you want this, you know, to go? 00:06:04.319 --> 00:06:15.680 Because if you want your spouse to get it first, and then and then when they're gone for it to go somewhere, that's not going to happen unless you have a will, period. 00:06:15.680 --> 00:06:20.079 And so you need to really, you know, understand that. 00:06:20.079 --> 00:06:29.120 So, you know, like Mitch was saying, probate, you know, a lot of people think if they have a will, then then they're avoiding probate. 00:06:29.120 --> 00:06:31.759 And let's just go ahead and dispel that math right away. 00:06:31.759 --> 00:06:33.439 That's not the case. 00:06:33.439 --> 00:06:37.759 Um, without a will, you go through probate. 00:06:37.759 --> 00:06:40.160 The will gets probated, right? 00:06:40.160 --> 00:06:45.600 That's the probate document that is used to distribute assets. 00:06:45.600 --> 00:06:49.680 And hopefully you've spelled it out clearly in your will. 00:06:49.680 --> 00:06:58.480 And hopefully that probate judge, you know, basically interprets that the way you wanted them to. 00:06:58.480 --> 00:07:02.079 So there's some obstacles there as well. 00:07:02.079 --> 00:07:06.800 But assuming they do, then it still goes through probate. 00:07:06.800 --> 00:07:17.279 And, you know, again, just speaking about South Carolina, um South Carolina creditors get eight months to file claims. 00:07:17.279 --> 00:07:19.519 So eight months. 00:07:19.519 --> 00:07:26.240 So you have to run that ad and like a local paper, you know, stating that someone's passed. 00:07:26.240 --> 00:07:34.160 And if anybody, if they owed anybody money, they need to come forth in the next eight months and make a claim against that person's estate. 00:07:34.160 --> 00:07:44.319 And it's not until that time is over with to where that can actually get in front of a probate judge and the estate can be can be closed. 00:07:44.319 --> 00:07:53.680 Um so most estates stay open, you know, a year, sometimes longer for waiting for all that to happen. 00:07:53.680 --> 00:07:56.000 So that can cause some problems. 00:07:56.000 --> 00:08:07.839 If you, you know, if you have a house that needs to be maintained during that time period, like who's paying the utilities on that house for a year until it gets closed? 00:08:07.839 --> 00:08:14.240 Um, are you just gonna let it go for a year until you know it gets through probate? 00:08:14.240 --> 00:08:18.079 Are you just gonna cut the power and the water off and just let it sit? 00:08:18.079 --> 00:08:20.240 Um, how is that gonna go? 00:08:20.240 --> 00:08:21.680 What is that gonna look like? 00:08:21.680 --> 00:08:34.879 What if you, you know, you really have someone who wants to move into that house pretty quickly, a child or something that wants to move into the, you know, the the old homestead, so to speak. 00:08:34.879 --> 00:08:36.879 Um, you know, what if they want to do that? 00:08:36.879 --> 00:08:37.920 Well, they can't. 00:08:37.920 --> 00:08:41.519 I mean, they have to wait until it gets through probate to do all that. 00:08:41.519 --> 00:08:44.399 So that can cause some real issues. 00:08:44.399 --> 00:08:46.160 What if you want to sell it? 00:08:46.160 --> 00:08:46.799 Right? 00:08:46.799 --> 00:08:49.039 You can't do that until it gets through probate. 00:08:49.039 --> 00:09:05.279 I mean, there's that's a and then probate involves paperwork and involves, you know, a lot of times it involves, you know, cost, pretty significant cost that you have to pay to to, you know, to file for probate and to get assets through probate. 00:09:05.279 --> 00:09:08.399 So there's a lot going on there. 00:09:08.399 --> 00:09:24.559 And, you know, what a lot of people don't realize, and a lot of our listeners and a lot of um our clients and and people that we work with, they own homes, they own a beach house or they own a mountain house. 00:09:24.559 --> 00:09:32.000 And it's maybe not in South Carolina, maybe they live in South Carolina and they own a mountain house in North Carolina. 00:09:32.000 --> 00:09:33.840 And what does that mean, Mitch? 00:09:34.480 --> 00:09:36.559 It means you got to probate in multiple states. 