How to avoid probate in Florida
Attorney Tom Olsen: Holley, we are all about helping people to avoid probate here in the Olsen Law Group. Tell the listeners some of the tools that we're using for that.
Attorney Holley Knapik: One of my favorite tools to use is the Lady Bird Deed, or enhanced life estate deed, which allows us to help our clients avoid probate on their real property in Florida. That could be your primary residence, it could be your condo on the beach, or rental property, that you may have here in the state of Florida. It's a simple tool whereby we say you have ownership of the property, but upon your passing, that property will go automatically to your kids, or if you've named a charity, if you've named a friend, they inherit that property, no headaches, no hassles, avoiding probate.
Tom: When you use that word, "It automatically goes to the kids." You're right. That's the word, automatically goes to the kids. It's amazing how many people over the years have come to us and say, "Tom, I've got a will, and my will, I left everything to my kids. Doesn't it go to them automatically when I pass away?" The answer is no.
Holley: No, no. Unfortunately, as you mentioned earlier, a will simply directs where your assets go upon your passing. Our goal is to ensure that it does just that, without having to be brought into court.
Tom: We're using the Lady Bird deed, also known as an enhanced life estate deed, for people to avoid probate on their real estate here in Florida. It can be their home, it can be their beach condo, it could be their vacation home, vacant lots, commercial property. We can do it even if there's a mortgage on the property. That's how we handle their real estate. What other tools are we using here?
Holley: We also will use our will. We're always doing a will for our clients, but then we also do other documents, power of attorney documents. There are some simple things you can do yourself when we're talking about bank accounts, checking, savings, CDs, money market accounts. What you want to do is make sure you make them payable on death, or POD, or transfer on death, TOD, to your kids. That way, upon your passing, it will automatically go to your kids. No probate.
Tom: Exactly. If you make your bank accounts POD for your kids and you pass away, the only thing they need to do is to show the bank, credit union, or investment company, your death certificate, and they'll turn the money over to them.
Holley: Easy, straightforward.
Tom: We were talking about-- Sometimes kids don't get along, and if kids don't get along, it only gets worse when mom and dad pass away and it comes down to splitting up their assets. The neat thing about the POD accounts is that it's not the first kid down to the bank gets all of the money.
Holley: Right.
Tom: Any of the children can show the bank, or credit union, investment company, the death certificate. There's three kids, the bank will write three separate checks.
Holley: Three separate checks. Yes.
Tom: They don't even have to go together. They don't have to be together. They don't have to see each other. They each get a check. Couldn't be more easier than that.
Holley: Than that. Absolutely.
Tom: I often tell people that I've been a lawyer for 41 years, and back in the early days, when mom and dad passed away, very rare was a day when kids would argue with each other. These days, there's at least a 50% chance that kids are going to be arguing with each other.
Holley: I think that's climbing too.
Tom: Another good chance they may never, ever speak to each other again.
Holley: To each other again. So many families are broken by this process, after the passing of the parents, Money can make someone act a little funny.
Tom: When we talk about avoiding probate for people, making things simple, easy, inexpensive for the kids, when mom and dad have passed away, not only are we saving them money and probate fees, but by making it simple and automatic, there's less for the kids to argue about.
Holley: Absolutely. It takes it off the table.
Tom: If somebody says, "Tom, I don't care. I've named my daughter to be the executor in my estate, she'll take care of business when I pass away. I don't care if it goes through probate." What I've found is, often, it's an opportunity for the kids to settle scores with each other. Now the daughter is the executor of the estate, where it might normally takes four months, she's going to stretch it out and drag it out. One of the siblings is going to call me and say, "Tom, my mom died a year ago. My sister's the executor of the estate. I haven't gotten a dime yet," sister's just playing games.
Holley: It's sad, but it's true. It happens.
Tom: Yes. We want to help you avoid that, folks. We do offer a free initial consultation to talk about your estate planning. Holley, how would people reach you to schedule that time?
Holley: You can call our office directly during the week, 407-423-5561, or you can visit our website, olsenlawgroup.com, and each attorney here has a page. On my page, you have the text button, the email button, or the call button. You click and you get in contact with me directly. I love text. Very easy. Very quick.
Tom: I love texting too. I tell you, it's all about efficiency for us because we talk to so many people, everyday. Existing clients, new leads, new clients. We're trying to help people and it just helps us to help as many people as we can, in the span of our eight-hour workday. Hey, folks, my name is Tom Olsen. The name of the show is Olsen on Law.
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