Estate Planning Q&A: Wills, Trusts, and Advanced Directives with Dr William Choctaw and Attorney Bernie Brown

1 00:00:01,890 --> 00:00:04,030 Are there any questions for either of us? 2 00:00:04,110 --> 00:00:04,490 Oh, yes. 3 00:00:04,490 --> 00:00:10,360 Attorney Brown, my question is, on a deed of transfer, you don't 4 00:00:10,620 --> 00:00:11,760 leave it at a trust, right? 5 00:00:11,760 --> 00:00:16,430 You could just do the deed of transfer and that's less expensive? 6 00:00:16,430 --> 00:00:22,700 Yes, a deed of transfer, the disadvantage is it only covers the specific property 7 00:00:22,849 --> 00:00:27,700 that's named in the deed, the deed upon death, okay, is what it's called. 8 00:00:28,110 --> 00:00:33,830 Generally you can go to One of your stores, or like Office 9 00:00:33,830 --> 00:00:35,450 Depot or someplace like that. 10 00:00:35,800 --> 00:00:39,340 And a lot of times they have the forms available there, but yes you 11 00:00:39,340 --> 00:00:47,260 would not need a trust if you do a, a deed deed deed upon death, sorry 12 00:00:47,600 --> 00:00:49,185 then it will transfer automatically. 13 00:00:49,785 --> 00:00:53,445 And so if you have more than one property, then you need one that's a 14 00:00:53,445 --> 00:00:57,277 deed of trust for each property, or you just can't use this amount of money? 15 00:00:57,277 --> 00:01:00,674 Now, I would do one separately for each property. 16 00:01:01,355 --> 00:01:07,784 And basically, the interesting thing too, is you, you fill it out, but then you have 17 00:01:07,785 --> 00:01:09,964 to go to the county recorder's office. 18 00:01:09,964 --> 00:01:14,438 At some point, someone will need to go to the county recorder's office 19 00:01:14,438 --> 00:01:19,229 and record it so that the transfer Ok. 20 00:01:19,229 --> 00:01:26,120 Basically, it won't cost you not even a hundred dollars. 21 00:01:26,120 --> 00:01:26,809 Yes. 22 00:01:27,949 --> 00:01:28,190 Ok. 23 00:01:28,289 --> 00:01:28,679 Thank you. 24 00:01:28,770 --> 00:01:29,270 You're welcome. 25 00:01:32,570 --> 00:01:32,859 Dr. 26 00:01:33,130 --> 00:01:33,449 Chalko. 27 00:01:34,140 --> 00:01:38,129 Did I understand you to say that an arm of the Director here, 28 00:01:38,130 --> 00:01:42,269 Director Bell is in there, and they cannot be here in health care? 29 00:01:45,955 --> 00:01:50,995 Are relatives, so you have to take two plans, is that correct? 30 00:01:51,215 --> 00:01:51,435 Yes. 31 00:01:51,585 --> 00:01:51,875 Yeah. 32 00:01:52,275 --> 00:01:52,835 E exactly. 33 00:01:53,740 --> 00:01:57,910 That, that they, they, they can, one of them cannot be a family member 34 00:01:57,915 --> 00:02:00,280 or, or someone who's related to you. 35 00:02:00,750 --> 00:02:03,540 Which is one of the reasons why a lot of people just do the notary 36 00:02:03,570 --> 00:02:07,200 because you know, you have to do a lot of planning a lot of times 37 00:02:07,205 --> 00:02:08,760 to get all these people together. 38 00:02:09,265 --> 00:02:14,185 Ideal way I think to approach it is that if you get an advanced directive, say at 39 00:02:14,185 --> 00:02:19,135 your doctor's office or at the hospital, ask them what the most, the easiest way 40 00:02:19,345 --> 00:02:24,145 to get the validation in terms of whether it's witnesses or whether it's a notary 41 00:02:30,285 --> 00:02:30,975 attorney brown. 42 00:02:31,205 --> 00:02:31,625 Yes. 43 00:02:31,625 --> 00:02:34,415 The transfer property, if you had it in a living trust. 44 00:02:34,445 --> 00:02:34,535 Yes. 45 00:02:35,500 --> 00:02:43,360 Does the trust take care of forwarding it to the Board of Registrar's Office? 46 00:02:45,310 --> 00:02:46,560 The Board of Registrar's Office. 47 00:02:47,390 --> 00:02:54,100 No, what happens is you name a trustee and a successor trustee. 