00:09:36.559 --> 00:09:39.840 You know, you have to probate in every state that you own property in. 00:09:39.840 --> 00:09:42.080 And this can get really, you know, tricky. 00:09:42.080 --> 00:09:48.799 If you've if any of you guys have been through probate, I'm sure, you know, the one of the main complaints we hear besides time is the actual process. 00:09:48.799 --> 00:09:50.799 It usually involves the local court, right? 00:09:50.799 --> 00:09:55.200 Whatever city or county the person deceased in, you have to go down there. 00:09:55.200 --> 00:09:58.159 And if you want to get things done in a quick manner, it's best to go down there, right? 00:09:58.159 --> 00:10:02.879 You can do a lot of it digitally these days, but if you're trying to move things along, it takes so much time and it's a long process. 00:10:02.879 --> 00:10:09.279 So what happens is you've got the time and the difficulty of dealing with multiple states, but also the cost, right? 00:10:09.279 --> 00:10:13.440 We say, you know, probate can cost anywhere from

three to five percent of the estate. 00:10:13.440 --> 00:10:16.960 And if you have to do that in multiple states, it can really add up. 00:10:16.960 --> 00:10:21.039 And it takes time, it takes money, and it's just it's difficult. 00:10:21.039 --> 00:10:37.120 If you're passing assets on to your children, say it's a house in this example, if that, if you know, you're making that a big part of your inheritance to them, if you're your gift to them and they're counting on that to either live in or sell pretty quickly, having it tied up for a year and having them fly down potentially. 00:10:37.120 --> 00:10:40.799 We've had people had to fly down and deal with this kind of stuff to get it done quickly, right? 00:10:40.799 --> 00:10:53.200 And if they have to do that while they're maybe still working, you know, maybe they're in their 50s, 60s, they're still in their peak of their career, it can put a lot of headache, a lot of costs, and a lot of time on them that could be avoided with other things. 00:10:53.360 --> 00:10:53.840 Yeah. 00:10:54.639 --> 00:10:54.879 Yeah. 00:10:54.879 --> 00:10:56.720 So how do we avoid that stuff? 00:10:56.720 --> 00:10:58.960 You know, how do we make this simple? 00:10:58.960 --> 00:11:08.240 How do we keep this as least aggravating as possible for the people that we love and care about that we want to pass these assets on to? 00:11:08.240 --> 00:11:34.879 And, you know, what we found is that creating what's called a living revocable trust is just a very simple process that is very, you know, easy to do and with the right guidance, like someone from Clear Path or Talent Planning that can, you know, really help you to facilitate this process. 00:11:34.879 --> 00:11:47.679 You can put some documents in place that are going to simplify this process dramatically and you know help avoid all of that aggravation. 00:11:47.679 --> 00:12:01.679 And, you know, it used to be when I started my career 25 years ago in this business that you know it was it was costly to to do a trust. 00:12:01.679 --> 00:12:10.720 And people hear the word trust and they just automatically see dollar signs and think, oh my gosh, like I'm not gonna I'm gonna pay an attorney to do a trust. 00:12:10.720 --> 00:12:12.639 Like this is, you know. 00:12:12.639 --> 00:12:18.240 But what I can tell you is that it's 2026, man. 00:12:18.240 --> 00:12:37.679 Things are different, things have changed, and what we've done here at the firm is we've created a really unique partnership where we've been able to really drive that price down for people that want to get this done. 00:12:37.679 --> 00:12:57.440 And through our unique partnership with a network of attorneys across the country, we are able to do a living revocable trust, you know, for clients for, you know, under $2,000. 00:12:57.440 --> 00:13:05.600 And you know, that used to be quite a bit more expensive, two, three times that in some cases. 00:13:05.600 --> 00:13:11.679 And so it's become a really affordable option for folks. 