[SusanStCatherine]

Originally Posted by 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!

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]

Originally Posted by 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.

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.]

Originally Posted by retiredguy123

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.]

Originally Posted by 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.

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]

Originally Posted by Michael G.

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]

Originally Posted by 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 $.

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]

Originally Posted by 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!

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

[Altavia]

Originally Posted by markhollis

...

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]

Originally Posted by CFP James

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?