48 00:02:54,680 --> 00:03:00,370 Now, when the person dies, actually, the transfer to the 49 00:03:00,370 --> 00:03:02,680 trust occurs while you're alive. 50 00:03:03,260 --> 00:03:07,870 And somebody has to go down to the county recorder's office. 51 00:03:08,580 --> 00:03:15,400 And the recorder's office and record the transfer of the deed to the trust. 52 00:03:15,970 --> 00:03:21,210 It's the, you fill out a form, you indicate that it's transferred 53 00:03:21,210 --> 00:03:25,080 to the Bernie Brown Trust or whatever the name of your trust. 54 00:03:25,420 --> 00:03:29,800 And then it's on record that it's transferred to the trust. 55 00:03:30,310 --> 00:03:34,000 And then the trustees control it control the property. 56 00:03:34,430 --> 00:03:36,780 Which, like I said earlier, it might be you. 57 00:03:37,500 --> 00:03:41,590 So while you're alive, you control it, and while you're alive, it's revocable. 58 00:03:41,750 --> 00:03:48,350 But once you die, then your successor trustee will go, will transfer 59 00:03:48,350 --> 00:03:52,780 the property, and they will show that it's owned by the trust, and 60 00:03:52,780 --> 00:03:56,150 therefore that they are authorized to do whatever they want to do with it. 61 00:03:56,620 --> 00:04:04,440 Keep it, hold it, trust it, or however you have directed it to happen in the trust. 62 00:04:06,245 --> 00:04:09,195 You see, these trusts are very, they can be very complex, and I 63 00:04:09,195 --> 00:04:12,525 don't want to take up too much time, but you can put virtually 64 00:04:12,545 --> 00:04:14,315 anything that you want in the trust. 65 00:04:14,965 --> 00:04:18,245 You can put in there one of the things my mother did, which was 66 00:04:18,245 --> 00:04:20,045 really kind of, kind of cool. 67 00:04:20,535 --> 00:04:22,655 It was my sister and my three brothers. 68 00:04:23,265 --> 00:04:29,755 And she had the we put in her trust that the property should remain 69 00:04:29,765 --> 00:04:32,625 in the family during the lifetime. 70 00:04:33,085 --> 00:04:38,625 And any of us should be entitled to live in that property. 71 00:04:39,130 --> 00:04:43,360 While we're alive, unless all of us agree to sell it. 72 00:04:44,290 --> 00:04:50,750 So, thereby she created a situation where all the kids would have a place to stay. 73 00:04:50,750 --> 00:04:51,950 And that was what she wanted. 74 00:04:52,280 --> 00:04:55,750 She wanted each child to have a place where they could stay if 75 00:04:55,750 --> 00:04:58,070 they needed a home to live in. 76 00:04:58,555 --> 00:05:01,565 Sorry, I didn't want to, but anyway, that's good. 77 00:05:07,515 --> 00:05:08,175 I have a question. 78 00:05:12,245 --> 00:05:14,005 I have a set aside on, 79 00:05:18,065 --> 00:05:20,365 and I told them that's plenty of money for my car. 80 00:05:21,275 --> 00:05:24,785 However, I think you said it's about a year and a half, 81 00:05:26,985 --> 00:05:27,715 putting stuff in the garage. 82 00:05:29,355 --> 00:05:33,825 How does he get money from there when I get a car? 83 00:05:33,925 --> 00:05:35,945 Well, what happens is you name an executor. 84 00:05:36,325 --> 00:05:41,825 In your will, and the executor files the application with the court, and 85 00:05:41,835 --> 00:05:46,335 they go into court, and if you've named a guardian in your will for your 86 00:05:46,345 --> 00:05:50,875 minor child, they go into court, and then the court approves everything. 87 00:05:51,345 --> 00:05:57,195 Now, it can be, it can, Take time, but it can be pretty quickly too. 88 00:05:57,485 --> 00:06:00,855 I mean, as soon as they file the application, your executor files the 89 00:06:00,855 --> 00:06:05,345 application, the attorneys come in, they get a date, and then they get 90 00:06:05,345 --> 00:06:08,875 approval from the court, they show the court the will, the court looks at 91 00:06:08,875 --> 00:06:13,985 it, it directs that certain funds be distributed in a certain way, and then 92 00:06:13,985 --> 00:06:19,675 they immediately begin that process of distributing those funds as you indicated. 