Latest / The Jon Sanchez Show / Who's Really In Charge When You Can't Be?
Transcript
- Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez Show on News Talk 780KOH. Pleasure to be with you on this hump day. Thoughts and prayers again to all the people involved in the fires, our first responders, homeowners, everybody out there. Again, tough, tough situation our local community finds itself in. All right. Well, thank you so very much for joining me. I do appreciate it. Got a really brief, I'll be honest with you, really brief stock market recap today. It was a again, this week, I knew it was going to be this way. We, you know, as I told everybody on Friday, it's going to be a light week next week, meaning this week we Of course, had win inflationary report today, the CPI. We'll get PPI tomorrow. Numbers came in right as expected, as I'll mention here in a moment. But no news out of Iran, nothing real exciting other than you heard Karen Lovett resigning as president's press secretary. really quiet. It's just bizarre. The market's just kinda drifting right now. It's in a way it's a welcome sight. I always I always look back when things get crazy and go, Yeah, I used to complain when things were quiet. Boy, I wish it was right now, but It is. It is. So that's great because it's going to give me a little bit of extra time to to go into our topic today. You know, it's Wednesday, and I as always like to mention, I've promised you every Wednesday I'm gonna bring to bring to you some type of an estate planning educational topic. And of course, I'm gonna hold true to my word today. I've titled today's show after I go through the stock market: Who's Really in Charge When You Can't Be? Who's Really in Charge When You Can't Be? You know, and the reason I I title this is very simple. People again always tell me, I don't want to talk about estate planning. That means death. And we have to remind them over and over and over again. Estate planning is not about death. Sure, there's a lot of mentions about it, and obviously why you have a living trust. It's my wishes. Here's how I want my formal life to be handled, my finances and so on and so forth, upon my gut my passing. But it's not just about what happens when you die. Because for many families, the more immediate risk is this. What happens if you're still alive, but you can't manage your own affairs? You know, an example would be a stroke. You get into a bad car accident, dementia, any type of serious illness, even temporary incapacity. These are things that, again, happen each and every day to millions of people. So, what happens if you can't manage your own financial affairs, your own healthcare decisions, et cetera? So, today, after I give you the stock market recap, I'm going to walk through who steps in, what authority they have, and which estate planning documents actually give them the authority to handle the aforementioned items and so much more. But I'm also going to kind of bring to you a a just a little basic area. And I call it the four people you need to understand the successor trustee. The financial power of attorney agent, the healthcare agent, and of course, your guardian or conservator. I'm going to go through some, some real, you know, great examples of that because, you know, again, estate planning is like anything else, like the the world of finance, of course. We all have our own lingo and terms and then acronyms and things like that. And, you know, my job is to sit back and go, okay, wait a minute here. You know, I talk about this stuff all day, every single day, but a lot of people don't. So I want to kind of go back to the basics and explain those critical four people. So, in for a great education there. But I'll tell you what, if that's not enough for you, one final reminder, we still have a few spots remaining for my webinar this evening, my educational webinar. Is your trust actually funded? And again, funded means we move the proper assets into the name of the trust. If you don't do that, even if you have a trust, there's a good probability those assets are going to probate, which you absolutely wanted to avoid. So, this unfunded trust may not protect your family the way that you intended. You spend all that time and all that money creating the the revocable trust, and it's just like you didn't even have it. Still could leave you very exposed to probate. So, tonight at 6 p.m., join me again for the free live webinar. I'll show you which assets belong in the trust, which ones don't, and that's a very important one to understand. And mistakes I see families make each and every day. So How you get involved? Real simple. Go to our website, Specialized Trusts. That's with a nest at the end, specialized trust.com. And arrive at the top of the website, you can register. And so that again will be at 6 p.m. this evening. So if you have a trust and you haven't looked at it in a while, it has, you know, it's it's had one job since you had it created. It's got a bunch of desks on it. It's taking up space in your file cabinet. this is really for you. And for those of you that don't have an estate plan or a trust, this is also for you because When you do get your estate plan created, if we don't do it, then I hope and pray that whoever you have do it, does it properly. And again, make sure that things are properly taken care of. I I just again, just real quickly, just had a situation with a with a new client I spoke with. let's see, Monday, I guess it was. Trust was written, I'll just say a long time ago, north of 10 years. Again, life happens, assets are bought, assets are sold. We're talking to person with a no about three million dollar net worth. So you'd imagine there's a lot of assets there. Not one single asset they own. Not their house, not their investment accounts, not their investment real estate. Nothing they own is in the name of the trust. So again, they've been