[asianthree]

Originally Posted by JohnN

I wonder what Elon Musk and Nick Cannon would do?

My guess is musk already has each offspring paired or in contract with offspring of intelligent wealthy parents.
To ensure each of his offspring, in turn provides continuation of wealth and intelligence.
Centuries of Nobility had the same marriage characteristics, to keep family ties close, to acquire land, wealth, with intelligence, of brute force and plundering. End goal To secure bloodlines.

Cannon, May just wing it.

[BoneLakeBennie]

Originally Posted by Rainger99

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.

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.

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

Living trust hands down.

[Sully2023]

Originally Posted by Rainger99

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 5%

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.

I finally got my trust done about eight years ago, updated it when I came to Florida.

Just had another meeting with attorney - her advice - all IRAs should be made POD to a beneficiary. Brokerage accts the trust is the beneficiary. I set up trust checking and savings accounts. My home deed was updated to reflect the trust. Cars are not added to trust.

I hated spending the money, but decided there there several other documents they added such as your last Will, power of attorney, medical etc. in the end I was glad I did. I think a trust is especially useful for people who have “issues” in their family and want to make sure how the money is disbursed.

IMO - it is well worth it. I did everything possible to make the transfer of wealth to who I want it to go to and designated a person to handle my estate. Recommend you attend a couple of free orientations from the Pittman Law Firm to get your questions answered.

[RoseyRed]

Originally Posted by retiredguy123

I went through probate when my mother died in Maryland. I talked to an attorney who offered to do the probate for $4,500 plus fees. So, I decided to do it myself. It took about 45 minutes to get a letter authorizing me to sell my mother's house and other assets. I completed everything in about an hour, and, after 6 months (the legal time period to keep the estate open), I sent in a one page form to the court and I was done. Easy peasy. The only reason for going through probate was to be able to sell the house. A title company will not accept a will to transfer ownership of a house.

I also have very similar assets as you do, a Fidelity account, a Vanguard account, a checking account, and a house. The only asset that may need to be probated is the house because my other assets are TOD accounts. I am considered retitling the house as a Lady Bird deed, which will allow the house to automatically transfer to an heir without probate.

I believe that attorneys want you to create a trust because that is how they make money. Good luck.

Never heard of a lady bird deed! Will have to research that one! Thanks for the info!

[retiredguy123]

Originally Posted by RoseyRed

Never heard of a lady bird deed! Will have to research that one! Thanks for the info!

Florida law does not allow a "transfer on death" deed for real estate. But a Lady Bird deed is allowed and it can accomplish a similar function.

[SHIBUMI]

I know this sounds crazy, but, everything can be bypassed if you add 1-2 persons name to the deed, to bank accounts, and to anything else you own.
This will by passes any legal dealings at all.

The bigger problem is, can you trust them..........and if you can't, why leave them anything.

You put things in a trust because you can't trust the persons you're leaving it to. Its as simple as that.

QUOTE=Rainger99;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 5%

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.[/QUOTE]

[Janie123]

Originally Posted by JohnN

My situation is similar. We own our home, local checking savings, and Fidelity accounts (Roth IRA, etc).

I bought Quicken Willmaker, approx $200. Easy enough.
Our kids inherit everything 50-50 when the 2nd of us passes on.
We had it witnessed and notarized at the local bank and gave a
copy to all parties named in the will. We also filed a Ladybird deed at the Sumter County courthouse in Bushnell.Did the medical directive too, included in the package.

Some people may get quesy with doing that, but I was pretty comfortable and confident, so I'm pleased with the result.

Florida requires probate and has a fixed fees and percentages for the cost. For example, if $1-3M, it’s 3%. If you are giving everything to just 1-2 heirs, you can put a TOD/Beneficiary on all accounts and change the home deed to a remainderman where you can have equal shares say 50/50… that bypasses probate. I have 99% or our estate on an beneficiary and remainderman. All that’s left are cars and physical assets which will still need probate but the cost will be less than $500.

[Janie123]

Originally Posted by SHIBUMI

I know this sounds crazy, but, everything can be bypassed if you add 1-2 persons name to the deed, to bank accounts, and to anything else you own.
This will by passes any legal dealings at all.

The bigger problem is, can you trust them..........and if you can't, why leave them anything.

You put things in a trust because you can't trust the persons you're leaving it to. Its as simple as that.

QUOTE=Rainger99;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 5%

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.

[/QUOTE]
Not 5%, but a fixed fee (and yes, a small estate, it could be 5%) up to $1M then a percentage

Florida law provides guidelines for attorney fees based on the value of the probate estate. While these fees are not mandatory, they are commonly used as a benchmark:
• Estates up to $40,000: Attorney fees may be around $1,500.
• $40,000 to $70,000: Approximately $2,250. 
• $70,000 to $100,000: About $3,000.
• $100,000 to $1 million: Around 3% of the estate’s value. 
• $1 million to $3 million: Approximately 2.5%. 
• $3 million to $5 million: About 2%.
• $5 million to $10 million: Around 1.5%.
• Over $10 million: Approximately 1%.

[Aviator1211]

Call Millhorn & Shanawany Law Firm on hwy 441. Very knowledgeable and very reasonable price. I couldn't be more pleased with the trust they set up for us.

