Ep. 39 Wills and Trusts with Attorney Lisa D. Brown

In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre talk to attorney Lisa D. Brown, about wills and trusts. Find out why it is never too soon to start thinking about what will happen to your estate when you pass away.    Email questions to [email protected]   Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/ Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/ Guest-Attorney Lisa D. Brown-https://www.facebook.com/lisalawonline/ ITUNES-http://goo.gl/rs1q9X Blog-https://hermannlondon.com/podcasts/ Website http://hermannlondon.com/ Producer - Joey Vosevich Theme Song by Trastornobeats 1:40 Adam bought a house in Jennings for $5,000, put $12,000 into it, and it will rent for $650 a month 2:00 It’s fun to buy a house low and completely fix it up because you know everything is up to grade 3:03 Shannon St. Pierre is looking for a seller in the Hill neighborhood 3:44 Adam has been having some sewer lateral issues lately and fixing them can be different between each municipality 4:44 Does Hermann London share buyer needs on the Hermann London Facebook page? 6:52 Adam has hired Lisa to create a will for him previously 7:54 What is the legal definition of probate? 9:07 What is intestate? 9:25 What is testate? 9:33 Who is your heir after you die? 10:08 What is a legatee, devisee, and beneficiary? 10:29 What is the legal definition of a will? 11:05 Does a will avoid probate? 12:05 Why does a will have to go to probate if assets have already been assigned? 12:45 What is a pod (payable on death) and tod (transferable on death) designation? 13:15 What is the definition of a trust and what is the main reason for a trust? 14:15 What is a grantor and what do they do? 16:20 Why didn’t Prince have a will and what is happening to his estate? 15:55 Why didn’t Prince have a will? 18:30 Adam had a friend who had 4 sisters and it took 11 years for probate to settle her dad’s estate 20:18 What’s the easiest way to put  a loved one’s name on a home without doing a refinance? Cohabitation agreement? Quick claim deed? 21:15 What is the purpose of adding someone’s name to a title? 21:37 What is a beneficiary deed? 22:25 Will adding a name to a title trigger an acceleration clause to the mortgage? 23:50 Young couples will often buy a house together but only one name will be on the mortgage 26:28 Should a married couple have their house in a trust? 30:44 How can someone gift money to their kids and not have it be a taxable event? 30:50 What is a gift tax? 59:35 How hard is it for a trustee to divide an estate up? 1:00:00 What is a personal property distribution list?