93 00:06:20,030 --> 00:06:20,630 In the will. 94 00:06:21,650 --> 00:06:21,740 Mm-Hmm. 95 00:06:29,895 --> 00:06:31,235 Can you do addendum? 96 00:06:32,595 --> 00:06:34,095 It's not recommended. 97 00:06:34,155 --> 00:06:40,015 You can generally most lawyers would say just do another trust. 98 00:06:40,015 --> 00:06:42,205 Revoke the old winner and do another one. 99 00:06:42,525 --> 00:06:45,725 But it, it, it is, it, it can be done. 100 00:06:45,815 --> 00:06:46,175 Yes. 101 00:06:51,110 --> 00:06:51,670 Attorney miles. 102 00:06:56,690 --> 00:06:58,625 And the time that I viewed the. 103 00:07:11,855 --> 00:07:16,234 It just made me stop thinking about kids. 104 00:07:18,475 --> 00:07:24,391 I did do a wheel, and I still have it. 105 00:07:24,391 --> 00:07:26,044 So, I still see it as so 106 00:07:31,505 --> 00:07:31,965 unrecognizable. 107 00:07:35,395 --> 00:07:36,265 And it's not 108 00:07:41,065 --> 00:07:43,695 kids just to get everything. 109 00:07:47,005 --> 00:07:52,405 Your will is revoked automatically by operation of law with 110 00:07:52,405 --> 00:07:55,215 regard to your prior spouse. 111 00:07:55,915 --> 00:07:59,765 So that portion of the will is automatically revoked. 112 00:08:00,025 --> 00:08:03,985 If you get remarried, the entire will is revoked. 113 00:08:04,405 --> 00:08:08,600 You can always like I said, mentioned earlier, you can just destroy 114 00:08:08,600 --> 00:08:13,290 the will, throw it away and write a new one or write a new trust. 115 00:08:13,650 --> 00:08:18,820 You can all so it is flexible as to exactly how you want to do it. 116 00:08:18,820 --> 00:08:20,960 There are several ways to do it. 117 00:08:21,490 --> 00:08:24,090 But I wasn't sure. 118 00:08:24,490 --> 00:08:24,890 I'm sorry. 119 00:08:24,890 --> 00:08:25,190 Go ahead. 120 00:08:28,300 --> 00:08:28,810 Okay. 121 00:08:29,580 --> 00:08:30,070 Okay. 122 00:08:30,070 --> 00:08:36,240 Well then, then he's not going to, yeah, and you said you're divorced from him. 123 00:08:36,945 --> 00:08:38,825 Right, so he's not going to get anything out of the way. 124 00:08:38,825 --> 00:08:42,835 Don't worry, he won't get a bag. 125 00:08:48,045 --> 00:08:50,355 I can't hear you now. 126 00:09:01,405 --> 00:09:03,675 Well, that's what a living trust does. 127 00:09:04,495 --> 00:09:06,765 A living trust makes it possible. 128 00:09:07,055 --> 00:09:11,835 So that everything can go directly to the children without going through probate. 129 00:09:21,595 --> 00:09:23,565 Another price for the probate, right? 130 00:09:23,565 --> 00:09:24,475 To do that. 131 00:09:24,535 --> 00:09:26,824 I mean, to do that over and over. 132 00:09:27,105 --> 00:09:30,395 You wouldn't go through probate, so you wouldn't have to pay for probate. 133 00:09:30,395 --> 00:09:32,035 But yes, you would have to. 134 00:09:33,555 --> 00:09:39,685 Prepare, pay a lawyer to prepare a new living trust, or huh. 135 00:09:40,105 --> 00:09:45,515 There is another one other alternative and in this modern space age we live in 136 00:09:46,965 --> 00:09:50,485 You can go online and there are services. 137 00:09:50,485 --> 00:09:55,645 One of the services is called Nolo No low press, but you go online and type 138 00:09:55,645 --> 00:10:01,585 in Revocable Trust or, you know, Living Trust and you type it in there and it'll 139 00:10:01,605 --> 00:10:08,445 come up and it'll say we'll charge you 75 and what will happen is, it's a question 140 00:10:08,445 --> 00:10:14,005 and answer and it's an interactive type thing and then you go page by page 141 00:10:14,005 --> 00:10:18,405 by page and you create it and then it it'll make your answer a little shorter. 