Quote:
Originally Posted by Rainger99
(Post 2418512)
I have spoken to a few attorneys about estate planning and trying to keep costs down such as legal fees; court fees; executor fees; trustee fees; etc. My primary assets are my house, my Fidelity accounts, my Vanguard accounts, and two small checking accounts. That is about 98% of my assets.
Some of them tell me that a living trust is the way to go; others say that probate is a way to go; and others say that I should set up a TOD or POD for the Fidelity, Vanguard, and checking accounts because this will bypass probate. I have been told that if you go through probate, the lawyers will take about 5% of your entire estate. Other people have told me that if you use a living trust, that the lawyers will still take a sizeable portion of your entire estate - but less than
I am more confused now than I was before I started talking to the lawyers. Can someone who has had the actual experience of going through probate or using a living trust or using TOD or POD describe how the process actually works? What were the general costs or fees involved? How long was the process? How difficult was it? Did you have to hire a lawyer? Were the attorney or trustee fees based on the entire value of the estate - or were you able to reduce the amount of the estate for attorney or trustee fees? Thanks.
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Put POD (pay on death) on your bank accounts. The bank will have the forms. If a joint account and you both agree as to beneficiaries, fill out the bank form for that person/persons to be the owner of account after the death of you, or both if joint account. They can’t access the account at all until the last of joint owner dies, and all they have to do is provide a certified copy of the death certificate to the bank. Bank MUST give full ownership to whomever you designated. (If a POD designation is on the account, it should r show on the statements as such.)
Investments: check with your broker. Some allow beneficiaries to be listed & others require a Transfer on Death form to name beneficiary(ies).
House: Fl is using an enhanced Lady Bird Deed meaning the owner retains a life estate (can own/ live in house til death) and names whomever s/he is giving house to upon death. (Old-fashioned way to avoid Probate & Medicaid reimbursement; many states now use Transfer on Death forms which are easier to complete, file, and change later if desired).
Boats, cars, etc. Most state DMVs have forms ‘Affidavit of Heirships’ where you can attach death certificate & show you are the legal heir to decedent.
Most states (? Fl) also allow Affidavits of Heirship for full Estates (frequently the house) as an expedited transfer of assets (needs heir’s affidavit of facts as rightful heir and has 2 other Affidavits from persons who knew decedent & family line well, & attest to heir’s facts. Not sure if Fl using such & most states have a Court ordered ‘Small Estate Probate’ process for under a certain amt of money.
However you do it, check all states you lived in for unclaimed property. In most states you have to open Probate to reach decedent’s unclaimed property.
I so, just a few forms & almost all can rewrite a deed. No Probate needed.
More importantly, I’d advise y’all to see a local Estate Atty to do a Financial Power of Attorney (naming who you want to make financial decisions while alive but incapacitated) with alternative agent.
Also a Medical Power of Attorney naming agent & alternative agent.
Hopefully, nothing needed for a long time, but comforting to know they are there if needed.
