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Ep. 3 -Revocable Trust Deep Dive
Manage episode 435326324 series 3591527
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Today’s episode of Good Steward Law and Wealth, hosted by Ledly Jennings, founder of L. Jennings Law in Little Rock, Arkansas, focuses on Revocable Trusts, highlighting their primary benefits: avoiding probate and ensuring your assets are distributed according to your wishes. Estate planning is crucial for protecting the wealth you’ve worked hard to build, and a Revocable Trust is a safeguard against government intervention and the costly, time-consuming probate process. Proper estate planning also offers significant tax benefits, ensuring a smooth property transfer to your heirs. “Don’t trust your trust” to just anyone. Work with an estate planning attorney to ensure your revocable trust is created correctly. Tune in to upcoming episodes on Revocable Trusts.
IN THIS EPISODE:
- [:46] Ledly explains why the Revocable Trust is the best method to avoid probate and provides an example
- [4:13] Ledly defines a Revocable Trust and discusses the role of a trustee and successor trustee
- [8:23] Discussion of beneficiaries and the various complications that can arise
- [11:28] Ledly shares the risks involved in how assets are passed on to heirs
- [13:57] Ledly warns against consulting an attorney who does not specialize in trusts. You need a specialist.
KEY TAKEAWAYS
- A Revocable Trust has various benefits. The main two are avoiding probate and the ability to control how assets are left.
- If you have not named a trustee and are incapacitated, your estate will go through guardianship proceedings in court, and the judge will name someone to manage the trust.
- There are certain circumstances where it is beneficial to name a corporate trustee.
RESOURCES:
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
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