142 00:10:18,890 --> 00:10:21,360 And I'm just making a point that I feel awful. 143 00:10:21,360 --> 00:10:23,413 Ha ha ha ha ha! 144 00:10:23,413 --> 00:10:25,466 Ha ha ha ha ha! 145 00:10:25,466 --> 00:10:27,518 Ha ha ha ha ha! 146 00:10:27,518 --> 00:10:29,571 Ha ha ha ha ha! 147 00:10:29,571 --> 00:10:31,624 Ha ha ha ha ha! 148 00:10:31,624 --> 00:10:33,677 Ha ha ha ha ha! 149 00:10:33,677 --> 00:10:35,729 Ha ha ha ha ha! 150 00:10:36,070 --> 00:10:36,770 Ha ha ha ha ha! 151 00:10:36,770 --> 00:10:41,690 Is that it? 152 00:10:46,290 --> 00:10:47,410 Hello, Dr. 153 00:10:47,410 --> 00:10:47,720 Chalk! 154 00:10:48,550 --> 00:10:48,860 Yes. 155 00:10:49,045 --> 00:10:53,205 Oh, sorry. 156 00:10:54,385 --> 00:10:57,105 I have a question regarding the advance directive. 157 00:10:57,265 --> 00:10:57,525 Yes. 158 00:10:57,535 --> 00:11:00,525 When you officially fill out the advance directive. 159 00:11:01,515 --> 00:11:03,415 After you fill out everything. 160 00:11:04,120 --> 00:11:09,480 Is it a particular paper that just goes with you wherever you go? 161 00:11:09,480 --> 00:11:14,530 So if you're admitted in the hospital or you have a procedure or 162 00:11:14,530 --> 00:11:18,870 whatever, do you just have that on hand and you just bring it with you 163 00:11:18,870 --> 00:11:20,710 from home after you have it done? 164 00:11:20,830 --> 00:11:23,549 Or does it expire and you have to redo it? 165 00:11:23,550 --> 00:11:24,800 That's an excellent question. 166 00:11:24,810 --> 00:11:28,914 Your question is, once I've done my advanced directive, what do I do with it? 167 00:11:29,495 --> 00:11:31,465 And that, that's, that's, that's an excellent question. 168 00:11:31,675 --> 00:11:33,885 One, you should keep a copy for yourself. 169 00:11:34,295 --> 00:11:38,925 It is a good idea that you keep a copy at home, you know, where, where you 170 00:11:38,925 --> 00:11:41,485 normally keep important documents. 171 00:11:41,705 --> 00:11:44,735 And I would certainly recommend that you give it to your doctor. 172 00:11:44,735 --> 00:11:47,515 Like, if you have a GP or regular doctor that you go to, 173 00:11:47,805 --> 00:11:49,435 that, that you give them a copy. 174 00:11:49,815 --> 00:11:53,125 If you are admitted to the hospital, say an elective admission, 175 00:11:53,405 --> 00:11:56,525 That you take a copy with you doing your elective admission. 176 00:11:56,855 --> 00:12:00,575 I didn't mention it, but you just reminded me, all hospitals 177 00:12:00,585 --> 00:12:05,955 now must ask you on admission if you have an advanced directive. 178 00:12:06,295 --> 00:12:07,385 It's a requirement. 179 00:12:07,775 --> 00:12:10,555 And when I worked with the Joint Commission and we were accredited 180 00:12:10,565 --> 00:12:13,805 hospitals, we would go through the record and make sure they have to 181 00:12:13,815 --> 00:12:15,445 ask that of every single patient. 182 00:12:15,715 --> 00:12:18,345 But at least you should keep it in a safe place at home. 183 00:12:18,605 --> 00:12:21,035 I would keep it like in your car or whatever. 184 00:12:21,245 --> 00:12:23,505 And you do want to give it to your health care. 185 00:12:24,200 --> 00:12:27,380 Individuals, your doctor or the hospital that you go to. 186 00:12:28,790 --> 00:12:29,170 Thank you. 187 00:12:31,430 --> 00:12:32,800 Could I add one thing? 188 00:12:33,040 --> 00:12:36,610 With regard to your wills, trusts, and all your documents, you 189 00:12:36,610 --> 00:12:40,690 want to tell some trusted person where they can find the document. 