In the latest episode of the Miller Estate & Elder Law podcast, estate planning attorney Bill Miller discusses trusts and the important role they play in estate planning. He addresses common misconceptions about trusts, and explains why they are not just for the wealthy.

Bill also explains the various roles involved in drafting and administering a trust, and breaks down the responsibilities of the grantor, the trustee, and the beneficiaries.

He also discusses different types of trusts, including revocable trusts, testamentary trusts, and irrevocable trusts. Bill highlights the benefits of a trust-based estate plan, including probate avoidance, continuity of asset management, and asset protection.

In the end, Bill emphasizes the ease and cost-effectiveness of trusts in comparison to wills.

Takeaways:

• Trusts are not just for the wealthy—they can be a valuable estate planning tool for anyone.
• A trust involves several parties: the grantor, the trustee, and any beneficiaries.
• There are different types of trusts, including revocable trusts, testamentary trusts, and irrevocable trusts, each of which offers different benefits.
• Trusts offer benefits such as probate avoidance, continuity of asset management, and asset protection.
• Properly funding a trust is essential to ensure that all assets are properly included in the trust.

Chapters:

00:00 Introduction and Disclaimer

01:01 Misconceptions about Trusts

01:31 Definition and Function of Trusts

03:00 Parties Involved in a Trust

05:36 Trustees and Beneficiaries

08:13 Successor Trustees

09:10 Types of Trusts: Revocable Trusts

09:39 Types of Trusts: Testamentary Trusts

13:38 Types of Trusts: Irrevocable Trusts

17:16 Types of Trusts: Supplemental Needs Trusts

20:24 Benefits of Trusts

22:46 Common Trust Provisions

26:48 Funding a Trust

29:14 Advantages of Trusts over Wills

30:30 Conclusion