How Long Does It Take To Create A Living Trust?

How long does it take to create a living trust? So my name is Laurel. I'm a millionaire maker. I'm the expert of how to do a lot of this from business to wealth building to really creating generational wealth, which is a living trust is required. So I brought my partner from generational wealth systems with me, Scott, to talk about this. And I can tell you, I don't know how many times we have talked to our lawyers. There is no non probate state. You will all go to probate. A will is not enough. So specifically in this interview, I'm going to have Scott and I talk about three things. I'm going to start with what's the difference between a will and a living trust, because it's a constant, I'm going to say, battle in conversation that my lawyer said that all I have is to do is a will. And I'm good enough. Not true. Second thing we're going to talk about is the importance of the living trust, avoiding probate and all the benefits it gets you to form generational wealth and the legacy, if you're really up for it. And number three, the misconceptions about estate planning and how many mistakes we see and you end up in probate anyway because you didn't have an integrated team around you making sure that the plan is consistent. Too many of you just say, oh, my accountant or my lawyer handling it. And that's not the truth upon your death. So let's go do an interview with Scott and talk about it. Not only how long does it take, how critical it is to have a family living trust. So welcome back, Scott. We are here for another conversation about a corporate living trust. Those of you who don't know Scott, we're partners in generational wealth systems at any time you can go up to our search bar and look at tax strategies, corporate compliance, put in words like the CTA, the new Corporate Transparency Act, beneficial ownership information, you name it. There's a variety of videos and you get to Scott through our team. So we're going to put a strategy link in the link below. And if you want to have a conversation at a more private one-on-one level about any of these topics, let us know, call into our office and click on that link for a strategy session. So Scott, let's jump right in and talk about the big bomb in the room. We call it, I call it, it's not even an elephant. It's just so tired of talking about the fact the will and the living trust are different. So describe the differences and why really the living trust, it's really the umbrella that a will sits inside of. Absolutely. So a will is a quasi estate planning vehicle. However, a will becomes effective upon your passing. So while you're alive, a will really doesn't have any effect in the probate or the estate planning process. Again, a will will go through probate. It's easily contestable, which basically means that if the beneficiaries disagree with how the allocations of assets happened, they can petition the court, which will then again, open the probate process. So the difference between a will and a comprehensive estate plan or living trust is a living trust bypasses the probate process completely. It is non contestable, meaning that if one of the beneficiaries doesn't feel that they got the right assets or the right allocation, they can't petition the courts. It's clearly defined in the legal contract that says, this is how I want my assets to be allocated. This is what I want to have happen while I'm alive. And should I become incapacitated, who's going to be speaking for me? All the things that a standard will does not outline. Absolutely. And then talk about a pour over will. How does that also be another component of the trust? There are a lot of components of a trust. A lot of you think the trust is just a standing document. The will. These are subsets of all of it. Even your powers of attorney are part of what you need to be doing with your trust. Absolutely. So, yeah. So the primary components are your durable power of attorney for health care and advanced directive DPOA for assets or durable power of attorney for assets. Then your living will. So what can you do with the assets while you're alive? And as you stated, the last will and testament and pour over will. So the last testament and pour over will are for assets that, let's say, haven't been fully funded into the trust. Let's say you are in process of buying a property and something happens to you. The pour over will will actually go out, capture the asset and bring it into the trust, thereby keeping that asset out of probate. So having all of these components together as a comprehensive estate plan that, again, truly allows you to avoid the probate process. So talk about the importance of a living will from the perspective of generational wealth. We actually have created a three day course. You can get it on IntegratedWealthSystems.com, go to our IntegratedSystems.com or go to our shop. And Scott's in here. We always say that, you know, there's really big five components, right? You need a strategist, right? You've got to have the corporate structure, the corporate compliance, the trust and the tax strategies and the insurance that go with it. And a lot of people just don't have all of those pieces and wonder why their plan isn't working. So from a perspective of generational wealth, why is the trust really, I'd say, at the linchpin, the key thing that moves everything? Absolutely. So, again, tying it all together, you know, the ownership of your companies being LLCs or corporations, your personal residence, beneficiary of life insurance, bank accounts. It is that linchpin, that key component that, like I said, combines all of the assets as part of your estate plan and allows them to bypass that probate process. Now, probate, if we have assets outside of the trust, can result in 50 to 55 percent of the value of the estate being reduced in probate taxes or fees, if you will. So yeah, the living trust is, like I said, what avoids that whole process. And what are the biggest misconceptions? You and I hear them all the time. I don't know how many people call in for a strategy session, which, by the way, if you want one, again, we got to click on the link below. While you're there, I'll give you a second link for a gift from us to come to our intensive. We teach it from 10 till 6 p.m. on a regular basis. And Scott and I talk in depth about how to live this corporate life we're talking about. But there's a lot of misconceptions about it. And what do you see the biggest ones are? I think the biggest misconceptions are, I'm not old enough to have a living trust at this point or, you know, I'm still young. Or another one is I don't have the wealth that someone requires a living trust. Every person needs to have a living trust. You either put a plan in place yourself or a plan is made for you. It's just defined by the court systems. Well, and I think for a lot of you, I mean, to us, you know, our definition of legacy, you know, there's really two components. There's the the trust that has the associated will and will and all the components. Right. Which is actually going to keep you out of probate. And the inheritance is really what you're going to give to somebody, the stuff you're giving away and your will helps identify that. But the legacy is the values, the mission and who you are as a family. It's what's kept the Rockefellers, Rothschilds, a few of those families alive for now generations and generations versus the Vanderbilt's who lost theirs in two point three, two point three families, meaning your grandkids won't have what you built unless you put these structures in place. And it's the law and it's the law around the world. I don't know how many people think trust and probate and all of this is just a U.S. centric thing. It's not. It's in Canada, it's in Mexico, it's in every country. So pay attention and make sure that you are getting the right information. And if you're getting conflicting information, that's where you get to walk it through with Scott and I and our teams on a strategy session when you grab that link and ask for that conversation with us. And at any time, if you have any question, go to AskLaurel.com, ask a question, make a request and make sure you're here every day. Subscribe to our channel, be here and get engaged. We have these awesome new YouTube journals where you can actually say this. The day I watched the video, very cool journal. The day I watched it, what was the title? What did I learn? What will I do? And it involves your kids in the conversation. And it's a family channel because you're going to need to involve your family, because the biggest reason your kids won't do this is you never passed on the knowledge. You just passed on the money with no rules, no guidelines or nothing around it. My children don't get it all until they're 42. So it's a pretty structure because I didn't do all this to be blown by, you know, cars and jewelry and a bunch of junk they don't need. They need to do good in the world. So, Scott, thank you for your knowledge. As usual, all of you, there are playlists. We've been on this channel now for years, so there are playlists around each of these topics. So make sure you always use that search bar. Look for what you're looking for and need to learn about. Go to the comment section if it's not there and we'll be right back with that content. And as always, you always go to AskLaurel.com to get any question or request made. Thanks for today and I'll talk to you tomorrow. Scott, appreciate you being here. Thank you.