completely exposed up until we did our review and determined you don't have anything in the trust. And there was no homestead exemption either. So Tragic, tragic situation. But again, we caught it. We're going to correct it. And again, there's thousands of you out there that are in the same position. But it's all about education. So again, join me this evening, 6 PM. Trust funding, the step that most families miss. Just go to specializetrust.com and look forward to seeing you there at six o'clock tonight. Okay, so we'll get to today's w estate planning topic here momentarily. But first let's go down to the the stock market Side of the aisle here. Because again, it was a quiet day as it has been literally all week long. So you know, we we go back to this morning. We had pretty good strength in the pre-market session. The big report of the day was going to be at 5 30. So leading up to that, we have the futures up, you know, pretty nicely. Nasdaq futures were up almost 200, now futures up nearly hundred. That's kind of you know how the day ended up going, right around that level. Like I said, barely budged. So let's talk about the ever so important CPI report. Measure of inflation on the retail side. Again, quick reminder: same thing, 5 30 tomorrow, but it's going to be PPI measure of inflation on the wholesale side. So as I mentioned on the show yesterday, you know, we were down about four tenths of a percent on inflation on the CPI headline number back in June. So they were looking for an increase of one tenth of a percent for the month of July. And boy, did they nail it right spot on, right at a one-tenth of a percent increase. Okay, no big deal. we go over to the year over year number. And this one's a little bit more painful. Remember, the Fed wants to see this number along with a few other inflationary measures right around 2%. That's their mandate. Well, year over year now on CPI, our headline, we're up 3.4% year over year. So pretty significant increase way away from the Fed's two percent goal. Now we strip down the or strip out the food and energy. Get down to what we call the core. again, that number was unchanged in the month of June. For July, it was up two tenths of a percent. Again, right in line with Wall Street's expectation. Up two and a half percent year over year. Nobody could really say much about it. again, it did not change things dramatically. I did check the Fed futures contract to see what our probability is of the Fed's next move. And we did get a little bit of of change on that one today. yesterday, the FedWatch tool was indicating a 51.6% probability that we were not gonna get an interest rate or we are not going to get an interest rate increase at the September Fed meeting. that number bumped up today after the CPI report. Showing there's now a 60.1% probability that the Fed's gonna leave rates unchanged in September. So, you know, we'll call it roughly 40% probability we're gonna get a quarter percent cut, or quarter percent increase, excuse me, and sixty percent that they're gonna leave things alone. So we'll see. Again, we this thing changes all day long, every single day leading up to that Fed meeting. But that's where we sit today. Sixty point one percent probability. All right, a few stocks on the move today. We had some nice moves out of core weave. stocks been under some pressure here recently, but Turn things around today, 19.28% gain up $17.41, closing at $107.73. Supermicro also had a great earnings report up $5.95, 18.83% rise to $37.55 a share. A little bit of action on SpaceX. Again, we're looks like the doldrums and the sell-off has subsided. The stock's been moving nicely these last couple days. Stocks up $12 or finished up $12.93. 9.7% gain to $146.22. So it was another momentum standout. surging after introducing Grok 4.6. Of course, that's their AI model. A little bit weak in a few sectors. Amazon kind of led the consumer discretionary sector down, lost four dollars and ninety-nine cents, one point eight three percent decline to two sixty-seven twenty-eight. Tesla was down five dollars and thirty cents, one point five nine percent to three twenty-seven fifty-one. Meta was another problem child in the communication services area, finishing down three point three eight percent or twenty dollars and twenty-seven cents to five seventy-eight eighty-five. And Charter Communications also had a tough day today, down about seven dollars and forty-seven cents, four point seven four percent to one fifty twenty-two. again, no news out of the the conflict, the war in Iran, so I can't tell you anything about that. But what I can tell you when we come back, I'll tell you what oil prices did, gold, interest rates, and then we're gonna get into our estate planning topic. Let's turn it over to the Sacksman right now, traffic center. Okay. The John Sanchez Show on News Talk 780 KOH. Happy Wednesday to all of you. All right. Who's really in charge if you can't be? That's going to be our state planning topic. I'll start here in just a moment. First, let's give you the recap of the market one more time. So, like I said, not an exciting day at all. Finish down 21 not the Dow to close at 53,770. NASDAQ a little bit more action, up 143.54% to close at 26,588. And the SP 500 finished the day with a gain of 20 points or 0.26%, closing at 7,000. 