Can A Parent Change Their POA If Their Agent is Not Cooperating With Their Instructions?
Video Summary
Can a parent change their power of attorney if their agent is not cooperating and following their instructions? Well, the simple answer is first is that yes, they may. They can change or revoke their power of attorney at any time, but let’s go back to what do we mean by agent. Whenever you execute a power of attorney or designating someone to act in your behalf and under the new power of attorney statute, that’s called referred to as your agent. Your agent can act in your behalf. That does not mean that you’re giving up any of your rights and you can still operate or you can still operate, but the agent is the one who can also act in your behalf.
The question that was posed is can you change who your power of attorney and the answer is absolutely, you can revoke it, advise your agent whoever you pointed that you no longer wish for them to act in your behalf. Give them notice. Usually I record the revocation in the public records and that way, you can then designate someone else to be your agent to act for you. Powers of attorney are usually referred to as durable powers of attorney. The reason why they’re durable is because you placed language in the power of attorney itself, the document that says that your appointment survives even if you’re incapacitated, so that parties do not have to determine whether you have your competency whenever the agent is executing documents for you which really may save a guardianship as far as that’s concern if for some reason you would become disabled, either physically or mentally.
Also powers of attorney are used just to simplify matters whenever folks want their child or their agent to be able to act on their behalf for whatever reason, but they are usually durable and can be changed or revoked at any time by the person who is giving the power of attorney to the agent. The new power of attorney statute, you can provide many powers in there even as to changing beneficiaries to comply within a state plan, empowering your agent to do Medicaid planning by setting up a Miller Trust, be able to deal with your 401ks, your IRAs and there’s many, many powers that you can give your agent. All of these powers need to be enumerated and they also need to be initialed by the person granting those.
You can also give your power of attorney to more than one person and designate that either of the parties who you designate can act in your behalf. If you have any questions or need to have a durable power of attorney setup, well give me a call at 727-847-2288.
- Published in Estate Planning, Videos
What If A Person Dies With A Will And Both Executors Are Deceased?
Video Summary
What happens if a person dies with a will and both the executors are deceased? In that instance, the beneficiaries, the majority of the beneficiaries need to agree on who should be the personal representative. If that is not possible, then any one of the beneficiaries or any person that’s qualified to be a personal representative can file a petition to be appointed the personal representative and give notice to all the other interested parties. And if no one objects after they give formal notice which I believe is about 20 days, well then the court would then appoint whoever has petitioned for it.
If there is objection, well the court would then have a hearing to determine who would be appointed as the personal representative. So that’s how you resolve it whenever both the designated personal representatives are deceased. If we have an estate where the personal representatives do not act, whether they’re deceased or just not interested or don’t want to pay the attorney or anyone else, you can petition the court to have a curator appointed until such time as a personal representative is appointed.
The curator’s job is to maintain the estate and status quo by publishing the notice to creditors and administering the estate until a personal representative or may complete the administration of the estate whenever a personal representative has not been petitioned to be appointed.
If you have a problem with probating an estate and you’ve got deceased personal representatives or executors, well give me a call and we’ll be glad to help you out. Call at 727-847-2288.
What Happens When Someone Dies And There Is No Probate Administration?
Video Summary
What happens when someone dies and there is no probate administration? Well the Florida statues provide that if someone passes away that whoever has the will is supposed to deposit with the court. That does not mean that you have to have a probate proceeding.
Many times wills are not probated. The reason why is because the decedent does not own any assets that are in their own individual name. Many times, particularly in the husband and wife scenario the property is held in their joint name so all that’s needed is to record a death certificate in the public records which would show that the surviving spouse is receiving the, is entitled to the particular joint asset.
Or if they’re bank accounts that are joint or payable on death, then the bank simply distributes those or pays those amount to the joint owner of the account.
If there are assets in the decedent’s name, well then nothing happens and the assets will eventually be turned over to the state and then as abandoned property such as bank accounts, old life insurance policies and I’m not sure how many years have to go by before they are turned over to the state and they can always be retrieved by setting up an estate.
The other scenario is is if you have credit cards in the name of the decedent and then the question is, is well what happens as far as paying these bills if there’s not probate administration for the creditors to file their claims? If there’s no probate administration and the decedent owned debts well they just, the creditors have the option of opening an estate, of course they need to try and figure out if there are any assets that could be used to pay their debts. So a creditor can open up an estate if they so choose, if they’re owed any money however if no probate administration open and there are creditors, the creditors do not get paid since there’s no probate and no assets pay them.
Also the creditors’ claims are barred two years after the decedent’s death. Sometime probate administration doesn’t even take place until after the two years and the creditors’ claims are barred.
If you have a question about probate and what to do when someone passes away, well give me a call 727 847-2288.
Lunch With A Lawyer – Aug 8, 2017
- Published in Videos
Do Proceeds of “Payable On Death” Bank Account Have To Go Through Probate?
Video Summary
If a bank account has an individual [inaudible 00:00:09] as payable on death, do the proceeds of the bank account have to go through the probate prior to being given to the POD? The answer is no and that the bank account will not be probated. The account should be payable to whoever is designated as the POD by the person or the payee, the payable on death recipient, by delivering a death certificate to the particular lending institution. My clients have experienced in the past where the banks sometimes require a 30 day waiting period before they will disperse the money, but it does not have to go through probate. That is controlled by the bank account contract, the contract with the bank that says that they are to pay it to person designated as POD.
If you have any other questions about your assets or your accounts, give me a call at 727-847-2288.
- Published in Estate Planning, Videos