When Is An Estate Too Small For Probate?
Video Summary
Is an estate too small to probate? Anytime that there’s an asset in the name of the decedent, and there was no designated beneficiary. It has to go through some sort of probate proceeding. Now, the answer, to the question is, you don’t want to pay the lawyer or someone to handle the probate that costs more than the asset that you’re trying to have passed to a beneficiary. There are various, small estate, administrations, if the assets less than $10,000 and the funeral bill has been paid, then you may be able to proceed with the court and get a distribution without administration, without going through a formal type of probate. If the assets exceed the $10,000. And however, they’re less than $75,000 and provision has been made to pay all the creditors. Well, in that event, you can file what they call a summary administration, which is a short version of probate and is fairly quick and is less expensive than what they call a formal administration.
If the assets exceed $75,000, or that there are creditors that no provisions has been made for, then you would go through what they call a formal administration, where you have letters of administration issued to the executor, and you give notice to creditors. You have the claims filed, you have the beneficiaries to determine, and if there’s real property involved, you have the property declared to be homestead, which may be exempt from the claims of creditors. So then if, even if it’s so small that it doesn’t make any sense to even go to a smallest state administration, after a certain amount of time, the asset may be forfeited unless it’s real estate and go to the to the state of Florida. And they have a treasure hunt after two or three years where you could possibly apply to obtain the asset. Once it’s forfeited to the state of Florida. If you have any questions about probate, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
What Estates That Need Probate And Those That Don’t?
Video Summary
What estates need to be probated? And what estates do not need to be probated whenever the deceit and passes away. And all of his titled assets are in his joint names with someone else, they will pass to the joint tenant that has the right of survivorship. There are many examples where there’s a designated beneficiary, such as a individual retirement account, an IRA account. They designate beneficiaries, same thing with the life insurance annuities. Many bank accounts may have a designation such as payable on death or interest trust for, and designate beneficiaries should receive the assets. All of these assets pass without going through probate. So those assets do not have to go through a probate process. If there are assets that are in the decedent’s name alone, such as real estate, or bank account, or a securities account, whether stocks or bonds that are just in the decedent’s name and there’s no designated beneficiary or joint tenant, then those are the assets that have to go through probate. So, if you have any questions about probate, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
I Have No Mortgage On My Condo, But I Owe My HOA 10,000. Notice of Sale Issued. Will I Lose My Condo?
Video Summary
I have no mortgage on my condo, but I own my homeowners association, $10,000, notice of sale has been issued. Will I lose my condo? The answer is yes, the property will be sold that judicial sale. And you will no longer own your condo. I suggest that you go about paying the homeowners association. So, you don’t lose that to get you a home equity loan, or some other kind of loan to pay that, to save your homeowner, save your condominium, or sell your condominium and obtain the equity. Since you have no mortgage on it, it would be a shame to lose all the equity in your home or your property as a result of not paying your homeowners assessments. But they do have a right to foreclose on a homeowner’s assessment lien, and that will be sold at judicial sale. You may receive some of the excess proceeds over the amount of the lien that is sold, but usually at a judicial sale, the property sells for well under what the market value is. If you have any questions concerning this, give me a call at (727) 847-2288.
- Published in Real Estate - Foreclosure, Videos
Having Trouble With My Homeowner’s Insurance They Denied A Claim, What Can I Do?
Video Summary
I am having trouble with my homeowners insurance they denied a claim. What can I do? That number one, we would need to see why they denied the claim. They may have denied it because you did not have coverage. But the answer to that is, is you need to contact an attorney who handles claims against insurance company for property damage though. There’s not as many of these lawyers available to sue insurance company over property damage, as they are for personal injury. Most of the attorneys you see that advertise on billboards are, only handled claims against insurance companies for personal injury or wrongful death. So you would need to find an attorney who would sue an insurance company for property damage, and they would need to make an appointment with them and have them review your title, policy, and or title policy, your insurance policy, to determine whether or not your loss is covered. If it is, and they’ve denied the claim they will undertake to represent you, against your insurance company. I do not handle property insurance claims, but if you call me, I will be glad to give you the name of an attorney in the Tampa Bay area. Who does handle property claims against insurance companies. My phone number (727) 847-2288.
- Published in Real Estate, Videos