748. Oil prices rose a modest nine cents to 83.26 a barrel. Decent day for gold, $26.20 increase to $4,467 an ounce. And we finished with a big old goose egg on this ever so important CPI day. Big old goose egg on the 10-year treasury. The yield closed there, 4.68%. And once again, if you just joined us on the CPI side of things today, up a one-tenth of a percent month over month, year over year up three point four percent. Again, that was pretty much in line with Wall Street's expectation for most of the other firms out there. Okay, let's get to our topic today. Who is really in charge when you can't be? As I said at the beginning of the show, estate planning isn't about what happens when you die. I mean, there's some aspects, but so much of it goes into, and that's what people always forget about, when you are alive. Because for most families, the immediate risk is what happens if you're still alive, but you cannot manage your own affairs. Medical decisions Financial decisions. Again, a stroke, dementia, serious illness, temporary incapacity, car, you know, accident. I mean, we all know there any millions of things can happen to us that can alter our decision making ability. So again, what I'm gonna be doing now is we're gonna be going through who steps in, what authority they have, and which estate planning documents actually give them that authority. So here's my first subtitle. Estate planning isn't just about death. So I have a question to kind of get you thinking here, get you warmed up a bit. If you were unconscious in a hospital bed tonight, who could legally step into your shoes tomorrow morning? Isn't that a powerful question to think about? If you were unconscious in a hospital bed tonight, who could legally step into your shoes tomorrow morning? Well, most people would probably say, hey, John, you know, my spouse can step in. my oldest daughter, my oldest son, my trustee. But that's not necessarily the complete answer. And here's why. Because incapacity planning is a major purpose of estate planning. Just because you're married does not automatically solve every financial or every medical issue. I'm going to stop right there for second. So here's a prime example. And we run across this a lot in our in our investment firm. We'll have a married couple, but for whatever reason, one of their accounts with us is just in one of the person's name. Let's just say the husband's name. Maybe it was an inherited account. I mean, there's a million reasons I could go over, but it's very common. They're married, but yet they have their own individual accounts. He gets incapacitated. Wife needs to tap into the account to pay some bills. She comes to us and says, Hey, you know, I don't know if you heard, but Frank had a bad stroke. He, you know, he's he's out of it. He's in the hospital. I need access to some of this money. Unfortunately, we have to say, I'm sorry, you don't have it. You can't. We cannot allow you to have anything. We can't allow you to make any investment decisions. We can't allow you to do anything. Because there's no advanced directive. And on this there's a lot of fancy words, by the way, I should mention when we talk about Financial powers of attorney and medical powers of attorney. I'm just going to refer to them those basic terms because that's what most of you understand. But technically, your financial power of attorney is called an advanced directive, but that's a big fancy term. We don't need to go down. We're just going to call them financial POA and medical POA. Just keep things simple today. So I we have to say, sorry, you don't have it. There's no financial POA on file. And they're not happy, but that's the law. We have to follow that. So the same thing can happen with if you have an asset that you need to sell. You're married, there's an asset you need to sell, and it's only in the disabled spouse's name. Same thing. Can't do it. Many times, especially in set second marriages or beyond sometimes third marriages, again, one person will, let's say, own the house. The new spouse moves into the house. But for whatever reason, they never get around to moving the house into the name of the trust if they have a a trust. Or joint tenants' rights of survivorship. It stays in the name of the individual who originally bought it. Same thing. That person, that surviving spouse, whether the original is dead or incapacitated, they can't do anything with the house. You get my point. So just because you're married does not automatically solve every financial or medical issue. Same thing on the medical side. People, I'm married. I can make the financial decisions for my spouse. you can't. Not unless you have a financial power of attorney or some other type of medical directive that you have signed that you have on file with the hospital, the doctor, whomever it may be making those decisions. Because remember. Doctors have been sworn to the Hippocratic Oath. They are sworn to do everything they can to keep you alive. They and I'm shocked when I write an estate plan and we get into the medical side and we we you know get into the these questions. I want to be on life support, I don't, so on and so forth. We really drill into all these different areas. I am shocked, to be honest with you, how many people don't want to be on life support? They they're like, you know, if I got a turn if I've been diagnosed with a terminal illness. Or I'm unconscious, you know, all these various, you know, criteria basically pull the plug on me. A lot of people don't want to fight. They're just like, you know what, I've lived a great life. I don't want to suffer. I don't want my family to suffer. And again, I'm gonna be real crude, just pull the plug on me. Well, that's cool. We all have our own reasons. But again, the doctors don't care about your wishes unless it's written down. And that's where the medical power of attorney comes into play. Even a spouse, they can't make that decision for you. So It can get really, really messy if you do not have the medical power of attorney on hand to show the hospital, the medical staff, so on and so forth. It's a mess. It is an absolute mess. I'm sure many of you have story after story of family members, or maybe it's happened to you, knowing what I mean here. again, being someone's child, that doesn't automatically give you legal authority. Well, I'm a single person and I got, you know, I've got a son. My son can always step in and make those decisions. Same thing. No, we