Kimm  0:01  
Hi, this is conversations with Kimm and today we are talking about wills and trusts.

Sarah  0:09
Who should have a will?

Kimm  0:11 
The biggest question we get is who should have a will? And the basic answer is everybody, you just don't know what's gonna happen. So you want to make sure that all of your property is taken care of your children are taken care of. So everybody should have one.

Sarah  0:26 
And what happens if you do not have a will?

Kimm  0:29 
If you do not have the will, then these states kind of comes in, they don't take your property. But what can happen is now somebody in your family's got to petition the court to be the person responsible for taking all of the actions to deal with your estate, your children, your property, anything of that nature.

Sarah  0:49 
When should you get a will?

Kimm  0:52 
When you should get a will is whenever you have anything 20 year old can have one, a 7 year old can have one, just if you're owning property, if you have children, anybody thinking about that kind of stuff, I know you don't want to because it's thinking about death. But you also have to think of the other ramifications. So everybody should get a will at as soon as they can, if they're starting to own things.

Sarah 1:14 
And when should you think about updating your will?

Kimm  1:19 
You should update your will, whenever there's major life changes, you add in children, or you have more children, you if you want to include grandchildren in it, if you want to exclude people, if you're getting more assets or getting rid of assets, you want to always want to keep that up to date.

Sarah  1:36
What is the difference between a will and a trust?

Kimm  1:40 
The difference between a will and a trust is basically the simplicity of it all a will or is for those people that really their state doesn't value a whole lot, you know millions and millions of dollars, it is usually just houses or personal property or your things, your children. So the simplicity of the will is is easier, the expenses a lot less on a will, and it's much quicker to create a will. Now you have the trust, a trust is its own little entity. So it's kind of like you're creating a business or something of that nature. And you now no longer own your property as an individual, your property is then transferred into the trust. So if I owned property myself and I made a trust, the trust of Kim Buger would now own that property, and then the transfers would be done through them. It is also a much more expensive process to do because it's more documents more drafting of different things to do. It does create a lot of different benefits as well though, the trust can create a trust within a trust basically, for your children as an example, it can create an account that ciphers money into that for your children for the care and education, you have somebody controlling that you have trust for special needs. If you have a special needs family member, they can create this trust, it helps keep that funds away from their disability or whatever payments they're getting. So that doesn't affect that, then you have somebody that is controlling that as well that can help again cipher money into whatever they need their living expenses. And another one that they get is the spendthrift trust, which is you have a family member that just can't stop spending and just you know, they're going to blow their money before a couple of years is up. So you create the spend trip thrift Trust, which makes them again, somebody else in control of their money. So there's a lot of different aspects that go that are involved with the trust versus the wills. And basically, it's this simplicity.

Sarah  3:57 
Since this is a quite complicated issue, can can people give you a call and ask what would be the best for them?

Kimm  4:05 
When you're deciding between a will or a trust, the best thing is talk to an attorney because there's so much going on. There are documents that you need to cipher and what you're going to do with your children. So when you have those questions, obviously talk to an attorney. You can call my office 517-797-6021 or you can email us at office at kimmbugerlaw.com. 

Sarah  4:28 
Thank you.