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Currents
October 2017
October 2017
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payable on death, that asset will also need to be pro-
bated upon your death.
Prices subject to change
FRI.
The main purpose of a Will is to designate who
TUES.
WED. ThUR.
without notice
SAT.
you want to get certain assets when you die. If you
ShAMPOO, SET or BLOW STYLE .........$15.00 $15.00 $16.00 $18.00
hAIRCUT ................................................$14.00 $14.00 $15.00 $16.00
die without a Will in Florida, the law will still require
AND
TOUCh-UP SINGLE PROCESS.............$22.00
$22.00 $22.00 $22.00
UP
probate of your assets and your beneficiaries will be
based on your closest living blood relatives. Florida
MANICURES........$11.00
Tue. & Wed. Special
Law provides for an order of priority of blood rela-
PEDICURES ........$17.00
Mani/Pedi Combo $25.00
tives if someone dies without a Will. If you are a
FULL SET NAILS, GEL $30.00 and Up FILLS $15.00
Florida resident and own real estate in another state,
POLISh ChANGE $6.00
it is likely that two probates will be required: a pri-
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mary probate in Florida and a secondary probate
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(known as an ancillary proceeding) in the state
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where the property is located.
REFERENCE PRICE LIST
NOUS PARLONS FRANCAIS
With cash assets such as bank accounts, CD’s,
brokerage accounts, annuities, life insurance poli-
cies, etc. you can avoid probate by designating one
or more beneficiaries on the account. These benefi-
ciaries will be entitled to the proceeds of that account
upon your death, regardless of whether you have a
From
Will or what you may have indicated in the Will; in
other words, the designation of a beneficiary in a
specific account takes precedence over anything
stated in a Will. The Will will only
apply to those assets where there
are no designated beneficiaries
(or if the beneficiaries have died
before you).
Therefore, one of the primary
reasons that many clients choose
to create a Revocable Living
Trust is to avoid probate on all of
their assets, particularly their
home and any other real estate. I
have many clients who own their
primary home in Florida and a
vacation home in another state.
We create a Revocable Living
Trust in Florida and also prepare
a Quit Claim Deed to transfer the
Florida property into the Trust. An
attorney in the other state can
then prepare a Deed transferring
Palm-Aire Resident
that property into the the Florida
Trust. This legal work will avoid
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probate in both states and allow
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for quick and easy sale or distribution of the proper-
ties.
Some people choose to avoid probate by putting
their intended beneficiary of property on a Deed,
either as a joint owner or in what is commonly
referred to as a “Life Estate Deed.”
However, there are numerous potential risks in
putting someone else’s name on the Deed, including
problems which arise if that person dies before you,
or you later decide to remove that person from the
Deed. One of the advantages of a Revocable Living
Trust is that it allows you to create an Amendment to
the Trust at any time during your lifetime without hav-
ing to change the Deed. Once you have the Revo-
cable Living Trust created, you can also buy addi-
tional property in the name of the Trust at any time,
either in Florida or out of state.
The Trust also provides that your Successor
Trustee (the person you designate to administer the
Trust after you pass away) can also take over man-
aging the assets of your Trust if you become legally
incapacitated. Legal incapacity is defined in the
Trust document with language
that requires a written statement
from two medical doctors indicat-
ing that you are not able to carry
on your legal affairs. The lan-
guage allows your Successor
Trustee to take over without a
Court Order, but still provides you
the protection of requiring written
statements from two doctors.
In addition, it is much more dif-
ficult to contest a Revocable Liv-
ing Trust than a Will. Your Suc-
cessor Trustee can sell your prop-
erties and make distributions very
quickly following your death,
whereas the probate process
required for a Will generally takes
nine months to a year.
This article provides a general
summary of some of the differ-
ences between a Last Will and
Testament and a Revocable Liv-
ing Trust Agreement. It is impor-
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