can't without the proper documentation. Your trustee, your financial agent, your healthcare agent, maybe different people also. I'll get into that more in a few minutes. So the goal that you have is to establish authority before the emergency happens. That again is where the medical power of attorney comes into play. See if I, yeah, I'm gonna get started on this before I go to break. This is really important in my next area. The four people you need to understand, right? In estate planning, we have four core documents: the revocable living trust, the poor over will, the financial power of attorney, the medical power of attorney. That's your that's your estate planning foundation, right? Those are the four very, very critical documents. The foundation, as I said. Same thing. We've got to we've got to have some core people that that need to be involved in your estate plan. And the first one is what we call the successor trustee. This is the big dog. This is the person that steps in to administer your trust, your trust-owned property, and administer your entire estate. Now, as you're going to learn when I come back for a break, this does not have to be the same person that's in charge of your will or your financial or your medical power of attorney. But this is the big dog that is you've designated this person or persons, you can have co-successor trustees. Not recommended, in my opinion, but this is the person that you're entrusting to fulfill the wishes of your estate plan, to do everything that you have written down in that revocable trust. They are the ones responsible. It is a huge, huge responsibility. I just had a call with a client a few minutes before the show, and they wanted to name somebody that was basically just a friend as their successor trustee instead of the spouse. And I said, does this person know that you're naming them a successor trustee? And thank goodness the client did talk to that person ahead of time. But you'd be surprised how many times people will say, Yeah, I want, you know, XYZ person, no family member or anything like that to me my successor trustee. And that person has no idea they've been nominated. I've shared the stories with you. It's a it depends upon the size of the estate, the complexity, whether a state plan has been done or it hasn't, it can be a full-time job. And it's really something that in most cases You want that person in the same town where you are. Just makes things a lot easier. Not saying they can't be across the country, but that just increases the challenges. So when I come back, we'll talk talk again about the successor trustee, what they do, how they do it, what they can actually do, and what they can't do is the first of the four people that need to be involved in your estate plan. Welcome back to the John Sanchez Show on News Talk 780 KOH. Once again, here's how we finish in this lackluster session today, down 22 on the DAV, NASDAQ Rose 143, the SP higher by 20. All right, we've just begun our estate planning section of the the show today. Who's really in charge when you can't be? So I left off with my second area: the four people you need to understand. All right, so let's go to the first one. I started talking about this a second ago: the successor trustee. Now, the successor trustee. Is as I said, the big dog. This is the person or it can be persons that you have designated to administer your trust as well as the trust owned property when the circumstances specified in your trust are satisfied. They are it. They're the fiduciary standard. They have to follow the trust rules. The trust everything, everything in that trust they have to follow. They paid the expenses from the trust. Maybe. Maybe. And I'll explain why I'm saying maybe. They manage the trust-owned real estate. Maybe. They handle the investments in the trust. Maybe. But they absolutely do this. They eventually administer and distribute the trust property after your death. Because that's when they really kick in. And now the reason I say they manage the trust owned real estate and so on and so forth, as well as the medical side, because as I'll get to here in a second. The other people that you need to name, and it can be the same person as your trustee or your successor trustee, is who's gonna be your agent on the financial power of attorney? Who's gonna be your agent on the medical power of attorney? So again, they can be the same people, it can be completely different people, it's completely up to you. So that's why I said maybe they're gonna pay your expenses. If not, then whoever you've named as your financial power of attorney would do that. Manage the trust assets. Well, once again, managing the trust assets, that could fall under the financial power of attorney, agent, and so on and so forth. You get the picture. So keep in mind, your successor trustee does not become you. They become the person responsible for administering the trust. So they're stepping in your shoes, right, to take care of your estate. It's really that simple. Again, I cannot emphasize enough. I've done some shows, I'll do more of them on how you choose this person since they are the big dog, since they are the ones. That are making and responsible to handle all your wishes. It's a very, very high responsible position, and you really need to choose the right person for that. Now, I want to just pause real quick before I move to the second person that you need to understand. And I said you can have a successor trustee or you can have co-successor trustees. It's usually not recommended that you have co-successor trustees. Why? Because Those two people have to agree on the decisions. So, quick example. Let's say you have a son and a daughter, and you've named them as co-successor trustees. Well, once again, co-successor trustees have to agree. So if there's any decision that they have to make that you are not able to specifically list in