00:13:11.679 --> 00:13:45.120 So what I would tell you is if this is something you're thinking about and you're you're really wanting to put your assets inside of a living revocable trust that allows your beneficiaries to literally just go move them into their name after you pass away and not do any of the probate and not have any of that hassle or aggravation, then you know, go to ClearpathRetirement.com, let us know. 00:13:45.120 --> 00:13:47.360 We'd be happy to schedule. 00:13:47.360 --> 00:13:50.559 I mean, we can literally do this over Zoom with you. 00:13:50.559 --> 00:13:55.679 And it doesn't matter really what state you're in, we can help you. 00:13:55.679 --> 00:14:03.120 And we'd, you know, we'd love to have that conversation with you because I truly believe in this. 00:14:03.120 --> 00:14:22.399 I truly believe that this is, you know, the the things that you can accomplish by doing this is not only just avoiding probate, but it protects you, you know, we do a health care and financial power of attorney in conjunction with the Living Revocable Trust, we do that all at once. 00:14:22.399 --> 00:14:26.799 So it protects you against, you know, being incapacitated. 00:14:26.799 --> 00:14:44.639 And, you know, I can tell you from personal experience that we all think of, you know, a time coming where we reach a certain age where maybe we can't make the best decisions anymore. 00:14:44.639 --> 00:14:47.919 And when I say incapacitated, that's what I mean. 00:14:47.919 --> 00:14:50.559 I'm not necessarily talking about you're in a coma. 00:14:50.720 --> 00:14:50.879 Right. 00:14:51.120 --> 00:14:56.720 You know, I'm talking about you getting to a point to where maybe you have some dementia. 00:14:56.720 --> 00:15:13.679 God forbid you you start seeing signs of Alzheimer's, you know, those sort of things, you know, there needs to be already documentation in place for a loved one or trusted friend to step in and start helping you at that point. 00:15:13.679 --> 00:15:16.720 And you don't want to leave that up to the state. 00:15:16.720 --> 00:15:28.799 You don't want to leave that up to the government to decide who's gonna make those type of decisions because it's never just as simple as you know a family member. 00:15:28.799 --> 00:15:50.399 Um, you know, I I don't know about you guys, but um I know a lot of families who aren't perfect, and maybe those relationships aren't always solid and and there's you know issues within the family, and maybe that's not the person you want making those decisions. 00:15:50.399 --> 00:15:54.080 And if it's not, you need to be clear about that. 00:15:54.080 --> 00:15:59.519 And you know, we have a lot of people come see us who are losing sleep over this. 00:15:59.519 --> 00:16:09.600 Like, I don't necessarily want my brother making that decision or my um my spouse, even right? 00:16:09.600 --> 00:16:14.399 Like it just it's just that's life, that's the way it goes. 00:16:14.399 -->

00:16:23.919 So, you know, another thing that it does is it really kind of lets you control your money after you're gone. 00:16:23.919 --> 00:16:34.799 We hear it all the time where people are like, you know, I don't necessarily want my beneficiaries to receive all these assets at one time. 00:16:34.799 --> 00:16:55.919 I don't feel like there were really good money managers and people that you know need to have access to a uh a large sum of money all at one time, and I'd like to distribute this at certain ages or or you know, over certain time periods every five years or ten years. 00:16:55.919 --> 00:16:58.879 And I don't know how to do that. 00:16:58.879 --> 00:17:04.320 You know, I don't know you know, is that possible? 00:17:04.320 --> 00:17:06.720 And the answer is yes. 00:17:06.720 --> 00:17:08.079 I mean, it is possible. 00:17:08.079 --> 00:17:41.119 You can set up your living revocable trust to do that, and you know, it's it's not hard, and you can have the peace of mind of knowing that you know that that one child you have who is just awful with money and may have some, you know, issues going on that would put them in a in a bad situation if they did get you know access to a lot of money all at one time. 00:17:41.119 --> 00:17:49.759 Maybe you you can have better control on making sure that doesn't happen and that that things are distributed kind of along the way. 00:17:50.640 --> 00:17:59.119 And another, you know, the final and something we think is even more important now is you know, a will, the probate process, all that is public record, right? 