Some simple tools to avoid probate


Attorney Tom Olsen: Kathy, you're on news 96.5, go ahead.

Kathy: Hi, Tom. I have just moved to Florida and purchased property. My husband and I, we're now going to fill out all the whatever documents we need to avoid probate and I wondered if you could just list them for me so that I could get familiar with what it is that we're going to be doing and filling out.

Attorney Tom Olsen: First of all, Kathy, some kinds of assets don't go through probate like life insurance, retirement accounts and annuities. Kathy, you're married so just make sure on all those assets, life insurance, annuities, retirement accounts that you and your husband have named each other as a primary beneficiary and you've named your children as a contingent beneficiary. They're not going through probate. Then cars, boats, vehicles don't go through probate. Don't worry about those. For your bank accounts, checking, savings, CDEs, money market, non-IRA accounts, keep those accounts and your two names, but make them POD, payable on death to your kids. If you make your bank accounts POD for your children and you both passed a way, the only thing they will need to do is to show the bank or credit union or investment company your death certificates and they will turn the money over to them no probate required. To make your bank accounts POD you do not do that with me. You don't do it in the will, you do it at the bank or credit union, investment company. They will give you a form to fill out. Then for real estate your home or beach condo we have a great tool for avoiding probate called a ladybird deed. That ladybird deed is a deed that I would prepare would state to as long as you or your husband are alive and is your piece of property to do with as you please, no restrictions at whatsoever. But when you have both passed away your home will automatically go to your children. No headaches, no hassles, no probate.

Kathy: Because of this ladybird deed?

Attorney Tom Olsen: Yes, the ladybird deed. What I'm saying, Kathy, is that you do some work. I do some work, we will accomplish this goal of making things simple, easy and inexpensive for your children. Kathy, I'd love to help you with that. Call me at my office next week at 4074235561. I do offer free initial consults to talk about your will or trust. By the way, if you got a will or trust bring it to me. I'll be happy to review it for you. If it's still working we'll use it and I'll give you credit for that towards any fee that I might charge you. That's the Olsen law group in Orlando, 4074235561. Everybody, I want to thank you so much for our great calls and questions today. I soon do so much appreciate If I made a suggestion for you. Go outdoors and take pleasure in the beauty of nature. As always enjoy your friends and family. My name is Tom Olsen and the name of the show is Olsen on law. You're listening to news 96.5.