that trust, they've got to make a human decision. Well, now they've got to agree. What if they don't? Now there's a all new kinds of problems. So that's why, again, it's usually not recommended to have co-successor trustees. Name one person, make sure it's the right person, and things should run extremely smooth from that point forward. Now let's go to our second, your financial power of attorney agent. Now this person again generally handles the financial matters outside the trust. That's subject to the authority granted in the power of attorney. So the responsibilities of course in that They would be things like handling your banking, handling your bills, paying your taxes, contracts, certain property transactions, insurance matters, government benefits, and everything else in between. So anything financial related, that's what you're granting them the authority to do. Now, little little piece of advice on this one. When you create your revocable trust or you have your existing trust restated, you should be asked, When do you want this to become effective? At a certain date or effective immediately. Generally, we're gonna recommend that the client does it on immediately, right? You don't want to wait to a certain date because what happens if, let's say, you decide, yeah, I wanted to, you know, two years from now, I want to name my my brother Jack as the is my financial power of attorney. Well, what obviously, what happens if something happens between now and then? You have none. You have no one. So keep that in mind. You have the ability to name now. or nominate now or again down the road. Same thing as successor trustee. Please, please, please make sure that you've let that person know or ask them ahead of time. Hey, do you mind being my financial POA? you're gonna be shocked. A lot of people don't want to mess with it. Other people are like, sure, I'd love to do that. Be an honor to help you or you help you and your family. All right. So we've got our first person, the successor trustee, our second person, the financial power of attorney. the third person, of course, is the healthcare agent. So Who's going to have the healthcare POA or the medical directive, as we call it? This person, of course, makes your healthcare decisions when you cannot make them for yourself. And this is again a very powerful decision, very far excuse me, very powerful position. Because remember, they are the ones ultimately making your f your medical decisions on your behalf. Sure, you're going to show the POA or they're going to show the POA to the hospital, the doctors, et cetera. But there could be some other things that they actually have to make the decision on. Same thing, just like I should have mentioned on the financial POA. With that, with a healthcare POA, you can name a backup agents. So, you know, this happens a lot of times. You'll name one person, let's say on the healthcare side, you'll name one person as your your healthcare POA, and then something happens to that person. Maybe you maybe it was a friend, you don't get along with them anymore, or a child and they moved across country. Whatever the reason is, you want to name a backup. And a lot of times people will resign from the position, right? So you can actually name in our documents, you can name three backups on your healthcare side. But again, they're gonna be responsible for your medical treatment, doctors and facilities, access to medical information, right? You gotta make sure you have HIPAA provisions in there, et cetera, care decisions, end of life wishes. Again, very, very high responsibility position. Now we go to number four, your guardian or conservator. So here's what happens if you don't have this person in place. If nobody has the appropriate authority, or those existing documents fail, the family may need the court to get involved. Now, depending upon the state, depending upon your circumstances, that can mean a guardianship or conservativeship proceeding. I've had this happen a lot with with brokerage clients over the years, where again they're by themselves, maybe they're a widow or a widower, and There's no family members. There's a lot of people out there that don't have any, you know, never have had any kids. They're not close to any relatives. They really have no one. So they get into again medical situations where they can't make their own decisions. That's when again the courts will step in and and nominate a guardian or a conservatorship. again, it gets very messy because you're getting the courts involved. So just remember the whole idea behind incapacity planning, right? Notice I'm not talking about death. The whole idea behind incapacity planning. is to make as many of these decisions as possible while you are still able to make those decisions. You don't want to wait till you're in a hospital bed and semi conscious to go, my gosh, I should have should have got that that that medical directive and and POA named you know I've got my mortgage due tomorrow but I can't get out of this hospital bed. I should have got my financial POV. You you get my point. This again, this is what we need to plan for. So again, we're not talking about death. We're talking about while you're still alive, but again, you're incapacitated. So very, very important. So when I come back, I want to go get into my next area, which is when does the successor trustee actually take over? Welcome back to the John Sanchez show on News Talk 780 KOH. Well, you just heard the advertisement. I cannot wait to see all of you. A lot of you are signing up now this evening at six o'clock. We're gonna have great time together. I promise you that. All right. We're on our estate planning topic of a w this Wednesday. So let's get down to another major issue. When does the successor trustee actually take over? So remember, the successor trustee is the one that you've put, they're the big dog. They're the