00:17:59.119 --> 00:18:00.799 Anybody can look this up at any time. 00:18:00.799 --> 00:18:10.079 And it, you know, it might not sound like a huge deal, but what's happening now, guys, is especially with the rise of AI and you know, these scams and things are so hard to detect now. 00:18:10.079 --> 00:18:15.279 Things are getting increasingly more hard to understand what's real, what's not. 00:18:15.279 --> 00:18:16.880 This is something that you guys have probably experienced. 00:18:16.880 --> 00:18:18.400 We experience it, everybody is. 00:18:18.400 --> 00:18:26.799 And what happens, you know, for example, we had a client a couple years ago who was fortunate enough to inherit, you know, a large sum of money through the will, through you know, probate process. 00:18:26.799 --> 00:18:35.519 And for months and months, she was calling us and she's hearing about this offer and this, and you know, she's got this email that says she can do this investment, all these things. 00:18:35.519 --> 00:18:38.960 And what's gonna happen is people are gonna target that, right? 00:18:38.960 --> 00:18:41.039 Especially if it's somebody living on their own. 00:18:41.039 --> 00:18:43.519 It's very easy to find that information and target it. 00:18:43.519 --> 00:18:46.799 So with a living revocable trust, this is all private. 00:18:46.799 --> 00:18:51.359 Nobody can see what's been passed, how much has been passed, when it's been passed, right? 00:18:51.359 --> 00:18:56.640 This is all completely private, and that's so important, especially today with how these things are. 00:18:56.640 --> 00:19:00.160 It's so hard to understand what you can trust and what not. 00:19:00.160 --> 00:19:03.920 So keeping things private, keeping things confidential is extremely important. 00:19:04.079 --> 00:19:04.480 Yeah. 00:19:04.480 --> 00:19:17.519 You know, and to drill down into this a little further, you know, we get, you know, we have a lot of conversations here with people who are just confused with like, do I really need this? 00:19:17.519 --> 00:19:22.880 Yeah like what where do we draw the line between needing this and not needing this? 00:19:22.880 --> 00:20:11.839 And you know, if you are if all of your assets are, you know, invested in, you know, IRAs, and and you have maybe you have an annuity, or maybe you have, you know, some a brokerage account that you've named a payable on death or transfer on death on, and you've done that on your bank accounts, um, and you're a renter, you don't own a house, you rent, you know, all of those things where you've named beneficiaries or or pe payable on death, transfer on death, meaning just adding a beneficiary to a bank account, which isn't an automatic thing. 00:20:11.839 --> 00:20:18.960 You have to go and kind of take that extra step to get that paperwork done and to make sure that that's been been done. 00:20:18.960 --> 00:20:25.119 But if you have, then you probably don't need a trust, right? 00:20:25.119 --> 00:20:31.920 Like the trust is going to be more for you know tangible property. 00:20:31.920 --> 00:20:36.079 Those things are gonna bypass probate anyway. 00:20:36.079 --> 00:20:43.920 But what they're not gonna do is they are going to distribute all those assets at one time. 00:20:43.920 --> 00:20:52.559 So again, if you want to change that and you don't want that to happen, then the trust is the only way to accomplish that. 00:20:52.559 --> 00:21:14.240 But if you own a home or you own land or you own rental properties, or you own, you know, uh significant, you know, tangible properties, then those things uh would need to be in a trust to bypass probate. 00:21:14.240 --> 00:21:18.319 You just can't uh do that w with a will. 00:21:18.319 --> 00:21:22.960 You know, and so you need to understand that. 00:21:22.960 --> 00:21:33.119 And if you own multiple properties in multiple states, you can void probate in all those states by having one trust. 00:21:33.119 --> 00:21:37.119 You can do that, and so that makes it super easy. 00:21:37.119 --> 00:21:42.559 We have a lot of clients who own multiple properties. 00:21:42.559 --> 00:21:47.200 The trust is a extremely important instrument for them. 00:21:47.200 --> 00:21:58.720 And you know, it is just a a very, you know, if you're confused about this again, like we we can get you clear on this. 00:21:58.720 --> 00:22:12.799 We can get you um

