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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 7415
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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I am about to make a will.My son is handicapped Iwould like

Customer Question

I am about to make a will.My son is handicapped Iwould like to leave him a property I own. SHould I do an irrevocable trust to avoid probate or is a straight will the best way?
Submitted: 7 months ago.
Category: Estate Law
Expert:  LegalGems replied 7 months ago.
Is the only property at issue real estate?
Customer: replied 7 months ago.
Yes
Customer: replied 7 months ago.
Also a safety deposit box and a working checking account ,for property in question, both items have joint access to both of us.
Expert:  LegalGems replied 7 months ago.
Thank you; so a checking account (and other financial accounts) can name a pay on death beneficiary- this property will pass immediately to the beneficiary upon the death of the owner, and does not require a will, nor a trust.As for real property, FL does allow for "Lady Bird Deeds" or Enhanced Life estate deeds; the deed itself serves to transfer the property, as the owner has a life estate, while the heir will be listed as remainderman. Probate fees begin at $1500 and go up from there, based on the size of the estate: http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/Sections/0733.6171.html The personal representative of the probate process is entitled to a fee (around 3%):http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/Sections/0733.617.html So a trust does help avoid those fees, and is a private (versus public as is probate) process; of course there are fees to set up the trust, and to change ownership (ie the house deed must be held in the name of the trust).However, for a disabled child/adult, many people will prefer a trust, because it allows the person to take into consideration their specific needs- ie if a monthly stipend should be paid out, if certain caregiver expenses need to be taken into account, etc - they care able to tailor it much more detailed than the probate process, the reason being that a trust can be ongoing, whereas a probate is supposed to result in the gathering/distribution of the property in a few months- meaning that the heir will have access and control over the inherited property (whereas with a trust, the trustee has management and control; but has a fiduciary duty to the heir when managing said assets) Thank you for using Just Answer.I hope the information I provided is useful. If you need further clarification please post here and I will reply as soon as I see it; otherwise, Kindly-Rate Positively-This does Not result in additional charges to the customer and allows the site to credit me for assisting you today.Thank you and take care!No attorney client relationship is created as this is general legal information, not advice; and a personal attorney should be hired if one wishes specific legal advice for their personal situation.
Expert:  LegalGems replied 7 months ago.
Thank you for using Just Answer.I hope the information provided was useful.Here is a link to the bar association's legal referral site:http://apps.americanbar.org/legalservices/lris/directory/Should you have further questions please post here; otherwise kindly --- Rate Positively--- so the site credits me for assisting you.Thank you and take care!

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