190 00:12:41,330 --> 00:12:43,870 Because if you don't tell somebody where to find it, then, 191 00:12:44,530 --> 00:12:46,070 you know, you, you, you die. 192 00:12:46,260 --> 00:12:48,950 And then they're trying to find the documents and where is it? 193 00:12:48,950 --> 00:12:54,280 And so if there's someone you trust, just tell them where to find it and maybe give 194 00:12:54,280 --> 00:12:55,969 them a lock if it's under lock and key. 195 00:12:56,300 --> 00:13:00,030 Key tell 'em where to find the key or how, or give them a key so that they 196 00:13:00,030 --> 00:13:02,570 can quickly locate your documents. 197 00:13:05,130 --> 00:13:06,960 Attorney Brown, I have a quick question that my read some 198 00:13:06,960 --> 00:13:12,750 information that says, in the state of California, when a spouse dies. 199 00:13:13,170 --> 00:13:19,440 If there's a will, the wife doesn't automatically get all of the property 200 00:13:19,500 --> 00:13:23,610 the wife may get, or the surviv spouse may get half of the property, 201 00:13:23,760 --> 00:13:28,660 especially in consideration with children and possibly other relatives. 202 00:13:28,665 --> 00:13:29,500 Could you clarify? 203 00:13:29,620 --> 00:13:32,500 Generally speaking, the wife does get all of the property 204 00:13:32,500 --> 00:13:34,360 except for separate property. 205 00:13:35,160 --> 00:13:37,230 There are two categories, basically of property. 206 00:13:37,895 --> 00:13:41,675 There's community property, which is all property that you 207 00:13:41,675 --> 00:13:43,385 acquire during the marriage. 208 00:13:43,765 --> 00:13:50,085 And generally speaking, that goes directly to the surviving 209 00:13:50,095 --> 00:13:53,125 spouse when one spouse dies. 210 00:13:53,715 --> 00:13:55,975 Now there's what's known as separate property. 211 00:13:56,335 --> 00:13:58,545 A spouse can have separate property. 212 00:13:58,555 --> 00:14:05,145 Separate property is property that you either inherited or was gifted to you. 213 00:14:05,445 --> 00:14:07,805 It can be during the, the marriage. 214 00:14:07,805 --> 00:14:12,385 So let's say there's husband and wife and let's say the wife's 215 00:14:12,745 --> 00:14:17,955 parent Gave her property during, as part of a will, and she received 216 00:14:17,955 --> 00:14:19,905 that property during the marriage. 217 00:14:19,945 --> 00:14:23,835 That's her own separate property, even though it's during the marriage. 218 00:14:23,835 --> 00:14:27,915 So that would not transfer automatically to the husband. 219 00:14:28,245 --> 00:14:33,985 It depends on whether you have a will, or a trust, or whether you don't have a will, 220 00:14:34,235 --> 00:14:37,145 as to how that property would transfer. 221 00:14:37,195 --> 00:14:38,585 But it's not automatic. 222 00:14:39,090 --> 00:14:40,760 to all of it to the husband. 223 00:14:41,140 --> 00:14:45,210 If it's separate, the wife's, the spouse's separate property. 224 00:14:45,210 --> 00:14:52,301 Okay, I inherently I stay inside and I die in the sitting inside. 225 00:14:52,301 --> 00:14:53,139 Well, the 226 00:15:00,739 --> 00:15:06,759 law, that can be a real interesting thing because you may have to 227 00:15:07,129 --> 00:15:13,374 initiate, the children may have to initiate a probate In the other 228 00:15:13,374 --> 00:15:16,554 state where the property is located. 229 00:15:16,734 --> 00:15:21,394 If the property is located in another state there's some complicated rules. 230 00:15:21,824 --> 00:15:25,484 With regard to that, but it is possible that you could have 231 00:15:25,664 --> 00:15:28,654 simultaneous probate proceedings. 232 00:15:29,054 --> 00:15:34,014 One in one state where certain property is located and another proceeding in another 233 00:15:34,014 --> 00:15:36,124 state where other property is located. 234 00:15:36,644 --> 00:15:41,244 So, we could discuss that further in the breakout session. 235 00:15:46,974 --> 00:15:47,104 Thank you.