clearpathretirement.com, you know, shoot us an email, um and you know, or just click on the the link on our website and let us know. 00:22:12.799 --> 00:22:18.559 But you you can you we can get you clear on whether this makes sense for you or not. 00:22:18.559 --> 00:22:29.680 And um for a lot of folks, even just their primary residents, you know, because most uh primary residences nowadays. 00:22:29.680 --> 00:22:34.000 Especially in the Carolinas, is is going to be worth some money. 00:22:34.000 --> 00:22:47.200 And just that alone is the reason enough to have a trust to use that trust to bypass probate on just that one home that you own. 00:22:47.200 --> 00:22:52.000 And I think that makes sense for 99% of the people out there. 00:22:52.319 --> 00:22:52.640 It is. 00:22:52.640 --> 00:22:57.839 And you know, along with that point, once we've decided that we need the trust, all right, we need to establish it. 00:22:57.839 --> 00:22:59.440 It makes sense, that we've got the home. 00:22:59.440 --> 00:23:00.400 It's so important. 00:23:00.400 --> 00:23:04.559 And this is another area we see a lot of confusion is we have to start funding the trust, right? 00:23:04.559 --> 00:23:08.880 You know, when we build a trust here at ClearPath, we're going to build a living revocable trust. 00:23:08.880 --> 00:23:10.400 Inside of it is going to be a will. 00:23:10.400 --> 00:23:19.680 So it's kind of going to act as a will and a trust in of itself, where anything not titled in the trust is going to go through the pullover will, but we have to title what we can inside the trust. 00:23:19.680 --> 00:23:23.680 We've talked to people who come in and they bring in their big trust and they're like, yeah, I've got the trust. 00:23:23.680 --> 00:23:26.079 And we're like, all right, have you retitled the house in the trust? 00:23:26.079 --> 00:23:28.160 And they're like, I don't know how to do that, right? 00:23:28.160 --> 00:23:31.200 Or did you make the trust a beneficiary of any of your accounts? 00:23:31.200 --> 00:23:33.200 And they're like, well, no, it says that in there, right? 00:23:33.200 --> 00:23:34.000 And it's like, no. 00:23:34.000 --> 00:23:37.599 So once you the trust is going to act, we like to say it acts like a funnel, right? 00:23:37.599 --> 00:23:39.200 It's going to act as a funnel. 00:23:39.200 --> 00:23:44.160 We've got things we can title in the trust, like houses, bank accounts, personal property. 00:23:44.160 --> 00:23:50.400 And we've got things that we have to make the trust a beneficiary of, like IRAs, 401ks, you know, investment accounts. 00:23:50.400 --> 00:23:54.559 But until we start doing that, the trust is essentially just a will, right? 00:23:54.559 --> 00:23:56.640 It doesn't, it hasn't started working yet. 00:23:56.640 --> 00:24:02.799 So once we establish a trust, what we're going to do here at Clear Path Retirement is walk you through, all right, we've got it established. 00:24:02.799 --> 00:24:08.880 Let's start, you know, we're going to reach out and get you connected with the attorney to set up, you know, retitle the house in the trust. 00:24:08.880 --> 00:24:12.400 If you've got houses in three different states, we're going to get them all retitled. 00:24:12.400 --> 00:24:14.720 And again, guys, this is a revocable trust. 00:24:14.720 --> 00:24:17.599 You know, people are like, oh, once I do that, it's out of my name. 00:24:17.599 --> 00:24:19.119 It's like, no, this is controllable. 00:24:19.119 --> 00:24:21.279 You don't have to file a separate tax return for this. 00:24:21.279 --> 00:24:23.200 It's going to use your social security number. 00:24:23.200 --> 00:24:26.640 You can take things in and out of the trust, hence the word revocable, right? 