Is that the next one? Yes.

Yes.

So the next...

This is a misconception slash dirty little secret.

So we have a dirty little secret in the estate planning world where...

People sometimes go to attorneys and they get a really nice trust and a really nice will and all the other documents we've been talking about, but then the documents don't work, the plan doesn't work in the way that they intended.

And the reason for that, there's a couple of reasons, but one of the biggest reasons for that is You don't actually go and then retitle your assets, which could be moving assets into a trust.

So let's, yeah, tell me, tell me your thoughts on what's going on there with a great wealth transfer.

So maybe you can start with like why these particular graphs and then we can talk about the practical piece of it.

Yeah.

So it's such a good question.

So each chapter has sort of a core image.

And if you think of, and the reason why that is true is because in the humanities, when you write a book, the structure of the book is that there are four or five chapters and each of the chapters has a central text or image or artifact or whatever.

And when I conceived of this book, I was in my second year of being an assistant professor.

I didn't know that there were other ways to do things.

you know, kind of like in the back of, I think, your head, my head, like, you know, if you're thinking about these things, these are the ones that kind of pop up, right? Were there ones that you ended up using in the book that you, you know, kind of discovered in the process of writing and developing the project?

So maybe tell us a little bit about what it's like crewing someone who's on course record pace at the Divide.

It's not unusual at these races for Harry to come into where an aid station should be before the aid station exists.

That's not new experience for me or for him.

And we're pretty self-sufficient.

We're pretty self-contained.

And we have an F-150.

Harry built out the back of it.

Yeah.

So can you talk about that a little bit?

Yes, this is my favorite topic and I get very, very fired up because there's a lot of misconceptions and there's a lot of attorneys that don't really have a full holistic approach to this.

So there's a couple of things that you brought up that are so incredibly important.

You can have the best trust in the world, the most beautiful trust, but if you don't retitle your assets, for example, a bank account, a brokerage account, updating life insurance beneficiaries, moving a home into a trust.

There's many ways that you can retitle or fund the trust.

But if you don't do that part, you're likely to have to have your family go through probate to get access to those assets because it's not just the creation of the trust and putting things in the trust or assigning assets into the trust.

It's It's making sure that everything is properly titled.

What does that really mean? You know, what does that actually mean in real life of families over the next decade or two? You know, what is going to look like?

So what's the timing look like? Is this part of the divorce process? Is it something that they should do within a year after? How do we make it easy for somebody who doesn't have it done, but maybe they're still kind of in the chaos and the overwhelm of divorce?

Yeah.

I mean, best case scenario, before you have evenFiled for divorce, find a really good estate planning attorney to look at what you have in place, if anything, to see whether it needs to be updated.

And start, you know, one of the, the first parts of, of getting an estate plan together is marshaling the assets.

So figure out what you have.

What accounts do you have, or what accounts are joint? And you might already be doing that within the divorce process, so leverage that, right? Let's make our lives easier.

Look at what you have, see how it's titled, see if you have beneficiaries named.

So where does a will fit in on this? Would you have a will and a trust? Would you only have a trust? And is there a certain, like, income revenue asset value plateau that you hit to stay in a will or to move into a trust?

However, you know, it is relative and relevant to what we're talking about because let's talk about estate planning and how it can tie into divorce and why it's so important not to ignore wills, trusts, and tax issues when you are headed for a divorce.

Yeah, I mean, you know, any life transition is a really, really great time to look at your estate plan or update your estate plan.

But I think divorce is probably one of the most, if not the most important time.

Obviously, you know, death of a family member or children or moving to a new state can also be a transition that is an important time to look at your estate plan.

But divorce can change a lot.

And it depends on the state where you're located.

Sometimes when there's a divorce, it removes the spouse as a beneficiary if there's a will or a trust, but not in every state.

let me ask you a question because i think our listeners would like to know i hear i've heard for years and some of this from different individuals in different states namely like california they're like you've got to put everything in a trust before you get married or even when you're married you need to have a trust because then that protects it from being divided in a divorce Now, that is a very general, big question loaded, but I'd love for you to give us a little bit of insight on what a trust can and can't do and what can it protect you from.