Do We need a "Trust"?

[Michael G.]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!

[villagetinker]

IMHO, you really need to talk to a lawyer that specializes in these matters. None of the replies you get will match your circumstances, and specifically what you want to do. I recommend Pittman law (near 466 and 301).

[retiredguy123]

I agree that discussing this with an estate attorney is a good idea, and Amy Pittman is a good choice. She prepared my will.

But, most estate attorneys will tend to lean toward preparing a trust for you, and a trust is much more expensive than a will. A trust also requires updating when you sell or purchase additional assets. The main selling point for a trust is that you can often avoid having your estate go through the probate court system. If you have a complicated estate and multiple heirs, the trust can be a good idea. But, if you have a simple estate and only a few or no heirs, your assets can be arranged as "payable on death" and avoid probate even without a trust. That is what I have done. Also, I have personally handled two probate estates for deceased relatives, and it is nowhere near as complicated as some attorneys claim. I would suggest talking with an attorney, who will meet with you for free. But, before agreeing to go with a trust, you should fully understand how it works for your estate, and whether or not it will be advantageous for you. Good luck.

[Vikingjunior]

I don't believe property can be "payable on death"

[Altavia]

Florida’s Three Types of Probate Processes - The Pittman Law Office (https://thepittmanlawoffice.com/three-types-probate-processes-florida)

[retiredguy123]

I don't believe property can be "payable on death"
Not specifically, but there are several ways to transfer property ownership at death without having a trust.

[KAM+6]

Not specifically, but there are several ways to transfer property ownership at death without having a trust.

Florida is one of the state's where you can have a "Ladybird deed". Property will be immediately transferred to your designated heir. A title company can prepare the deed for around $200. That's the quote i received last year.

[retiredguy123]

Florida is one of the state's where you can have a "Ladybird deed". Property will be immediately transferred to your designated heir. A title company can prepare the deed for around $200. That's the quote i received last year.
Exactly. That is one way to do it. Florida does not allow a "transfer on death" deed like some other states. Another option is to direct the executor of your will to sell the property and distribute the proceeds to the heirs, especially if there are multiple heirs. Or, you can deed the property as joint ownership with your heir, but that can sometimes create legal issues.

A friend passed away last year, and he had a very expensive, one and a half inch thick trust to cover his house, car, and financial accounts. But, all of his assets went to his only child, who also managed the assets, and was the trustee. I really don't think he needed an elaborate trust.

[Rose Ann Vinci Igoe]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!

Law Office of Andrew Curtis. Andrew Curtis who specializes in Trusts, is also a Village Resident, one of the Board Members for his area. He has several Info seminars that he runs here at The Villages that you can learn and ask questions about (free). I have had Mr. Curtis do my Trust Estate and the price is pretty affordable.. I was surprised. Best thing I have done esp at this age. His main office is close and he is very knowledgeable.

[Stu from NYC]

Find a lawyer who specializes in wills and trusts. People here are very helpful but not exactly lawyers

[Laker14]

Law Office of Andrew Curtis.... .Andrew Curtis is also a Village Resident and if I am not mistaken he is also one of the Board Members for his area. He has several Info seminars that he runs here at The Villages that you can learn and ask questions about (free). I have had Mr. Curtis do my Trust Estate and the price is pretty affordable.. I was surprised. Best thing I have done esp at this age. His main office is close and he is very knowledgeable.

Ditto. We were very happy with Andrew Curtis.

[davem4616]

We've had trusts in the past...expensive and every other year we'd need to have it updated because of changes to the laws governing trusts....finally got tired of 'feeding the pig' and now have a simple approach that will avoid probate...we used Ed Soulsby here in the villages for elder law

[manaboutown]

"If your main goal is to avoid probate court, so long as you have assets that will not pass through probate then you will not need a trust. However, if you have assets that will pass through probate, the a Florida revocable living trust will be a good idea."

"The living trust should be drafted in a way that gives the successor trust discretion to make distributions. If the trustee is required to make distributions then that living trust will have less protection.