00:24:26.640 --> 00:25:09.599 So we're going to start titling these houses, these property in the trust so that, you know, when something happens to you, that all the beneficiaries need to do is take the trust certification down and retitle it into their name, right? 00:25:09.599 --> 00:25:11.200 They're going to get the step up and basis. 00:25:11.200 --> 00:25:12.960 You don't lose any tax privileges. 00:25:12.960 --> 00:25:17.200 You don't, you don't lose any benefit that you have outside of the trust with the trust. 00:25:17.200 --> 00:25:19.200 It's just going to help make that so much easier. 00:25:19.200 --> 00:25:23.839 So it's very important once you have that to have a team of people to help you walk through funding that. 00:25:23.839 --> 00:25:25.200 All right, let's get things retitled. 00:25:25.200 --> 00:25:26.880 Let's get beneficiaries changed. 00:25:26.880 --> 00:25:35.680 Let's complete the funnel so that we can actually use the trust for its intended purpose, which is moving everything through at the same time and dispersing it in the manner that you want. 00:25:35.920 --> 00:25:36.559 Yeah. 00:25:36.880 --> 00:25:41.119 And let's not get confused here between an irrevocable trust. 00:25:41.119 --> 00:25:59.680 What we're talking about is a living revocable trust, something that you keep control of till your last breath and you can make changes to irrevocable trust or trusts that that where you are literally basically going ahead and signing assets over to your beneficiaries and you can't get them back. 00:25:59.680 --> 00:26:01.920 And that is not what we're talking about here. 00:26:01.920 --> 00:26:04.079 That is a totally different ball game. 00:26:04.079 --> 00:26:06.880 And there is reasons why you would do that. 00:26:06.880 --> 00:26:12.640 We can get into that into another podcast, but that is not what we're talking about today. 00:26:12.640 --> 00:26:18.240 We're talking about the easiest and most simple way to avoid probate. 00:26:18.240 --> 00:26:25.759 If that is your goal to avoid probate, then a living revocable trust is the easiest way to accomplish that. 00:26:25.759 --> 00:26:30.000 And like Mitch said, you don't, you know, you still have control. 00:26:30.000 --> 00:26:37.279 You,

you know, and a lot of times we hear people say, Well, what happens to my will when I do this? 00:26:37.279 --> 00:27:00.799 Well, your will becomes obsolete because there is a will inside of the trust that we execute for you called a pour-over will that Mitch referenced earlier that would replace your current will for anything that just happens to not get retitled into the trust or the trust is not the beneficiary of it. 00:27:00.799 --> 00:27:08.319 Um, and you know, that's it's it's a little complicated, but you don't you wouldn't need your old will anymore. 00:27:08.319 --> 00:27:16.880 It would go away and you would it would be replaced by the trust and the new pour-over will inside the trust should should it need be. 00:27:16.880 --> 00:27:25.440 But again, you know, this is not people make this harder than it needs to be, and it's just not that hard. 00:27:25.440 --> 00:27:31.440 And we get lots of questions like, um, what if I have a mortgage? 00:27:31.440 --> 00:27:46.079 You know, if you have a mortgage and you're you do a living revocable trust on your primary residence, you want to put your primary residence in that trust, it shouldn't be a problem. 00:27:46.079 --> 00:27:48.160 We've never seen it be a problem. 00:27:48.160 --> 00:28:11.680 There is some extra steps that you need to take as far as letting your mortgage company know that you are moving it into a trust and letting also anytime you do this, you also want to let your homeowner's insurance know that you have you are moving it into the trust because we don't want a situation, and they usually have no problem with it. 00:28:11.680 --> 00:28:15.200 Like it's not a problem, it's just a phone call you need to make. 00:28:15.200 --> 00:28:26.960 But what we don't want to see is, you know, you have to make some sort of claim at some point against your homeowners, and they come back and say, Well, you never told us you put it in a trust. 