A good estate plan can prevent your kids from arguing and hating each other after you pass away.
Attorney Tom Olsen: I've been a lawyer in Orlando for 41 years, and in the first half of my career, when mom and dad passed away, very rare was a day when the kids argued with each other. These days, there's a very good chance that when mom and dad pass away, the kids are going to argue with each other over money and assets, and a good chance that one or more of them, they'll never speak to each other again.
Attorney Holley Knapik: Yes, that is common.
Attorney Tom: If you're a parent out there, and you're thinking, "Tom, man, no matter what, I hope and pray that that does not happen to my kids." Well, you better get in here and get your estate planning done because if we make things simple, easy, inexpensive for your children, we're going to take all the steps necessary that there's not going to be an opportunity or a reason for your kids to argue with each other when you pass away.
Attorney Holley: Amen. I mean, that is exactly what this does. It just takes away the issues.
Attorney Tom: People, if you are out there listening right now say, "Tom, what are you talking about?" Well, let me tell you what I'm talking about. Here at the Olsen Law Group, we're all about helping people to avoid probate. When I say avoid probate, I really mean avoid attorneys' fees. When people go through probate and let's say, they've appointed their oldest son Bill to be the executor of their estate, which we're trying to avoid. If an executor is appointed, then we've not done our job, okay?
Attorney Holley: We've not done our job.
Attorney Tom: We were not a success, okay? What I found is, is that if Bill is the executor, and there's four kids, well, this is Bill's opportunity to strike back at his siblings. "Oh, guys, I'm going to take a long time to get this done, and you're not going to see a dime on mom and dad's money. Oh, maybe a couple of years from now."
Attorney Holley: Yes.
Attorney Tom: Oh my god. How many times I've gotten that call? "Tom, mom and dad had passed away. It's been two years, my brother is the executor, I don't know what's going on. I haven't got a diamond or money."
Attorney Holley: It's at least once a day a call. Such as that comes first.
Attorney Tom: Yes. So you say, "Tom, how do we avoid that?" Well, look, we're talking about avoiding probate so that if you make your bank accounts POD, Payable On Death, to your kids, and you pass away, the only thing they need to do is show the bank or credit union or investment company your death certificate, and they will write, if you got four kids, write four separate checks to your kids. No reason for them to argue with each other over that.
Attorney Holley: Absolutely, it's done.
Attorney Tom: When you pass away, it is not the first kid that gets down to the bank and gets all the money.
Attorney Holley: Nope.
Attorney Tom: Any one of them can show the bank or credit union investment company the death certificate, and they'll make four separate checks.
Attorney Holley: Absolutely. If you've named four children, as payable on death for those accounts, child number three shows up with the death certificate, that bank is cutting, like you said, Tom, four separate checks.
Attorney Tom: Exactly. The one thing that they will have to be prepared for is this, mom and dad own a home, yes, we're going to avoid probate on that home. We're talking about avoiding attorneys' fees and time and court costs, et cetera. At the end of the day, if they've got four kids, those four kids will co-own that home.
Attorney Holley: They will.
Attorney Tom: Got to them without probate, that's the good news.
Attorney Holley: Now the second step is all four own it, all four must agree as to what happens to it.
Attorney Tom: They're going to have to work together to decide whether they keep it, sell it, rent it, buy each other out. If they're going to sell it, they're going to have to agree on who's going to list it, what real estate agent, how much they're going to list it for, and ultimately, what sales price they accept on it. Hopefully, the four kids could agree on that because the quicker they agree, the quicker they get a check.
Attorney Holley: That's right.
Attorney Tom: This is very real, folks. I want you to be aware that when you talk about doing estate planning, it's a win, win, win, win, win.
Attorney Holley: It really is.
Attorney Tom: You're going to walk out of here with a weight lifted off your shoulder saying, "Man, I finally did what I've been saying I've been doing forever and boy, Olsen Law Group, they made it simple."
Attorney Holley: Absolutely.
Attorney Tom: Then number two, you're going to avoid probate, more of your wealth is going to pass to your kids without being taken through attorneys' fees. Number three, you're going to make it so simple for your kids, there's not going to be a reason or opportunity for them to argue with each other.
Attorney Holley: Yes. They will all get along because everything was done by the parents ahead of time and set up so that they all will do that. Just get along.
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