Published on: 
Jul 11, 2024 6:34 PM

Speakers: 
Adam Barber, MHPS, PLLC

Summary:
In this conversation, Adam Barber from Martin, Heller, Patent, and Shepherd provides insights on trusts and probate. He explains that a trust is a contract between a grantor and a trustee, where property is put into the trust and distributed according to the grantor's wishes. Trusts are not just for the wealthy, but can be useful for anyone with minor children, real property, or property in multiple states. It is important to fund the trust by changing beneficiary designations and property titles. A trust can help keep courts out of your business and avoid the lengthy probate process.

Keywords:
trusts, probate, property, court, beneficiary designations, funding, grantor, trustee

Takeaways:
- A trust is a contract between a grantor and a trustee, where property is put into the trust and distributed according to the grantor's wishes.
- Trusts are not just for the wealthy, but can be useful for anyone with minor children, real property, or property in multiple states.
- It is important to fund the trust by changing beneficiary designations and property titles.
- A trust can help keep courts out of your business and avoid the lengthy probate process.

Titles:
- Understanding Trusts and Probate
- The Benefits of Trusts for Estate Planning

Chapters:
00:00 Introduction and Overview
01:10 Understanding Trusts and Their Benefits
05:08 Clarifying the Relationship Between Trusts and Probate
08:33 Different Types of Trusts and Asset Protection
09:23 The Role of a Probate Master
11:06 Navigating Probate Courts and Local Rules
14:42 Probate Litigation and Conclusion