31: What the Heck is a Trust, and Why Might I Need One?

Trusts.   What the heck are they and why might it be a good idea for you to have one?   Most people believe that trusts are this elusive thing reserved for the uber-wealthy…   …or have only heard of it as being a sort of plot device in a movie or murder mystery.   Joining us today is attorney Shannon Evans, a recognized expert in the area of trusts and estate planning. She practices out of Las Vegas and is a frequent speaker on the conference circuit.   With so much confusion around trusts, Shannon is a refreshing presence that gets to the heart of the matter real quick. She demonstrates that trusts are a lot more pedestrian—and a lot more useful—than most would think.   Key Topics: So… What is a trust, exactly? (3:27) Who should have a trust? (8:06) What is an "irrevocable trust"? (14:39) What you should take into consideration if someone asks you to be a trustee. (18:40) In which state should you set up your trust? (22:48) Why should you NOT have IRAs in trusts? (25:33) Who is the fiduciary of a trust? (29:31) Updating beneficiaries (33:51) Stephanie and Kevin's closing thoughts (40:49)   Resources Mentioned: Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski Evans & Associates   If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]    You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.