The reason for this is that the creditor of your beneficiary cannot force the trustee to make distributions. The creditor can only attack the distribution once it is made to your beneficiaries.

Another provision that can be added is an “spendthrift provision.” The spendthrift provisions makes it so that your beneficiaries cannot assign their interest in the trust to anybody else, thus providing protection against creditors. Although the spendthrift provisions has some exceptions, it is still an useful tool to provide creditor protection to the beneficiary."

"If you have a child with special needs or if you intent to provide with your inheritance for someone that is receiving Medicaid or governmental benefits, then you must set up a Florida revocable living trust with a special needs trust built into it.

If a child with special needs or a disabled person receiving governmental benefits like Medicaid receives an inheritance, then that inheritance will be counted against them for the purpose of qualifying for the governmental programs.

The purpose of the special needs trust is supplement the governmental benefits and not eliminating the need for it. A lot of the time, there is no inheritance that will be large enough to cover for the expenses of health care that the person will need."

From: Florida Revocable Living Trust - Comprehensive Guide (https://alainromanlaw.com/florida-revocable-living-trust/)

A RLT with spendthrift provisions and a few other protective features may be able to protect the trust held assets of the inheriting beneficiaries from situations such as a lawsuit resulting in sizable financial liability, a bankruptcy, or a greedy divorcing spouse.

[rjm1cc]

Why would you want a trust?
To manage your assets after your death for the beneficiaries. Then get a trust.
To avoid probate then a trust. But financial assets can be titled so that they go to the beneficiaries and avoid probate.
Then answer depends on what type of assets you have and how much control over the assets you want to keep after death.
In general I would say you do not need a trust.

[vintageogauge]

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

[dewilson58]

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

Agree.

Otherwise you can enjoy irritating the people left behind after you die. :)

[Michael G.]

Thanks to all for your time to reply to my post

[DAVES]

Has moved to the top of my TO DO LIST. My only experience with this was my parents will. They did not have much there were two heirs myself and my sister. Frankly at the time there were, still are issues between us. The will was old but anything of value was listed as to who gets what and it was as 50-50 as it could have been.

My OPINION, I would chose a law firm that will still be there after we pass. My parents chose a single attorney. She quit, retired or whatever. Typical legal nonsense. We both had COPIES of the will. Only the one with a BLUE COVER is/was acceptable. I found the attorney who claimed she sent the original to my sister. We had to pay extra fees to our attorney to get an official blue covered copy. Later it did turn out that MY SISTER had the official blue covered copy. Not crooked just mishandled.

The LAW. I expect like it or not the tax laws will change. I don't think you can do it anymore. My mom left half of her IRA to each of us as an inherited IRA. It works sort of like required minimum distribution. The one who has inherited the account is forced to take RMD a minimum distribution every year and expose it to TAX. It is a minor pain in the butt but it is a gift that keeps on giving. Thanks to market returns after the distributions, I have more than it was in the account.

[manaboutown]

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

Every asset I own of any consequence is in my RLT. I sleep well at night!

I do review and amend it from time to time. Easy peasy.

[dougjb]

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

[retiredguy123]

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.
I agree with seeking expert legal advice. But, if you are suggesting that you should blindly implement whatever the expert says without researching the issue and using your own knowledge and common sense, I don't agree.

[vintageogauge]

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

Not much "legal advice" given out here, quite a few of the replies suggested seeing a professional.

[Michael G.]

Taxes, Insurance, and planning for the here-after is not one of my expertise.

[rjm1cc]

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.
But you might learn what questions are important to ask.

[villageuser]

I am going through trust issues with my parents’ estate. My dad passed away, and my mother needs money for her maintenance cost. I was the one who pushed them to get a trust. One always reads how they are better than wills because of the probate issues. Well, that may be the case, but they sure cause other issues. I have learned a lot, in dealing with their trusts They went with a highly reputable law firm. Plenty of boiler-plate legal-speak, where one would think everything had been covered, but what it did instead is muddy the waters, where it requires a lawyer to fix. Yes, it may be revocable, but it is expensive to change. Sometimes I wonder if this whole trust thing is just another marketing ploy to make lawyers more money. I still think my husband and I need to do a trust, but we have learned what we want included, and how we want certain things worded so as not to make the same nightmare for our children.

