Orlando Real Estate Attorney Tom Olsen: Trust vs. Life Estate Deed to Avoid Probate on Your Home

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Attorney Tom Olsen is host of the Olsen on Law Radio Show on FM 96.5 WDBO in Orlando. You can reach Tom at 407-423-5561 or [email protected]. Tom has been answering legal questions on his radio show for 26 years and has been practicing law in Orlando, Florida for over 30 years.

CALL OR TEXT CHRISSY AT 407-808-8398 IF YOU NEED A LAWYER OR ATTORNEY IN CENTRAL FLORIDA INCLUDING ORLANDO, WINTER PARK, WINDERMERE, DAYTONA BEACH, THE VILLAGES, MELBOURNE, ALTAMONTE, LAKE MARY, LONGWOOD, COLLEGE PARK, BAY HILL, OVIEDO, SANFORD, DELAND, DEBARY, DELTONA, LEESBURG, CLERMONT, THORTON PARK, BALDWIN PARK, PONCE INLET, NEW SYMNRA, ORMOND BEACH, ST. AUGUSTINE, KISSIMMEE.

Attorney Tom Olsen: Let's go to Paul. He's on a cellphone. Paul, you're on News Talk WDBO.

Paul: This is Paul.

Attorney Tom Olsen: Hey Paul.

Paul: I got a question. My parents have moved from Connecticut, and they just moved to the villages, they sold their house in Connecticut and they insured a trust, an AB trust, and there are two of us that are heirs, we're both brothers, and a kind of question, when they're looking on closing on that house on Thursday.

Attorney Tom Olsen: Meaning buying a house on Thursday.

Paul: They're buying a house and they just take the funds that they acquired once they sold their house in Connecticut.

Attorney Tom Olsen: I get it.

Paul: Now, my question is, should they put it in their names along with life estate remained all in might, should they do that on the title of the house?

Attorney Tom Olsen: Okay, so Paul, first of all, they have a living trust for the purpose of avoiding probate, however even when people have living in trust in Florida, they should not put their homes into their trust because it will lose their protection from creditor claims, doctors, hospitals, automobile accidents, Medicaid. To avoid probate on their home, even if you have a living trust, you use another tool called an Enhanced Life Estate Deed. That is what I would recommend for them, Paul. They may not be able to do that at the moment of closing, but they'll simply take title in their name, and once things calm down a little bit, they can come to me or another attorney and have them prepare an enhanced life estate deed. The good news, Paul, is we have a legal booklet on how to avoid probate on your home using an enhanced life estate deed, if you or your parents or any of our listeners would like to have that booklet, you can call or text Chris at 407-808-8398.

Produced by Professional Media Ideas. Call or text Chrissy Merrill at 407-808-8398 or by email at [email protected]