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September 17th, 2020. Suzie Oh here and welcome to the Women in Money podcast. And as I always say, and the men smart enough to listen, you know, it's funny everybody is so many times when I'm being interviewed. They always say, why do you have to say the Women in Money podcast?

And I go, because that's the official name of the podcast. And I go, why is that the official name of the podcast? And I always say to them, because this is not a podcast for just women. It is not exclusive to women.

And women. My job is not to separate women and men. My job, in my opinion, anyway, is to make sure that if you happen to be in a relationship with a man that we educate men as well, because the number one reason for divorce today in the United States is arguments over money.

So why would I want to segregate women and men that are together? No, I want to make finances a family affair. And they always go, oh, that's a good idea. And then I always say to them, and don't you know that men are the biggest financial fakers I've ever met in my entire life?

They'll tell you they know exactly what they're doing. They'll say, don't worry, you're pretty little head about this. I have it all together. And I can tell you, over the years, they do not. They do not. They do not.

So we all have to learn about money together today is ask Susie anything. And we're going to continue to follow up on my Sunday's podcast, which was called The Life of Flowers.

Which is why it was so important to have the must have documents, which happened to be a will, a trust, an advanced directive, and a durable power of attorney for healthcare. And it truly that podcast struck a chord.

So much so that we actually put on the women and money app, which all of you should download because there are things that happen on that app that don't happen anywhere else.

And I take the questions that I answer on the women and money podcast from the app. So if you want to be part of really what happens here, because we're going to be expanding that app and doing all kinds of other things that will be exclusive to that app.

Just go to Apple apps or Google Play search for Susie Orman and download the app that are so many things there that really you would want to have seriously. You just want to have them.

You could search past podcasts. You can listen to the podcast there. You can ask questions. You can see the answers to my other questions. You could take the courses. You can get the must have documents, all kinds of things.

But there was such a great response to this that Sarah, who kind of runs the women and money podcast with Robert behind the scenes, put out a little thing saying you have a question about wills and trusts and what happened on Sunday.

And we were flooded with questions in all kinds of ways. So I've chosen the questions from the podcast in response to the query that Sarah put out before I begin.

One of the questions that have come in the most is Susie. I listened very, very carefully to the Life of Flowers podcast. And my question is, why do you need a will if you have a living revocable trust since a will according to you is really the most inefficient way to leave assets to your family.

And for those of you who may be tuning in for the very first time, go back to last week's podcast and listen to it thoroughly so you know what I'm talking about here because I really don't want to take the time today to go through and explain how each of these documents work and why they are called the must have documents according to me.

The reason that you need a will and a living revocable trust is because a living revocable trust holds assets that you have changed the title from your individual name to the title of the trust.

Not everything that you own has a title. There are stuff that maybe you have like your dishes, your jewelry, all kinds of things like that, your precious little things. For me, it's like Miami Awards and my Gracie Awards and all these things, my radio equipment, my fishing rods, my lures.

Those can't be dictated by a trust because they don't have a title to them. So those items are dictated by a will. Also a will is where you actually name the guardian for your child.

So a will does that as well. A trust you can name a successor trustee who looks over money and things like that, but a will is who names the guardian for your child in most cases.

Also, there are sometimes where you forget to put something in trust. You filled out all my must have documents, but you did not follow the directions fully where you have to fund the trust, which means you change the title of your bank accounts of your, you know, your homes, things that have title to it in to the title of the trust.

Maybe you forgot to do it or maybe you didn't realize you needed to do it. And so then if you don't transfer something into the title of the trust, it is then governed by the will.

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