The Investing for Beginners Podcast - Your Path to Financial Freedom

AAR34-Part 2: What is Trust

Jan 27, 2026
Guest
Dave Ahern
Dave Ahern, a banking pro and repeat contributor with experience as a bank manager and clerk, explains trusts and estate planning basics. He contrasts trusts with wills. He covers probate risks if you die or become incapacitated without plans. He explores revocable versus irrevocable trusts, how trusts control asset access, and common pitfalls to avoid.
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INSIGHT

Trust vs Will: Legal Strengths

  • A trust is a legal document that controls how assets are handled during life and after death.
  • A will is simpler but offers less legal force and can't manage complex conditions.
ADVICE

Prevent Costly Probate

  • Do set up a will or trust to prevent the state from controlling your assets after death.
  • Avoid leaving accounts inaccessible to loved ones to prevent months-long probate delays.
ANECDOTE

Bank Customer Lost Home To Probate

  • Dave recalls a customer whose family lost their home after eight months of probate.
  • The prolonged legal process left the surviving partner unable to access funds and caused severe hardship.
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