Trusts Explained Directing Your Assets Simply

But this is the concept that I wanted to bring out is the trust concept cuz everyone hears about trusts. I don't think many people know what they are exactly, but I think you just explained it. A trust is an entity company entity of its own. You put the assets in there and the trust directs where the assets go and you can avoid So let's say Let's say someone has a trust document saying that if you know, in our case Shlimi passes away, his his wedding ring >> [laughter] >> And we'll move it his wedding ring goes to his his son Yitzi. That's what it says in the trust. >> Well, really yeah, tangible items are a little bit funny. You can't really put tangible items into trust, but but conceptually yes, that's it. >> give me another item that will go. >> A house. >> A house, okay, great. Beautiful. So Shlimi's house, the trust says it doesn't go to Rifky. It goes to Yitzi. Okay, that's what the trust says. So in order for him to let's say be put on the deed of the house or gain ownership, he just has to show the trust to the parties and I guess the death certificate. And it becomes theirs. >> As long as the title of the house was in the trust, then the trust controls the you know, dictates and controls what's going to happen upon Shlimi's passing.