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Can You Write Your Own Trust - YouTube
Channel: LegaLees
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hi I'm Lee Phillips and I'm an attorney
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and I deal with a lot of trusts and the
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question I'm gonna address first two
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seconds is can I write my own trust and
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the answer is yeah you can write your
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own trust in fact I'll be willing to bet
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that if you get the right kit and you
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understand what you're doing you can
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write a better trust than probably 50 60
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80 % of the lawyers out there on the
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street because all they're doing is
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using a form from their form book and
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half the time they don't understand so
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you can definitely write your own trusts
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question is do you want to answer is
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depends if you fit within let's say
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you're doing a living revocable trust
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we're going to avoid probate that's all
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you're doing you're avoiding probate we
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don't worry about estate taxes just
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probate if you just want to avoid
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probate you can definitely write your
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own trust and as long as you define how
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the property goes to the beneficiaries
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after you die fine you've done a good
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job provided you understand the trust
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because in that case the writing the
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actual written document isn't nearly as
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important as you operating or
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maintaining or using the trust during
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your lifetime
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there are basically three ways that you
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can create a trust you can pay the
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lawyer like that okay pay the lawyer all
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you want and if you've got a taxable
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estate
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what's a taxable estate and federal
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we're running a little over five million
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dollars today there's 16 states that
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have estate taxes in addition to federal
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tax so if you're under 5 million don't
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worry about the federal states run
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man-to-man depending upon which state
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you're in and if you get into the other
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states other than the 16 don't worry
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about it at all so you have to know what
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your state does so if you've got an
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estate tax issue it may well be worth
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having the lawyer write it for you
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because there's a lot of money on the
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table
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if you have a very complicated
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distribution pattern I want the kids to
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get this here and I want to set up a
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trust for the education of my grandkids
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and I want to do this and I want to do
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that
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then maybe you need to have well you're
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probably going to need the lawyer to do
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it for you
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and I will spend an hour on one
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paragraph and the client written system
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well that's wonderful says exactly what
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I wanted to say well yeah but it was
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really hard to write if you are like the
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98% of the people who want to leave it
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equally to the kids you want to avoid
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probate we're not worried about estate
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taxes fine do your own you've basically
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got two choices one there are lots of
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computer programs legal doom type things
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I mean LegalZoom where you answer the
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question and then the computer based
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upon the answer to the question puts in
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a piece of the trust I don't like that
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system too well because I don't know why
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the computer gave me that piece and what
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other pieces I might have had yeah I
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answered the question but if I've known
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that I could have had this piece then
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I'm going to answer the question
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differently so you answer the questions
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and it spits out this document for you
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and that's what you end up with you
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still got to use it and they never teach
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you how to use it they give you the
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document saying here you go have at it
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it doesn't work 85 90 % of the people
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who get a trust to avoid probate family
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still goes through probate we talk about
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that and a lot of the YouTube videos but
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to avoid probate divided equally yeah
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they work they're short because they're
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pitching to the lowest common
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denominator there are a couple of kits
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that you can buy that will allow you to
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do trusts the advantage there is is you
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can do a dozen trusts with the same kit
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you do one for you one for mom one for
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dad you know the whole family so that's
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an advantage noble press out of San
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Francisco the Bay Area they
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pretty good one and would you believe
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that I think I have a pretty good one
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legalese corporation le g al IES dot-com
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and you can see the kit that'll allow
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you to do the Trust's and it's not
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answer the question put in the piece
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it's a listen to an audio I'm gonna
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discuss this piece or this issue with
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you and then give you a couple of ways
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that you can address it you use one of
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those pieces so you build the trust but
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I'm trying to teach you how to use the
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trust and what the trust actually means
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and you gotta know what it means and
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you've got to use it or the trust is no
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good to you
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that's where the lawyers screw up and is
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it really screw up might not be because
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I can charge you the big bucks for the
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trust and then when you die it doesn't
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work so the family has to come back and
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probate it ninety five percent of the
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time they come back to the same lawyer
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who drafted the trust and all their mad
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and they say hey you drafted this trust
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it didn't work and the lawyer will
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always produce a letter in the fine
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print it says you have to do this
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business and the Lord says well dad
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didn't do this I told him to do it I can
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give it to him in writing but the trust
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failed so I go through in several hours
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of audio CDs audio training download
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whatever and I teach you how to use the
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trust once you know how to use it it's
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not hard so do yourself that's fine
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unless you're taxable or really
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complicated either use the computer
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system where it generates it I don't
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like that as well as I like the kids
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that try and let you build your own
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trust and you can do as many trusts as
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you want once you get the kit so
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do-it-yourself trust yeah I think you're
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OK
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