By the way, I believe that asking an estate lawyer the question of what you should do is the same thing as asking a surgeon whether you need surgery or not. You will get a different response from a surgeon vs a natural-path vs any other kind of doctor. Of course, they are going to recommend the option that gives the option from their preferred field of practice. Get opinions from people who have had to deal with the results of a trust versus a will.

[Debra Freeman]

If your home is homesteaded it does not go through probate and goes to next heir in line

[Debra Freeman]

Go to www.FloridaBar.gov for Consumer Pamphlet: The Revocable Trust in Florida. This will get you thinking prior to seeing a lawyer thus saving some money as the clock ticks the minute you speak to an attorney. You def want an attorney no matter what decision you make.

[VillagerNut]

Trotter and Soulsby are your best lawyers to talk to about a trust. But most folks in the villages need a trust. If you own a house here, you need a trust or a ladybird deed. People think trusts are so expensive to do. Even if it cost you $2000 to set up, it is a lot cheaper than to have to go through probate. Probate will take a minimum of six months to complete. Six months of carrying costs of expenses on the house by itself is more than the cost to set up a trust. Plus there will be court costs. Plus every lawyer to handle the case if it has to go through probate will charge a very large fee. But Trotter and Soulsby will be able to set up your estate based on your best needs. They are the only certified elder lawyers in the area.

[bowlingal]

you will need a lawyer, and you should definitely get a trust here in Florida.

[JeanC]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!

If you own deeded property, yes. You can call The law center if central Florida. Located in freedom plaza on 44 which can be golf cart accessible (not technically but people make it happen). Home - Law Center of Central Florida (https://lawcentercfl.com/)

[Kaelo Abu]

The best advice you've gotten here is to consult a knowledgeable estate attorney to determine your needs. You can pay now to have your wishes followed upon your death or your administrator can pay later to get things straightened out as best can. Whether a trust is indicated depends on the specifics of your situation: how large is your estate; what type of assets are involved; how many heirs do you have; do you want your estate equally distributed or unequally; are some assets or some share of your estate to go to one or more charitable organizations; and so on. Most likely careful planning and sound advice from knowledgeable folks got you this far in life, so continue that wise approach when considering the final chapter.

[Susan1234]

My vote is also for Andrew Curtis.

[Bridget Staunton]

Milliken & Shanawany on 441 by Walmart. Sham Shanawany is an excellent trust lawyer and he is cheaper than most lawyers. Most of our friends go to him, you will love him great personality, courteous & professional

[barebones1191]

My wife and I used Brett Swigert 10935 SE 177th Pl, Unit 205, Summerfield, FL 34491, 1 352 347 0033. He is very down to earth, no BS, just keeps it simple. He says most Floridians do not need a will unless your estate is very complicated. He was very reasonable. Good old down home attorney.

[barebones1191]

My wife and I used Brett Swigert 10935 SE 177th Pl, Unit 205, Summerfield, FL 34491, +1 352 347 0033. He is very down to earth, honest, and a pleasure working with. He said most Floridians do not need a trust, just a simple will unless your estate is very complicated. Not the case for most folks. Brett is just a good old down home lawyer and very reasonable.

[mkjelenbaas]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!
What did the attorney say when you called for advice?

[WindyCityzen]

Quibbling over $400 (the difference between a living trust I paid for and the alternatives I’ve read here) is negligible and penny wise/pound foolish. Enjoy peace of mind - get the trust. I’ve been an executor too and found if so much easier to do my job.

[msilagy]

A "lady bird deed" is the same as a transfer on death deed. The designated person/s inherits your home with out probate upon your death with no ties beforehand.

