THE CORONAVIRUS AND ESTATE PLANNING IN MIAMI BEACH, FL
I received a call from a close friend who said her father was sick and asked to be tested for the Coronavirus after testing negative for the flu and he was told there were no tests available. The worst part of the Coronavirus is that it is so contagious and most people may show no symptoms for up to 14 days after exposure. The symptoms of the Coronavirus are a sore throat, fever, shortness of breath, and coughing. If we all do our parts and stay in our homes, hopefully, we can shorten the devastation of this pandemic.
WHY MY FRIEND WAS CONCERNED AND HOW CAN ESTATE PLANNING IN MIAMI BEACH, FL HELP HER AND HER ELDERLY FATHER?
My friend’s mother passed away four years ago from cancer, leaving her father a widower and single for the first time in over 50 years. My friend was not only concerned about his health but also asked me about his assets. He owns an apartment in his and his late wife’s name, stocks, bank accounts, and other investments mostly in his and his late wife’s name.
WHAT HAPPENS WHEN ACCOUNTS ARE IN YOUR DECEASED SPOUSE’S NAME? ARE YOU FORCED TO GO TO PROBATE COURT IN MIAMI-DADE COUNTY, FL?
Joint assets, if titled properly, can easily be transferred to the surviving spouse, but after the first spouse dies, the second spouse in need of a good estate plan. My friend’s father can avoid probate court involvement by creating a revocable trust and placing all of his assets inside of this trust. Once the trust is created, he can also sign a deed transferring the apartment into the trust. A short form (without cause of death) death certificate of his late wife should be recorded in the Miami -Dade County Recording Office at the same time as the deed is recorded. All of his other assets can be transferred to the trust and an original death certificate may be required here as well if the accounts are owned jointly. If done properly, this process will avoid probate court completely.
WHAT IF HE DOES NOTHING AND THEN PASSES AWAY WITH EVERYTHING IN HIS AND HIS LATE WIFE’S JOINT NAME?
If my friend’s father does nothing, upon his death, his loved ones will need to initiate a probate court case in Miami-Dade County, FL and a Judge will decide how everything is handled. A probate attorney will need to be retained to assist in the court process and guide the family. The probate process is public, long, and expensive, and, a Notice to Creditors is usually required to be published in a local newspaper; thus, causing more delays and more expenses.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-three years of experience and both a Psychology and Law degree, I handle these matters with care and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Call or email me today to discuss your Estate Planning, Wills and Trusts and Broward or Miami-Dade County Probate matters. I am happy to help you and your loved ones.