[Justputt]

Originally Posted by retiredguy123

In my case, I had a will, signed by my mother, leaving everything she owned to me. The only asset to be probated was her house. There were no other heirs. The only reason for probate was that a title company would not prepare a clear title to a buyer, based on a will. I thought it was outrageous for an attorney to ask for a $4,500 fee for less than an hour of work by a legal assistant. That is why I did it myself.

I will also add that negotiating an "hourly" fee with an attorney is not good enough. You need to negotiate the total fee, or you may be shocked by the bill.

I'll let the attorneys speak for themselves, but in my experience with family, as well as living in a family of lawyers, there's more than an hour's work. They have to open the estate, gather all bills from everyone (doctors, hospitals, power company, gas company, funeral director, banks, loan company, credit card company, etc., etc.) and make sure they are paid out of the estate FIRST, file the Federal and State taxes for all the relevant states, contact any and all potential heirs, etc. Things can get messy if there's a long lost "someone" that may be due an inheritance (e.g. stepchild from a long-ago marriage). My spouse's birth father had 5 wives from 4 legal marriages over his lifetime and 3 sets of kids (some adopted, some not). Then there's the battles between heirs about the terms of any will, whether the will is valid, who gets what, who agrees to sell the "farm" vs keep the "farm", who gets "mom dining room table, dresser, etc." When it comes to family and money, things get really messy, especially when you die, and they decide to go to your home and start removing things before probate!!! IMO, retirement assets, mutual funds, etc. are the easiest because you can (and should) assign beneficiaries for each account, which should take them out of the equation. As for putting children on checking/savings accounts, etc., do you REALLY want to make them co-owners and risk their debts sacking YOUR money? For property such as farms, you can put them in an LLC set up with a right of survivorship, and over several years give them an interest in the LLC and they just get the property upon death. Bottom line, when YOU ARE DEAD, do you really care about a few thousand spent to settle the rest of the estate that wasn't covered by having beneficiaries or LLCs? To them, it's free money! Let the lawyer absorb the grief from family rather than family fighting over things.

[kingofbeer]

Originally Posted by Rainger99

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 5%

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.

My understanding is that accounts with named beneficiaries will not go through probate. So, make sure that all of your accounts have name beneficiaries on them. All other assets, houses, cars, etc could be addressed in a will. This is what I wrote down in my notes when I met with an estate planning attorney. Check with an attorney and decide for yourself.

[retiredguy123]

Originally Posted by Justputt

I'll let the attorneys speak for themselves, but in my experience with family, as well as living in a family of lawyers, there's more than an hour's work. They have to open the estate, gather all bills from everyone (doctors, hospitals, power company, gas company, funeral director, banks, loan company, credit card company, etc., etc.) and make sure they are paid out of the estate FIRST, file the Federal and State taxes for all the relevant states, contact any and all potential heirs, etc. Things can get messy if there's a long lost "someone" that may be due an inheritance (e.g. stepchild from a long-ago marriage). My spouse's birth father had 5 wives from 4 legal marriages over his lifetime and 3 sets of kids (some adopted, some not). Then there's the battles between heirs about the terms of any will, whether the will is valid, who gets what, who agrees to sell the "farm" vs keep the "farm", who gets "mom dining room table, dresser, etc." When it comes to family and money, things get really messy, especially when you die, and they decide to go to your home and start removing things before probate!!! IMO, retirement assets, mutual funds, etc. are the easiest because you can (and should) assign beneficiaries for each account, which should take them out of the equation. As for putting children on checking/savings accounts, etc., do you REALLY want to make them co-owners and risk their debts sacking YOUR money? For property such as farms, you can put them in an LLC set up with a right of survivorship, and over several years give them an interest in the LLC and they just get the property upon death. Bottom line, when YOU ARE DEAD, do you really care about a few thousand spent to settle the rest of the estate that wasn't covered by having beneficiaries or LLCs? To them, it's free money! Let the lawyer absorb the grief from family rather than family fighting over things.

That may be the case for some estates. But, in my case, I explained the entire situation to the attorney on the phone in about 5 minutes. Then, he quoted me an exact fee of $4,500. The next day, I went to the courthouse, and within 45 minutes, a lady looked at the will, typed out a form, and handed me an official "personal representative" form that I could use to sell the house. She also directed me to another person in the office who charged me $75 to advertise the estate in the newspaper. Then, after 6 months, I filled out a one page form and mailed it to the court, with the court fee that would not have been included in the attorney's fee. That is all I did. Period.

[Villagesgal]

My mother passed 4 years ago. All her accounts were either tod or pod and her house had a ladybird deed. No probate, no attorneys involved after her death. Everything transferred to us with her death certificate. So easy for us to do. She had us both listed so banks, investment firms all gave half to me and half to my
sibling. The house went into both our names and we immediately listed it for sale. I have the same set up for my children. Easiest way to go by far and the cheapest.

[Aces4]

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.

That sounds pretty close to how our estate planning was designed by our attorney. She said there was no need for a trust and gave us a synopsis of any items that may trigger probate proceedings which we can monitor and adjust accordingly. Also, not all states require a "Ladybird Deed". TOD is enough for those states.