[Juliebreen]

I recently put all of my assetts in a Trust. I used Jennifer Milhorn on 466. I now have everything in a well put-together notebook and it should make everything more simple when that time comes. It was only $800 flat fee. Peace of mind is worth it!

[retiredguy123]

Quibbling over $400 (the difference between a living trust I paid for and the alternatives I’ve read here) is negligible and penny wise/pound foolish. Enjoy peace of mind - get the trust. I’ve been an executor too and found if so much easier to do my job.
The average cost for a revocable living trust for a married couple is closer to $3,000, plus the cost for any future updates. A simple will, prepared by an attorney, is about $300-400.

[Ski Bum]

Hey I made it to page three and still have a thought that hasn't been mentioned yet...

A trust can also shield your assets from lawsuits. Say you get in a car accident, the trust acts like a corporate veil, hard to get at the assets inside of it.

Now for repeat info, we also paid $3000 for our Revocable Living Trust. I don't think the $400 - $800 range is correct.

[BFISHER54]

Meet with an attorney. The initial consultation is generally free. Amy Pittman did ours and she did not recommend trust. She will provide you with a recommendation based upon your specific circumstances.

[BlueStarAirlines]

Trotter and Soulsby are your best lawyers to talk to about a trust. But Trotter and Soulsby will be able to set up your estate based on your best needs. They are the only certified elder lawyers in the area.

When I go to the National Elder Law Foundation (nelf.org (https://nelf.org/) ) as the only certifiying body for Edler law and search on Florida (nelf.org (https://nelf.org/search/search.asp?txt_state=Florida) ) I see that the firm you recommended are NOT certified in elder law.

Hopefully no one misrepresented themselves to you......

[NotGolfer]

Yes....echoing what others said about talking to an attorney. We've been here 12 yrs and already had a will. We went to a seminar and what is needed was high-lighted in that. Getting a trust vs a simple will depends on all your assets. The attorney will help you and "NO they won't have you sign up for what you don't need!" Someone stated that they would here. You'll get all sorts of opinions on a social media site--but I'd say an attorney is better at answering your individual needs than strangers.

[Yvonnebang]

Could you kindly share the options re: "there are several ways to transfer property ownership at death without having a trust." ?
Also, would it be different in Florida and NY?
Thank you in advance!

[G.R.I.T.S.]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!

Agreed that you should seek advice from an attorney. We chose a trust even with only one heir. Probating real property going to a relative is uncomplicated but fee heavy. Trusts can help shield assets.

[diva1]

I agree that discussing this with an estate attorney is a good idea, and Amy Pittman is a good choice. She prepared my will.

But, most estate attorneys will tend to lean toward preparing a trust for you, and a trust is much more expensive than a will. A trust also requires updating when you sell or purchase additional assets. The main selling point for a trust is that you can often avoid having your estate go through the probate court system. If you have a complicated estate and multiple heirs, the trust can be a good idea. But, if you have a simple estate and only a few or no heirs, your assets can be arranged as "payable on death" and avoid probate even without a trust. That is what I have done. Also, I have personally handled two probate estates for deceased relatives, and it is nowhere near as complicated as some attorneys claim. I would suggest talking with an attorney, who will meet with you for free. But, before agreeing to go with a trust, you should fully understand how it works for your estate, and whether or not it will be advantageous for you. Good luck.

A trust does not require updating if you acquire new assets. You simply put/title the new asset in the trust. The best thing about a trust is the avoidance of taxes by those who are it's beneficiaries. But please do go see an attorney.

[retiredguy123]

Could you kindly share the options re: "there are several ways to transfer property ownership at death without having a trust." ?
Also, would it be different in Florida and NY?
Thank you in advance!
See posts 7 and 8.

I don't know about New York, but, in Florida, a title company can prepare a "lady bird" deed for about $200, where you can designate a beneficiary who will automatically become the property owner when you die. I would ask an attorney and/or a title company to explain exactly how it works. Some states allow a "transfer on death" deed, but Florida doesn't.