00:28:26.960 --> 00:28:30.880 Um, you want to have that conversation, they're gonna be okay with it. 00:28:30.880 --> 00:28:40.000 Um, but they just you need to make sure that you're clear with them that that's what you're doing, and and it shouldn't change your premiums, it shouldn't change anything like that. 00:28:40.000 --> 00:28:51.279 It doesn't affect your you know, homestead exemption, it doesn't affect taxes, it doesn't do any of that if that's what you're worried about. 00:28:51.279 --> 00:28:54.720 And so all of that should be okay. 00:28:54.720 --> 00:29:05.440 Now, if you have um a second home, you know, a vacation home that has a mortgage on it, that can be a little bit complicated. 00:29:05.440 --> 00:29:10.160 And uh in that case, sometimes it's okay, sometimes it's not. 00:29:10.160 --> 00:29:16.160 It just depends on the mortgage company and kind of what their laws and rules are um around that. 00:29:16.160 --> 00:29:28.000 And they, you know, I would reach out to them and and have that conversation and see, you know, before you

execute the trust to make sure that if that's what you're trying to accomplish, that that's gonna be okay. 00:29:28.000 --> 00:29:34.640 But yeah, it's um it's it's if it's your primary residence, it's typically never an issue. 00:29:34.640 --> 00:30:17.440 So one last thing I want to I want to hit here is that you know, if you have a will and you feel like you're good with your will and you're not too worried about probate, then I want to encourage you, you know, we see it all the time where people come in and they have a will, and we uh, you know, we we take a look at it with them and we see that it's 22 years old, and you know, kids were young, still living at home, now they're adult kids, like all of that has changed. 00:30:17.440 --> 00:30:24.240 A lot of life changes have happened, and they've never kind of revisited that will. 00:30:24.240 --> 00:30:32.720 What you know, I've been told by attorneys, and I'm not an attorney, but I am a financial advisor. 00:30:32.720 --> 00:30:43.920 But what I've been told is that you should redate, re-sign, and renotarize or re-witness your will every three to five years. 00:30:43.920 --> 00:30:47.440 Now, a lot of people are gonna be like, what? 00:30:47.440 --> 00:30:49.680 Like, uh no, absolutely. 00:30:49.680 --> 00:31:02.160 And I want you to understand the reasoning here is because it shouldn't be an issue unless, God forbid, somebody, you know, disputes that will. 00:31:02.160 --> 00:31:30.000 So if you have children that maybe they don't get along, and you know, you haven't revisited that will and re-signed it and redated it in 22 years and you pass away, and one of the children is not happy about the way the assets are are getting distributed, and they go get an attorney and decide to dispute that will. 00:31:30.000 --> 00:31:44.960 If that will is 22 years old, the chances of a judge looking at that and and saying, you know, we're gonna toss this will out because it's too old, um they get pretty high. 00:31:44.960 --> 00:32:01.279 Um, if you had redated and re-signed that thing within three to five years, if you had taken a look at it and said, This is still my wishes, I still want things to go exactly the way I wanted them to go 22 years ago. 00:32:01.279 --> 00:32:16.240 I'm re-signing, redating, renotarizing, rewitnessing whichever one route you go to say that, you know, this is still my wishes, then I mean, chances are it's gonna hold up. 00:32:16.240 --> 00:32:18.000 So think about that. 00:32:18.000 --> 00:32:22.799 Now, if nobody disputes it, um probably be okay. 00:32:22.799 --> 00:32:23.759 Yeah, right. 00:32:23.759 --> 00:32:27.359 But I just would always do that. 00:32:27.359 --> 00:32:35.519 I mean, it's not a big deal just to pull that document out, review it, make sure it still meets your needs. 