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Hello and welcome to trusted. This is the podcast where we talk about everything that involves Trust Attorney Las Vegas, especially other attorneys. I’m your host, Blake Johnson. I’m an estate planning attorney. I am a dad and a, I want to give a shout out to all the mothers out there if we just had celebrated mother’s Day. So thank you to all the moms out there. Do such a great job. Um, and yeah, today we’re going to do something a little bit different. Uh, I want to see how simply and we can break down a state planning and trusts for you. So we’re going to have an interview with Mike Kidd Brody, uh, he’s gonna answer some questions where I’ll see if I can explain a state planning to him, to terms that he can understand. And hopefully you, if you ever had any doubts or questions about estate planning, this breaks it down simply enough that you can know what’s going on. So, Brody, what, uh, just introduce yourself. Tell us how old you are and what do you like to do for fun?
Hi, I’m Brittany. I’m 70 years old and I like to ride my bike a lot.
Okay. Brody, what do you think that dad does for work?
He is a lawyer and he tries to help people get what they want and get
good deals with them. Okay. My bad. So I’m an estate planning attorney. Do you know what the term estate planning means? Nope. What do you think it means when you, Yay.
Yay.
Give me a guess. Ah, do you know what in the state is
No. In the state is everything that you own. So if someone’s really rich, they’re a Trust Attorney Las Vegas state and you know, it’s a huge house, a castle back in the olden days with all their horses and everything else. So today our estate includes our house, our cars, our bank accounts and those types of things. So knowing that’s what a state means, what does it mean to plan your estate, um, to, to plan what you want to buy with your money. Yeah. That’s part of it. And then also you want to plan and make sure that it stays in the family and goes to the right people, right? Yeah. Yeah. So that’s what a state planning is, is you are just planning for your future. So you use it while you’re living. You also have a plan that for one of the worst case scenario. So if mom and dad died, we have a plan to make sure that you guys are taken care of. So that’s what a state planning is. Now, part of that estate plan is a will. Now before I jump into that, um, well let’s start with what do you think a will is?
Hmm. Um, a last will and testament. Have you heard that term before?
[inaudible]
yes. When I was in a show, yeah. What was it around? What happened? What had happened when you heard that? Mm, no, no. So will is a document that says what you want to have happen when you die. So the will they call it a last will and testament cause it’s whatever your will, what, what your desires are. You want to have happen when you die and it’s only effective after you die. So it’s an interesting document. Most documents we do, they’re valid from the time that we sign them. So like a contract to buy a house. Um, you know, anything we sign, um, you know, our drivers license, we’re seeing where the valid person on there. Um, those things are all valid while we’re living. But at a will is only effective once you die. Now part of the will, the most important part of a will is specifying who is going to take care of your kids when you die. So who would you want to take care of you if mom and dad died?
Yeah.
Good reason. Grandma and GRANDPA car. Oh good. Cause that’s who we picked. Okay. So that’s the important part of a will. And then from an estate planning perspective, we don’t want to rely on the wheel to distribute the money because then it has to go through probate court and we don’t want to go through probate court because it’s long and it’s expensive. So the next step is to set up a trust. What do you think a trust is Brody? And you’ve heard a little word trust, but I don’t know what a trust is. So what’s, what do you, what does the word trust mean than enough in what you’re thinking about? Okay. Tell rely on someone and, and believe it or didn’t do the right thing. Yeah. Yeah. So in an estate planning context, uh, trust means that we’re leaving stuff in trust. We’re trusting somebody to manage it the right way.
So we have our stuff in a trust. We wrote out what we want to have happen and then we have grandpa Kurt who is going to be the one that we trust to execute that. So that’s all a trust is, it’s a written document that says what you want to have happen in your trusting that the people who are in charge will carry out your wishes. So grandpa Kurt’s going to be the one in charge of the money to make sure you guys are taken care of. So to pay for, you know, your sports stuff, to take you on trips to pay for college and those kinds of things. If mom and dad weren’t around, the trust is there to do that now. Do you think you’re ready to take it? The money? If mom and dad went died in the next week or so. No, no. Yeah.
I don’t have probably you need lots of help. I get when I get it.
Yeah. You need to be older. Right. And we don’t want, you need to, to learn how to manage money and how it works and you know what kind of different assets that are, like a bank account and stocks and real estate and all those other fun things. But that’s all part of your trust in your estate plan. All right. Um, so why, why is it important to plan Brody?
Um, so that you can figure out your future and make sure it happens the right way. A show you can absolutely. Life.
That’s exactly right. Now do plans change sometimes? Yeah. Yeah. Sometimes we have to adjust our plan because different things come up. And it’s the same when we do a state planning. Sometimes we need to change the terms of our trust because we figured out one kid, um, is good with money and another kid isn’t. So we need to have them, you know, get different distributions. We need to change. You know who the Guardian is. So let’s say something happened to grandma Lisa and Grandpa Kurt, we would have to put a different person in their right to take care of you guys. So that would require a change. So the whole point is a state planning isn’t just a one and done. We have to do it constantly, not constantly. It’s an ongoing process is what I’m trying to say. Um, you’re a state planning is something you’re gonna have your whole life and it’s going to carry on afterwards. Do you want to make sure it’s done right? But you also want to make sure it’s updated and what you actually need. So do you have any other, um, questions Brody? Did that make it pretty clear what it, what I do for work is I help write all those documents that we just talked about.
Yeah,
I understand. Okay. Do you have any other questions about estate planning or trusts or wills? I don’t think so. Okay. So why should people come to see us at trusted estate planning attorneys is specifically why should people come see me to get their estate planning done? Um,
so that you can get said, give them some suggestions kit for it
and that you can help them figure out what to do. Okay. Why should they pick me over a different attorney? Because you’re one that lots of people come to and trust. Okay. Anything else?
[inaudible]
okay, well thanks for joining the show today, Brody. I think you did really well. Um, so there it is. That’s a state planning from a seven year old’s perspective and uh, hopefully we broke it down that it’s very clear what you need to do, why you to do it. If you have any questions about wills, trusts, power of attorneys, probate, anything like that, you can always give us a call. Um, and we’ll be happy to answer any questions you have. So that’s all for today. Thanks for joining us. Trust Attorney Las Vegas podcast and we’ll talk to you next time.