[SusanStCatherine]

I agree, the best advice is to hire a lawyer, preferably a certified (state or national) elder law attorney. If you don't like the initial consultation, continue until you find one you trust. I hired the fourth one since the first three didn't know some basic information, which I had researched beforehand. Trusts are heavily pushed because they generate lots of $ for the lawyers. A trust is not necessary in many cases.

[CFP James]

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

Great Point!
Both my children could take over responsibility of my Trust in the event of illness. I have experienced families not being able to assist parents in financial matters and it is very time consuming for children living outside of Florida.
I never have had to update my Trust but did create a new one after becoming a Florida resident.
Meet with an Estate Attorney and good luck.

[SusanStCatherine]

There are many kinds of trusts for various purposes and it may even be possible for one to be created and funded upon your death if written into your will. We had this in another state when our children were minors.

I have found that a trust is pretty much necessary if you have out of state property.

If you have an heir with special needs (especially if on public assistance) you would probably want a trust.

If you want to strongly control the distribution of your estate by someone you thoroughly trust to be a trustee, a trust is indicated.

A trust does provide some protections of money in the trust in certain cases.

[Jerry Leinsing]

Lawyers always recommend wills, more billable hours now and many more later. Lawyers make trusts; about same amount of work as a will but then they are not needed to settle a trust. Probate will take 1-1/2 years +/-. A trust can be settled in months or week depending how competent the trustee is and complexity. Worked on settling both instruments. Trust is much easier. My brother’s will read just like my mother’s trust. I learned from the lawyer and kept meticulous time sheets of every 6 minutes. I had well over 100 hours in this to keep lawyer time down and he still wanted 10 hours an $400 for him and 6 hours at $200 for his ‘paralegal’ Took 18 months no matter what according to the probate judge’s response to me. My mom’s trust was settled in 3 months. I didn’t need a lawyer.
Look up Florida Statutes-Probate and read about it. Easy reading.
In a nutshell, anything with assigned beneficiaries such as a bank account, Fidelity etc., insurance policies, don’t go to probate and don’t belong in a trust. So talk to Andrew Curtis. The trust does far more for you after you die than a will and costs far less now and in the end.

[SusanStCatherine]

FYI - You cannot put your individual retirement accounts (IRA, Roth, SEP, 401k) in a trust while you are living. However, you can designate your trust as a beneficiary.

[SusanStCatherine]

We got a Ladybird Deed at closing of our Villages home. It was not listed as an option on the settlement papers, but we asked and it was provided at no additional cost.

This allows our children to directly inherit the property upon our last death. It does not go through probate.

[SusanStCatherine]

ASSIGN DIRECT BENEFICIARIES

Based on my experience:
(I suggest you check with a lawyer)
On individually titled accounts, any asset that allows a beneficiary designation will go directly to the designated beneficiary(ies) upon death. Just show death certificate - it's as simple as that. These account designations take precedence over the will and do not go through probate.

Make sure all of your beneficiaries are designated and who you want to inherit.

[rjm1cc]

I am going through trust issues with my parents’ estate. My dad passed away, and my mother needs money for her maintenance cost. I was the one who pushed them to get a trust. One always reads how they are better than wills because of the probate issues. Well, that may be the case, but they sure cause other issues. I have learned a lot, in dealing with their trusts They went with a highly reputable law firm. Plenty of boiler-plate legal-speak, where one would think everything had been covered, but what it did instead is muddy the waters, where it requires a lawyer to fix. Yes, it may be revocable, but it is expensive to change. Sometimes I wonder if this whole trust thing is just another marketing ploy to make lawyers more money. I still think my husband and I need to do a trust, but we have learned what we want included, and how we want certain things worded so as not to make the same nightmare for our children.

By the way, I believe that asking an estate lawyer the question of what you should do is the same thing as asking a surgeon whether you need surgery or not. You will get a different response from a surgeon vs a natural-path vs any other kind of doctor. Of course, they are going to recommend the option that gives the option from their preferred field of practice. Get opinions from people who have had to deal with the results of a trust versus a will.

