How to avoid probate on your home and other property
To avoid probate on real estate, use a lady bird deed a/k/a enhanced life estate deed or a living trust.
Attorney Tom Olsen: Tom you are on News 96.5, go ahead.
Tom: Thank you this is the perfect tie-in because I wanted to ask about a will. Myself, I recently lost my mother and as a result, I inherited-- to me a rather substantial amount of money, approximately $500,000. I'm planning to purchase a house with it, and have the house free and clear. My wife and I have two boys, we have some grandkids and I don't have a will, because I've never had this type of financial wherewithal in the past. I was wondering which direction should I go?
Attorney Tom Olsen: Well, direction number one, Tom is, when you buy that home, will you put that home in your name only, or will you put it into the name of you and your wife? And I--.
Tom: It will be my wife and I. We will have both of us on the deed.
Attorney Tom Olsen: Okay, so when you own that home jointly with both your names on it, if one of you passes away, the survivor automatically owns that home. So Tom what you may be really asking is, how to avoid probate eventually, someday when you and your wife both pass away. How to avoid probate on that? For that, we recommend a ladybird deed also known as enhanced life state deed. Tom, all in all with the wealth that you've accumulated and you've inherited from your mom, it is time to sit down and think in terms of having a will and the documents associated with a will, like a living will, a healthcare surrogate, and a financial power of attorney. Tom, we would love to give you some assistant on those things. We do offer a free initial consult to talk about your will and estate planning documents. Tom, you can certainly call our office, make an appointment to come see me. Tom in the meantime, do you have any other specific questions for me?
Tom: No, that was pretty much it. It's sort of a shock to me that I feel like I need to do this now, and you just nailed it. It's time to make a plan and get going.
Attorney Tom Olsen: All right Tom, we look forward to being of service to you. You are welcome to call our office at 407 423 5561. We're going to take a break. We'll be back in just a few minutes.