Trending
Dear Mr. Feichthaler:
I have heard horror stories about probate and disputes among family members, and I want to avoid that. I am a widow that owns a house in Cape Coral with no mortgage, and I have a few bank accounts. I have three children, and I only want two of them to receive my estate. Do I need a trust for this?
--Kelly P.
Dear Kelly:
Although estate planning can be complicated, it has the major benefit of making your specific instructions followed regarding your assets. Some clients require trust planning to have their wishes met, particularly where a client seeks to have assets managed after their passing. For instance, if your kids are in their twenties and do not have a good financial footing, a trust allows your assets to be held for their benefit for a period of time, so that there is no chance of all funds being quickly spent. Other clients prefer their assets be distributed immediately to their children. To accomplish this, we will prepare Enhanced Life Estate deeds for their real estate, and advise them to work with all of their financial service providers, like banks and brokerages, to make those accounts "payable on death" to their beneficiaries. By doing so, the real estate and those financial accounts will not be subject to probate proceedings.
Additionally, I advise all clients should have a Last Will and Testament. In addition to naming beneficiaries, in your case you will want to specifically exclude any children you do not wish to receive the benefit of your estate. This will help to establish you did not "forget" to name them on your real estate and financial accounts.
There may be other issues to consider prior to completing your plan, so take the time to speak with an attorney regarding all of your options prior to proceeding. You likely do not require a trust to accomplish your goals, but as noted above, every situation is unique.
Eric P. Feichthaler has lived in Cape Coral for over 35 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Museum of History, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney.com, or 239-542-4733.
This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.