You need a reason for a trust and I don't think it is to avoid probate. You need to have a reason you do not want your beneficiaries to directly control the assets.

[manaboutown]

ASSIGN DIRECT BENEFICIARIES

Based on my experience:
(I suggest you check with a lawyer)
On individually titled accounts, any asset that allows a beneficiary designation will go directly to the designated beneficiary(ies) upon death. Just show death certificate - it's as simple as that. These account designations take precedence over the will and do not go through probate.

Make sure all of your beneficiaries are designated and who you want to inherit.

Totten trusts (POD accounts): What Is a Totten Trust? | Nolo (https://www.nolo.com/legal-encyclopedia/what-is-totten-trrust.html)

[rjm1cc]

Go to www.FloridaBar.gov for Consumer Pamphlet: The Revocable Trust in Florida. This will get you thinking prior to seeing a lawyer thus saving some money as the clock ticks the minute you speak to an attorney. You def want an attorney no matter what decision you make.

On line only. Try Consumer Pamphlet: The Revocable Trust in Florida – The Florida Bar (https://www.floridabar.org/public/consumer/pamphlet028/)
You can print this or make a PDF and save to your computer. Good summary and mentions a few things to check.

[rjm1cc]

Several mention of Lady Bird Trust. Yes this could be the answer but best I can recall the person inheriting the property may have some say over it disposition if you want to sell. Be sure to investigate if the deed limits what you can do with the property while you are living. If the property is in Fl, your homestead, and going to your children I think the best way to handle the property is in the will as some homestead protections also pass to the children. I would lean toward an attorney who is in the Elder law group and experienced in trusts and Fl law.

[SusanStCatherine]

Creative Estate Planning

Based on my experience:
(I suggest you hire a lawyer)

I handled my parents estate planning under the advice of a highly qualified lawyer (years ago not in Florida).

My parents held many cash-type assets jointly. (No real estate as they moved to a CCRC).

I was told due to marriage, each parent individually owned half. I moved assets to all be individually titled and split assets 50%. I assigned direct beneficiaries of my two sisters and I to inherit. When my father predeceased my mother, we directly inherited half of my parents worth and it was no longer subject to be considered an asset in cost of long-term care assistance for my mother. Turns out it wasn't needed anyway as my mother passed nineteen months later. Of course we were trustworthy children who held the money aside if needed. My parents were in their upper 80s at this time and into their no-go years. Everything was easy, I just provided death certificate - no probate. Direct proportional distribution - no work whatsoever except providing death certificate.

If my husband and reach our no-go years together, we are already set for this separation. But we will seek legal advice to protect our assets for long-term care situations, perhaps a trust vehicle may be indicated at the time. I believe there is a five-year look-back period for assets. Also gift-giving patterns are considered and allowed.

[SusanStCatherine]

Could you kindly share the options re: "there are several ways to transfer property ownership at death without having a trust." ?
Also, would it be different in Florida and NY?
Thank you in advance!

Lady Bird deeds are currently only authorized in Florida, Michigan, Texas, Vermont, and West Virginia. Approximately half of the U.S. states have what is called a transfer on death (TOD) or beneficiary deed, which is similar to, and may be preferable to, a Lady Bird deed.

[retiredguy123]

Several mention of Lady Bird Trust. Yes this could be the answer but best I can recall the person inheriting the property may have some say over it disposition if you want to sell. Be sure to investigate if the deed limits what you can do with the property while you are living. If the property is in Fl, your homestead, and going to your children I think the best way to handle the property is in the will as some homestead protections also pass to the children. I would lean toward an attorney who is in the Elder law group and experienced in trusts and Fl law.
I agree with getting advice before setting up a lady bird deed. But, as I understand it, the property owner can revoke the lady bird deed at any time without the beneficiary's permission.

[Michael G.]

See posts 7 and 8.

I don't know about New York, but, in Florida, a title company can prepare a "lady bird" deed for about $200, where you can designate a beneficiary who will automatically become the property owner when you die. I would ask an attorney and/or a title company to explain exactly how it works. Some states allow a "transfer on death" deed, but Florida doesn't.