ones you put in charge of your estate when you're no longer around. So this is where it gets really interesting. I I'd say a lot of people say, you know, hey, if something happens to me, my kid's gonna take over. Well, okay. Hopefully you've formally named your child, let's just say it's your daughter, as your successor trustee. But who decides if something happened to trigger her taking over? This is where you have to know what's inside your documents. So dependent upon the trust, the verbiage in the trust, or the power of attorney. And of course, state law in capacity may need to be established through a specified process. For example, a physician determination or some other mechanism written into the documents. So it's just can't, hey, dad's in the hospital, he broke his leg, I'm stepping in and taking over as his financial power of attorney, right? You're not going to take over successor, Tristy, until he's gone. But you get my point. You have to have triggering events in the trust documents. So, how does my trust define a capacity? Who determines it? How many determinations are required? many times we have where you need two or three medical opinions. How many determinations are required? How does my successor trustee prove their authority? When does my POA become effective? You get my point. I could go on and on. It has to be written in the documents. And I want to leave you with this thought on this particular area of interest. Naming somebody. Is really only half the job. You also need to know what has to happen before that person can actually act in the capacity that you've nominated them for. Now, I told you earlier I was going to help you kind of help determine who do you choose for these important positions? So let's get into the family dynamics. Don't automatically choose your oldest child. I see that over and over again. You may, but I want you to think about this. Instead of saying, You know, my oldest child is the one that's going to handle everything, the successor trustee, gonna handle all the POAs, et cetera. Because they're the oldest, they're the wisest, they're the most mature. Well, okay, mom and dad or grandma and grandpa, step back for a second. I want you to consider the following What is their judgment capability? How reliable are they? How financially competent are they? Are they an organized person? Are they available? I mean, I have clients that have really, really successful children, two or three of them. Any one of them could be a a POA or successor trustee, but they're not available. They're involved in business their own businesses or they live across the country. So that's my other point to consider. Geography. Consider their age and health, right? Do you want to name your sister or brother? Let's say you're in your 60s or 70s. Do you want to name somebody that old? no offense, it's not that old, but you get my point. Do you want to name somebody like that or somebody that, you know. has 34 years of life left of them. Can they handle conflict? Hopefully there won't be any if your estate plan is written correctly. But if there are some issues, can they handle it with other family members? What's the relationship with the other family members? Are you choosing someone that, man, the kids have never liked from day one, or someone that, hey, that's my favorite, you know, relative. Can they follow instructions, right? There's not a lot up to interpretation for them if your trust is written correctly. But They have to be able to follow those instructions. And as I've emphasized numerous times today, do they have a willingness to serve? Also, make sure that in your trust, it is written in there that they get compensated. Many trusts never even mention this, and many people never offer that. Ours has a paragraph in there where they can be compensated. Again, this is a very time when you're a successor trustee or a POA, this can be a very, very timely trusted. endeavor. They have to leave work. They've got to leave family, so on and so forth. They should get compensated. How much? It's completely up to you. But please compensate them. So again, you don't have to name the same person for the main positions, the successor trustee, the two POAs. Maybe your daughter's a CPA. Pshew, but that's a slam dunk to probably name her as the financial power of attorney. Let's say your son l lives nearby and he knows mom's wishes on the healthcare side. So the other siblings are across the country, son's probably a good one to name for the fine for the medical POA. So ask yourself, are you choosing the person who's best qualified? Or the person you're afraid that will be offended if you don't choose them. And that that last portion I just said is real life. Many times clients are like, Yeah, I'd love to name you know child number two, but boy, it's really gonna upset you know, child number one and child number three. You can't think that way. You got to say, who is the most qualified people? And again, it does not have to be your children. We have some situations where there the client has no relatives that he feels comfortable, you know, being the successor trustee. So that's where we bring in an outside trust company. So you always have that ability to do that also. let's see, how do I wrap up with you on this one? I think you get the point. You have to understand who's really in charge, when their authority is activated, so on and so forth. Again, a good complete estate planning document will cover all of these issues and so much more. All right. I look forward to seeing all of you this evening again, 6 p.m. If you still want to sign up, I don't know where we sit, but I'm gonna assume we still have a few openings. Go to specializetrust.com. And again, we're going to have a great, great webinar this evening talking about trust funding. God bless. Have a great afternoon. We'll see you tomorrow on the John Sanchez Show.