Talk of The Villages Florida - View Single Post - “Lady Bird Deed”
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Old 06-17-2022, 02:14 PM
SusanStCatherine SusanStCatherine is offline
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IMHO - Pay for legal advice, it's worth it.

For those people advising others what to do instead of providing general information, please take into account everyone is different.

That being said, I can tell you what I learned for my personal situation. All of our assets are in financial institutions and our house. Designation of direct beneficiaries on all accounts is the easiest, fastest and least expensive way for your heirs to inherit. Just present the death certificate to the institution and that's it. The institution pays out directly to beneficiaries at the percentage designated. Ladybird deed has house go directly to beneficiaries as well.

I believe Qualified money like IRAs and 401k cannot be placed in a trust and that is where most of our $ is besides the house.

We still have a pourover will for anything not designated. Autos in FL cannot be titled to have beneficiary. I think my children can distribute our remaining estate without going through probate.

A trust costs $ to set up. Everything that can be titled must be titled into the trust. The trust must be administrated. The trustee has all the power.

If we get anywhere near to when a nursing home is needed, we may need to redo our current simple estate plan.

A trust is indicated if you have real estate in a different state. Also a trust is indicated if you have very specific instructions on how and when you want your estate to be distributed.

So a ladybird deed can be just the thing you may need for your estate planning.