Living trust vs enhanced life estate deed to avoid probate

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Transcript:

Paul: I've got a question. My parents have moved from Connecticut and they’ve just moved to the villages. They sold their house in Connecticut and they paid sub-trusts and A-B trust and there's two of us that are heirs. We’re both brothers. Got a question. When they're in there looking at closing on the house on Thursday--`
Attorney Tom Olsen: Meaning buying a house on Thursday?
Paul: They are buying a house.
Attorney Tom Olsen: Got it.
Paul: And they just take the funds that they acquired when 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 remainder Paul and Mike? Should they do that on the title of their house?
Attorney Tom Olsen: Okay. 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 they 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. 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.


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.

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