GREAT Advice here.......

Our financial firm is in Wisconsin yet for our investments etc.
They handle lots of retired clinics that move to Florida from up there and told us a couple years ago to add the "lady bird deed" attached to our will, so we did.

[Michael G.]

My wife and I used Brett Swigert 10935 SE 177th Pl, Unit 205, Summerfield, FL 34491, 1 352 347 0033. He is very down to earth, no BS, just keeps it simple. He says most Floridians do not need a will unless your estate is very complicated. He was very reasonable. Good old down home attorney.

Brett Swigert is our man also and was referred to us from many of my friends and neighbors.

Besides his business is OUTSIDE tv, so his service is reasonable, not like all you wealthy fat cats
are used to paying in New England states.

[doctorknow]

Actually besides the avoiding probate benefit Trusts are very convenient and save the heir several headaches. Wills may provide them with the right to inherit but banks will hold up your accounts until the court releases the estate. If you have a Trust account in the trust name the administrator can withdraw the money right away once you die. No hassle. I also suggest a good estate attorney. It is worth the $.

[jimbo2012]

A living trust should not cost $3000, call around.

Milliken & Shanawany on 441 by Walmart was $500 for ILT & will

$500-$700 is about right most of it is boiler plate language, to add or modify it cost is about $150.

If you're on budget legalzoom.com does them for $279

[aldeana]

There are manly lawyers in this area that advertise as specializing in wills and trusts, but if you look at the FL Bar Association to see which lawyers are Board certified in the practice areas of will, trusts and estates, there are only a handful. I am wondering how important is Board certification?

[rjm1cc]

GREAT Advice here.......

Our financial firm is in Wisconsin yet for our investments etc.
They handle lots of retired clinics that move to Florida from up there and told us a couple years ago to add the "lady bird deed" attached to our will, so we did.

No experience but I would think the deed could not be filed after death. Anyone know if this can be done in Florida?

[SusanStCatherine]

Actually besides the avoiding probate benefit Trusts are very convenient and save the heir several headaches. Wills may provide them with the right to inherit but banks will hold up your accounts until the court releases the estate. If you have a Trust account in the trust name the administrator can withdraw the money right away once you die. No hassle. I also suggest a good estate attorney. It is worth the $.

If titled properly (POD or TOD) for beneficiaries, the financial accounts are not affected by the will or probate or the court. Death certificate is all that is necessary.

From nolo.com:

Payable-on-Death Designations for Bank Accounts
In Florida, you can add a "payable-on-death" (POD) designation to bank accounts such as savings accounts or certificates of deposit. You still control all the money in the account?your POD beneficiary has no rights to the money, and you can spend it all if you want. At your death, the beneficiary can claim the money directly from the bank without probate court proceedings.

Transfer-on-Death Registration for Securities
Florida lets you register stocks and bonds in transfer-on-death (TOD) form. People commonly hold brokerage accounts this way. If you register an account in TOD (also called beneficiary) form, the beneficiary you name will inherit the account automatically at your death. No probate court proceedings will be necessary; the beneficiary will deal directly with the brokerage company to transfer the account.

[markhollis]

"I have found that a trust is pretty much necessary if you have out of state property."

My wife and I have been working with Susan Sullivan to finalize a FL-conforming will and trust. Our children are now 23 and 25, and we feel comfortable that they will be able to easily relate to Susan when the time comes, and that she will be able to work with them to accomplish our wishes at a time of their grief. We are making a 'family friend' and confidant of Susan.

Because we have a coop in NYC as well as FL, we created a RLT to hold all our assets which will avoid probate, attorneys, and waiting time in NY. We also placed our Villages home in the trust.

My mother, father and only sibling have passed, and I was responsible for everything for them, so we aimed for simplicity and ease for our heirs, and comfort and confidence for us. We trust Susan, who will also administrate the trust at least until our children are older. Susan can be one trusted advisor to them along with our investor advisor with whom they are already familiar. Susan will work together other advisors to help our heirs wisely use and preserve the assets we pass on, which is our wish for them.

