Free Estate Planning in Florida

Описание: Attorney Jason Neufeld shares his take on Free Estate Planning in Florida — Find more answers and get help creating the perfect Estate Plan for you and your family 👇
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Transcript:

This video we're going to be talking about free estate planning. That's right, I said it, free estate planning. A lot of people ask me, Jason, how can I get my estate planning done for free? And I'm going to give you that answer.

It's very, very simple. And in fact, you don't even need a lawyer to do it. This actually can work out just fine if you have a very, very simple estate. And that is, if all you have are bank accounts, or brokerage accounts or life insurance, you can make sure that you walk right into those institutions or call up whoever your representative is, and make sure you list a pay on death or transfer on death designation, right?

This could be anybody you want, this could be multiple people. And if all you had was one bank account, and you listed, say one child, and you listed that child as the pay on death beneficiary, doesn't matter what your will says that bypassing the will, doesn't matter what your trust says is bypassing the trust unless the funds are in the trust.

But but that is, in a nutshell, how you can get your state planning done for absolutely free. You don't need to pay me or any other lawyer to do it.

Let me tell you why that may not be the best choice for you.

The question is, what happens if the person who you want to receive this money has creditors, or a drug problem, or might get divorced, or maybe has special needs. There's lots of reasons why you don't necessarily want someone getting your money outright. Instead of doing it for free, just giving a big chunk of money and wishing them luck, you might want to revoke global trust instead, because you can protect what you have worked so hard for their benefit. Because there'll be strings attached, they won't be able to access it, and creditors won't be able to access it and the ex-wives or ex-husbands won't be able to access it if it's drafted properly.

So free is free. But it can sometimes be costly, or when instead of putting together a reasonably priced plan might be in your child's best interest. But that being said, if you know if things all go according to plan, and you want your one child to get everything that you have, and you pass away before them, then free estate planning just listing them as a pay on death beneficiary might be your best bet.

The other issue that can come up is what if that person predeceases you or let's say you die in the same car crash together, right? These things happen. We don't like to think about it, we hope that our kids will outlive us. But it doesn't always work out that way. And now, if you don't have a will or a trust or an estate plan in place, now you're going back to probate court and the judge is deciding who gets what.

Now your assets are going to a distant relative maybe that you maybe haven't spoken to in 20 years, that you wouldn't have wanted to get these assets when instead, maybe you wanted to designate a good friend, or maybe you wanted to designate a church or charity or some other organization you think would benefit more and will be more meaningful to you to receive your money.

So I'll give you an example of low-cost estate planning, right? Let's say you only have the bank account and you have your house or an apartment, right? That wouldn't be free estate planning but a low-cost estate plan would be to take a house and utilize what's called a ladybird deed, where basically you say who gets that house after you pass away. It's right in the deed. And that's relatively inexpensive and you can get away without a will by using these pay on death or transfer on death designations for financial accounts and then ladybird deeds for real estate and you could be all set.

I'll link to another video and article that talks more about ladybird deeds, educate yourself about that.

But that in nutshell is free low cost estate planning...