Does a very old will or trust become invalid because it's too old?
Caller: I'm in my 80s and I don't really have a will. I have an old, old, old one, which doesn't work anymore. All my children are over 50. I have stepchildren, adoptive children, and biological children. I'm really having a tough time doing a will, because-- Someone told me now that they're all-- I'm not even sick or dead yet, and they're all fighting over what they're going to get. My question is, can I have a will written where it's not out loud, like each person finds out what they're going to get, and nobody knows what anyone else got unless they ask them? Is that possible?
Attorney Tom Olsen: With a trust, you might be able to do that, but not with a will, because when you have a will--
Caller: Oh, that's what I mean.
Attorney Tom Olsen: A will becomes public record, and once it's public record, anybody can look at it. Now, Diane, you told me that you have an old will, it's not good anymore, but legally, it probably still is legally valid. Just because it's old does not make it invalid. Diane, if they're arguing now, it would be even worse if you died without a clear estate plan. You'd be doing them a big favor if you make it very clear what you want to have happen to your assets when you pass away.
Caller: I know that. I understand that this is going to be a big problem, but I just don't want there to be a whole lot of division. Of course, I'll be gone, but I don't want there to be a whole lot of division. I do have some property. I have four houses that I have as vacation rental homes, which I'm going to be selling one per year if I live that long. It's a revocable trust, I can change it any time. Is that the word for it?
Attorney Tom Olsen: When you hear about people talking about trust out there, they're all talking about the same thing, a revocable living trust. That trust is for the purpose of avoiding probate, and it can be changed any time that you want to right up to the moment of your death.
Caller: Okay. This is something, really makes me mad. I can just change. Is that correct?
Attorney Tom Olsen: Of course, yes. Of course, yes.
Caller: All right. Then I just heard the tail end of the ladybird. I'm not really sure what-- I guess if someone just has one piece of property?
Attorney Tom Olsen: No, we would be using a ladybird deed for you as well on your four pieces of property. Diane, this is what I want to emphasize. The best tool or way you have to avoid your children arguing with each other when you pass away, and it sounds like they might be that type or end up never speaking to each other again, the best way for you to avoid that is by having a clear, crystal clear, estate plan in place that is not open to interpretation, that will make things very simple and easy when you pass away, Diane. We'd love to assist you with that. We're the Olson Law Group in Orlando. Diane, we assist clients throughout the state of Florida. We can do our initial consultation in person, over the phone. Diane, we'd love to take care of you. We appreciate it. Yes, we would be using ladybird deeds to avoid probate on your four properties.
[00:03:20] [END OF AUDIO]