For what it's worth.

[Babubhat]

You pay for legal advice in the event something goes wrong you have recourse.

[CoachKandSportsguy]

What legal fees can accomplish that zoom autocomplete cannot do is to lay out all the different options for the exceptions in life, such as money to grandkid(s) if your son/daughter dies while still married, or if divorced, and the kids are still young. By whom the money is to be managed and then used until the document decides the grandkids are old enough to receive all the money and not blow it, such as age 30, or exclusively for education, higher or any or partial distributions by age. . . . Or in the case of an offspring marrying a spouse with kids from a prior marriage, as well as specifying a chain of executors if one unexpectedly dies, as long as you want it to be. . .

No one knows how they will die, or if they will become incapacitated prior to death for a long time, (dementia or alzheimers) and what will happen to their children during their lifetime or afterwards. . or their grandkids, etc. Medicare nursing home has its own set of rules in case you want to go that route, so that you can minimize how much it will take before paying 100% for you. . .

That's why a lawyer takes a while to discuss options about which you may not have thought, or for which you have planned.

I know of one trust which the husband had a second marriage, he subsequently died, and the trust wasn't updated, and allowed the second wife to take all the money, and the father's kids got no money, and they were fairly wealthy. . . My dad had to go to court to defend his sister's trust against a grifter who wrote a fake will on a napkin, and submitted it to the court after the time limit expired by a D- law school graduate who took it to court to try to get some money. . . So timely distribution is also key in today's world. . . one can never envision all the potential pitfalls which lie ahead as the future is uncertain, and that is difficult for the untrained human mind to accept

so, I recommend not using your google accredited degree and see a practicing elder law attorney for the cost of $2K to $3K if you have significant wealth, and kids and/or grandchildren. . .

the good side is that you will never know about the mess you created after you die.

[Eg_cruz]

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!
Millhorn Law hold a monthly seminar at the Public Library. They give a great of info great place to start

[Altavia]

...

My wife and I have been working with Susan Sullivan to finalize a FL-conforming will and trust. Our children are now 23 and 25, and we feel comfortable that they will be able to easily relate to Susan when the time comes, and that she will be able to work with them to accomplish our wishes at a time of their grief. We are making a 'family friend' and confidant of Susan.


This is s point.

[Yvonnebang]

Great Point!
Both my children could take over responsibility of my Trust in the event of illness. I have experienced families not being able to assist parents in financial matters and it is very time consuming for children living outside of Florida.
I never have had to update my Trust but did create a new one after becoming a Florida resident.
Meet with an Estate Attorney and good luck.

Do realize a trust is lot more comprehensive but wouldn't creating a Financial POA document be sufficient enough in the event someone else like your children must jump in to take care of your financial affairs?

[Scbang]

"I have found that a trust is pretty much necessary if you have out of state property."

My wife and I have been working with Susan Sullivan to finalize a FL-conforming will and trust. Our children are now 23 and 25, and we feel comfortable that they will be able to easily relate to Susan when the time comes, and that she will be able to work with them to accomplish our wishes at a time of their grief. We are making a 'family friend' and confidant of Susan.

Because we have a coop in NYC as well as FL, we created a RLT to hold all our assets which will avoid probate, attorneys, and waiting time in NY. We also placed our Villages home in the trust.

My mother, father and only sibling have passed, and I was responsible for everything for them, so we aimed for simplicity and ease for our heirs, and comfort and confidence for us. We trust Susan, who will also administrate the trust at least until our children are older. Susan can be one trusted advisor to them along with our investor advisor with whom they are already familiar. Susan will work together other advisors to help our heirs wisely use and preserve the assets we pass on, which is our wish for them.

For what it's worth.
Hi Mark, did you have to create a separate trust for your NY co-op? Also, does Susan have a partner or back-up attorney in case of sickness etc..?

Cheers!