[Laughter] [Music] we have an issue for link start Facebook happy Friday Facebook and YouTube welcome to disclose your life with rainy awesome ah I’m Randy Austin and I have two people with me today yes you know them in here it’s always joining there and and they’re the most frequently on the show yes on today’s episode we are going to discuss a will and a living trust but first we’ll cover a few fun things and local news stories and just so everyone knows and I did tell my daughter this morning today is national
waffle day yep didn’t he does celebrate national waffle day Waffle House food truck the let’s see what we’re going to talk about the delicious breakfast food can be served in it okay you can eat a waffle hundred different foods with peanut butter on it it’s a honey I put some syrup a hundred things but at Disneyworld they come in shapes and what makes them better I like this one I don’t see it so the continental breakfast they always have the state of Texas today is on the same topic of Pluto and
children the children’s health and safety month and I know it’s back to school this Monday I think it was back to school so get your kids to their eye doctor get them checked out make sure they’re good to go their vision is good it’s great part of their learning it’s all part of their learning so it was hard for kids to say hey I can’t see something because they don’t have the vocabulary to understand and all the awareness of their bodies and you know things are blurry maybe they think
that’s just how it’s supposed to be but giving their eyes check is a great routine thing to do I know I got in trouble a lot in school because I would misbehave as I couldn’t see and so then find out the finally the principal got a call I called my parents quite a bit so my parents found it more like okay let’s just figure out what’s wrong it turns out I just I also North Texas youth fencing chants kameez and can’t you eat McKinney completed in competition in the 2018 Summer Nationals out of the thousand
servers who had competed the competition these two took home gold medals in the men and women’s youth event yes and actually took three medals overall way to go guys and if you’re interested in finding or getting your child into fencing programs in North Texas I have the urge to jump up and save on car we’re going to discuss two things and you guys were here last week a similar the similarity and differences between a low and a living trust and we lose family members someone close to you it’s
hard enough to worry it’s hard to worry or hard to know what to do with DSD a lot of people are unsure what they have so essentially we are going to talk about what happens if you don’t do anything and then what the proper way looks like so we’re going to use celebrities because we all know them yes so we’ll start with Prince Prince passed away and he did not have a will that he left behind or a trust so what is a happening when a person dies without a will or trust their their estate is
growing which means go on to the west side of the county court wherever they passed away and would have property and figure out who inherited that property and be able to see the entire transaction in life format and two years later here we are and the heirs which are the people were to receive under the the particular state statute are still fighting what you say because they can’t figure out how they’re just ripping all this property no interest here people as soon as Prince died there were several claims
that he was the father yes yes and so you entertained those claims because there’s no will so it’s quest exactly and that ad litem is the person who basically represents these known and unknown heirs have to go do his or her research and figure out in all these kids are legitimate kids [Music] and it’s that’s really their the state will be dispersed based on the statute in the state in which whatever the statute says is how the property is going to be distributed he doesn’t have
any kids at first they have to figure out who dares if there are any children so DNA test for anyone who has a reasonable claim was a rock star compiled all the property does he what he actually had the library of music that he owns is actually what’s worth a lot of money because he continues to get more and his estate will continue to get royalties on that similar experiment Munro and pretty much all the other dense lives how can you Brittany this by rust yes well that’s without you know
people didn’t want people their business but will you know just the basic basic you know alright who else we got a reason Franklin recently she just passed also without a will the whole thing I believe that she actually has three heirs one in which that she has a child with special needs so there are different types of trusts in them that will you usually normally talk about the removable interval but there are special needs trusts out there that kind of benefit the child where they can still get their government
assistance but then they have this back up school although basically it’s our as opposed to setting up the special needs trust to care for her special needs child and they do have an 18 million dollar stake so and again kind of a basis as to where if she would pass and it will be equally amongst all of her surviving children and again with the special-needs issue that I have I’m sure there will be an alignment that will be a pointer that would try to fight for a bigger portion because of the special
needs however again this your argument depend on the locks it is what’s up there and so basically a living trust is a similar and when it comes to a will of the sense that your areas will be named within your will and assets are basically arriving so the one main difference between will and that’s rust is that in the will of course goes into effect once you pass away versus the trust is affected from the day that you sign it so that’s why it’s known as a living trust and future able to men and
creating do different things now upon your incapacity who knows our mobile you can’t make changes so you have whether you get remarried or there’s other children I mean you cannot get me married you laugh well no not if it’s irrevocable first and then it turns in area okay at that period if it’s still if it’s still revocable and say you get separated or divorced and you get remarried and they have their kids that come in and you don’t amend it for their children if it the planning capacity does become you
can’t mend so your children so you don’t have to worry about other people if you can technically get married with permission remission Britney Spears I believe is still under a guardianship yes far as that person’s permission so the other thing I don’t know which stage they’re looking at I think that Marissa was a resident but the other thing they could probably do for this special needs kid if it were in the state of Texas is or designated trust where that kids money goes into this trust where them is
overloaded by the courts and and it has a designated value that which that’s the value they would give to the caretaker of the special needs kid poor user her well-being and the only issue with that one that kind of takes less than the course of you don’t do anything you have this court initiated so the you’re gonna have fees and costs coming out whereas if she would have done it herself she could have appointed her own trustee to manage now you feel that full amount of that state went to that special needs child
where we talked last week about the the big difference between a will and Trust little goes through probate court trust it’s not public this effective upon signing its the better way to go in my opinion but it is not the only way to go and correct okay so Michael Jackson what does it look like when you do it right nobody knows where his stuff and I’m guessing the kids but nobody knows where anything else went it also does it put the kids a liability in a sense that cultures don’t come after the kids for
the property in the word you know try to sway them into doing what they want to do with their money is pants probably stair stepped up so a scared me a little get a certain amount and then another angel get another amount that way [Music] my guess that is the show for today just a quick rundown of celebrities and their poor decisions all right that’s our show August 24th we’re so glad you joined us today is in a week and it’s Friday they’re super excited about that so please enjoy your weekend there’s only a
week or so left before Labor Day and then it’s technically starting ahead of all I don’t subscribe to our YouTube channel YouTube stay strong there and there before Facebook comes on each week and they 786 you can find this online on our website rainy awesome on a conference right the line awesome like the city lies and what we do and we will see you next week [Music] [Music]
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