Do assets pass to children automatically?

When a parent passes away, rarely do assets go to the children "automatically". Usually it requires a probate process when a parent dies.

Attorney Tom Olsen: The texter says they have a rental property and principal residence, and me and my husband die suddenly together, does the properties go to my kids automatically? Well, Chrissy, we've been talking about that recently about this automatically. No, folks, when you pass away and you have properties in your name or bank accounts in your name, it is not automatic. Even if you've got a will, it will require a probate process to get those properties or bank accounts out of your name and into the name of your children and so, folks, at the Olsen Law Group in Orlando we're all about helping people to avoid probate.

I'm glad that this lady has texted us because she's sitting and thinking, "Oh, if my husband and I pass away everything's going to be simple." Uh-uh, it's going to be probate. What are we talking about? Time and money. It's funny, Chrissy, because you and I have been talking recently on our radio show about how people think that when they pass away all the assets, home, and bank accounts go to their children "automatically." We've been using that word.

Attorney Chris Merrill: You're right.

Attorney Tom Olsen: Here's a texter saying, "Does it happen automatically?" No, folks. We want to help you at the Olsen Law Group to avoid probate. We do offer free initial consult, we can do that on the phone, we can do that in person. Not only will we do your estate planning documents for you, your will, living will, healthcare surrogate, financial power of attorney but we will help you to avoid probate. We'll put an action plan together for you, we'll get that done for you.