00:32:35.519 --> 00:33:03.519 And if it does, just maybe, you know, resent, you know, you can just sign the same document, just you know, sign it again below where you signed it 22 years ago, redate it, and then have it notarized, and just you know, stating, hey, we we've we reviewed this, we're still good, we we think this is this is still um our wishes and how we want things to go. 00:33:03.519 --> 00:33:33.119 So if you've never thought about a trust before, if you you know, if this is something that you think about and you're like, man, I really feel like that would help to button my my estate up and help me to really get clear on, you know, the other thing is is it just helps you so much to to go through this process because you get really clear on, okay, who's my successor trustee going to be? 00:33:33.119 --> 00:33:38.799 Like who's gonna step in and and be the executor of my estate when I'm gone? 00:33:38.799 --> 00:33:48.720 Who is going to make sure that either my will or my trust is executed the way that I wanted it to be? 00:33:48.720 --> 00:34:01.680 And you know, it takes you through this wonderful exercise where you really have to put thought into this and you really have to say, okay, how do I want my assets to go? 00:34:01.680 --> 00:34:10.640 Like, do I want it to just be equal shares to each kid, or do I want, you know, how how do I want that to go? 00:34:10.640 --> 00:34:12.960 It could be a million different things. 00:34:12.960 --> 00:34:24.480 Um, you know, we have a lot of families who struggle with um, they feel like they've helped one kid a lot more than they've helped other kids. 00:34:24.480 --> 00:34:39.519 And maybe doing this process kind of helps you to equalize things by leaving the one kid that you haven't helped as much, maybe slightly more than the others, so you can kind of level that play and field a little bit. 00:34:39.519 --> 00:34:47.279 But it's just a wonderful exercise to really put thought into this and really get clear on it. 00:34:47.279 --> 00:34:57.519 And you know, a trust even has a write-in section where you can very much specify you want very specific things to go to specific people. 00:34:57.519 --> 00:35:01.279 A lot of times for women, that could be like jewelry. 00:35:01.279 --> 00:35:09.199 I want, you know, these this ring to go to my granddaughter, or I want the, you know, which a lot of people think about this stuff. 00:35:09.199 --> 00:35:40.159 And, you know, or it could be I want specific guns to go to specific relatives, or I want, you know, it could be a lot of things, and these are the things you need to be thinking about because you know, the the sooner you have thought through this and kind of have this all down, the better you're gonna feel knowing that, you know, God forbid something were to happen to you, things would go the way you want them to go. 00:35:40.159 --> 00:35:44.159 And um, so it's a great exercise to do it. 00:35:44.159 --> 00:36:03.440 And um, I highly encourage you to be thinking about this at the at the least, sit down and do a beneficiary review of all of the stuff that you own and make sure that that stuff is what you think it is, because we see a lot of surprises on that as well. 00:36:03.440 --> 00:36:08.239 But um, yeah, just a great discussion today. 00:36:08.239 --> 00:36:11.280 Yeah, um, great stuff to be thinking about. 00:36:11.280 --> 00:36:15.760 I hope we've put some things on your radar that you haven't thought about before. 00:36:15.760 --> 00:36:21.280 And if you want some help with this stuff, like I say, clearpathretirement.com. 00:36:21.280 --> 00:36:23.280 I'm Stewart, he's Mitch. 00:36:23.280 --> 00:36:24.719 You know, let us know. 00:36:24.719 --> 00:36:27.280 We'd love to have a conversation with you guys. 00:36:27.280 --> 00:36:36.639 And, you know, like estate planning and what we've been talking about today, um, taxes kind of go hand in hand with this stuff. 00:36:36.639 --> 00:36:51.360 And so we just recently did a really great you know, webinar on Roth conversion strategies, and we're gonna put that in the link on this for you guys if that's something that interests you. 00:36:51.360 --> 00:36:54.880 But we really appreciate you joining us today. 00:36:54.880 --> 00:36:59.280 And um, if we can help you, let us know clearpathretirement.com. 00:36:59.280 --> 00:37:02.800 Until next time, you guys have a happy retirement.