When Form 8865 Trusts 2023-2024

Everyone, welcome to another episode of the "Ask Andy Show." My name is Edmund, and I'm Jennifer and I'm Sydney, and we are the attorneys here at Enemy Law Group. Today, we're gonna talk about transfer-on-death deeds. One of you asks us the question, "Is a transfer-on-death deed better than a living trust?" So today, we're going to go through both transfer-on-death deeds and living trusts to help you decide which one is better for you. So Jennifer, can you start off by explaining what a transfer-on-death deed is? A transfer-on-death deed essentially puts a beneficiary's name on your deed ahead of time. So, if something were to happen to you and you pass away, then based on the deed, it'll already designate who's going to be the beneficiary of that specific property. The question is whether or not that is sufficient enough for you to pass on your assets and whether or not you should actually do a living trust instead. So maybe Sydney can kind of go through what a living trust would be and how it's more beneficial than a transfer-on-death deed. There's quite a big difference between a transfer-on-death deed and a living trust, and there are a lot of differences, but we can't cover all of those in our short video here today. But I think we can highlight some of the key points. First of all, the transfer-on-death deed is pretty limited. It does not allow for continued beneficiaries. So earlier, Jennifer said that basically, you're putting somebody on your deed before anything happens, but it's one person or maybe it's a couple of people. But if anything were to happen to those people before your passing, then your estate could potentially face probate, which is something that I'm sure you had intended to avoid when...