Mark Kohler set up a revocable living trust for his parents that let their home pass directly to heirs without probate or lawyer fees. The trust avoided thousands in costs and kept the sale private. About half of Americans have no estate plan at all.
Leaving a legacy. So after I built my own trifecta, what do you usually do? You share it with your family. You do it for your family. So I built a trifecta for my mom and dad, who have now passed on. Remember the revocable living trust? One of the first main assets you're going to put into it is your home. Well, I went and built a trifecta for my mom and dad. They had to have a trifecta. And I put their home into the trust. And when they passed away, I was able to make it simple and easy for the sale of their home. And their primary residence just flowed right down into the trust. And they could leave their wealth and assets to their children and grandchildren in a structured format that involved no lawyers, no probate. You know, 50% of Americans don't even have a will. They don't even have a structure at all. But with this trust, we were able to keep the sale of their home private. We had no legal fees, and everything went into the proper way to the next generation. That was a huge win. That was a win that changed the trajectory for our entire family, because we had a plan, and we left a legacy to the next generation with grandchildren involved and everyone. That trust was really, really special.
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