Why you should have your existing will or trust reviewed

Attorney Tom Olsen: Chrissy, there's some people out right now listening and saying, "Hey I've got a will, what do I need to be concerned about?" I would say this is that simply having a will does not avoid probate. Will simply direct what happens to your assets when they go through probate. Here at the Olsen Law Group, we're all about helping people to avoid probate.

If you had a will done in another state and you moved to the state of Florida, all good reasons to schedule a free initial consultation with any of the lawyers here at the Olsen Law Group in Orlando. Then there's another group of people out there, they're saying, "Tom, you know what? I paid thousands of dollars to an attorney to have my living trust done for the purpose of avoiding probate. I'm sure okay, aren't I?"

Let me say this, that in order to avoid probate with a living trust it requires two things. Number one you've got a trust, number two, your trust owns your assets. If your trust is simply just an empty shell it does not own your assets, you're not going to avoid probate. You pay thousands of dollars for a living trust for nothing.

Attorney Chris Merrill: Correct. I would say, Tom, it's rare that we review a trust that a client had prepared back in the day. It's rare that we find that everything is perfect.

Attorney Tom Olsen: Right.

Attorney Chris Merrill: Right? That is rare. In particular, real estate. Just this week alone I had four people where I reviewed their trust, and all four-- and that's why I say it's rare that something's perfect. All four, there was at least one in some cases, there was two or three pieces of real estate that they thought they were set and was owned by the trust and in fact, they were not owned by their trust.

Attorney Tom Olsen: Folks remember that when you sign a trust that is though you have built an empty vault or an empty safe and you must then fill it up with your assets. If you've got a trust your trust may be perfect. Everything about it is beautiful but if it doesn't own your assets then you're not serving the purpose that it's for. Here at the Olsen Law Group, we can help you with that.

Attorney Chris Merrill: Just to give an example for people as well. We don't determine this and it's not about us. It's the state of Florida and the statutes say 3% of the fair market value when somebody passes away. This one couple, they were quite shocked when I shared with them that based upon their properties that were not owned by their trust, probate would be $75,000.

Attorney Tom Olsen: Wow.

Attorney Chris Merrill: They were shocked.

Attorney Tom Olsen: Oh boy.

Attorney Chris Merrill: Again, that's why it's important and we are happy to review for people so that they can have that complete peace of mind that everything is okay.