Quote:
Originally Posted by BoneLakeBennie
Here's my experience with my mother's estate. My mother had properties in multiple states, and small brokerage (Fidelity) and checking/savings accounts. Prior to her passing, we set up Transfer on Death Deeds (TODD in many states, similar is Lady Bird Deed in Florida) and made sure I was a beneficiary on all of her brokerage, savings, annuity, etc accounts. I also had power of attorney. To set up TODD's on 3 properties cost ~$500 in lawyer fees. Could I have done it myself? Most likely, but the ramifications of making a mistake were too high for my risk tolerance.
After her passing I provided a copy of the death certificate to the attorney and they filed the paperwork with the property offices and the properties were retitled in my nome. Easy, peasy. I don't recall if there was a cost for that.
For all other accounts I contacted customer service for the company and they pointed me to the forms to file. I filled them out and provided copies of the death certificate and within a short time, the accounts were either transferred to me of I received a check. Again, easy, peasy.
I originally thought a trust would be required, but everything could be handled via TODDs and beneficiary designations.
Hope that helps.
|
Transfer on Death deeds are great! I hope Florida will allow them. Simple, clear, easy & only a filing fee of about 29, to 50. They can be easily changed if you want to change beneficiaries, and they act as a deed in the title search. They don’t interfere with mortgages or liens, and are easily filed in County records. I hope Florida agrees to accept them as has many states over the last 15 years.
Kudos to you on how well you have handled preparations. People should order about 10 copies of death certificates from the funeral homes or wait until they arrive at the county and get copies.