What CANNOT Be Held in Trust?
Video Summary
What cannot be held in trust? Well, I think just about everything can be held in trust, particularly all titled assets. If you’re dealing with a lender, a trust company, or a bank that serves as a trustee, or for that matter, any professional trustee or trustee, they may have some reservations about holding real estate, particularly vacant real estate in trust, having it in the trust since if there’s an environmental problem, there may be some question about whether the trustee then becomes liable for the environmental cleanup. So that’s always a question. Some of the other assets that are problematic, I don’t know that if you have cryptocurrency, they don’t title those. That’s simply numeric, and that’s all done through a wallet. So that would be another asset that I don’t know that you would be able to put in the trust. And so the other assets, which are problematic would be if you have gold, they can’t be specifically identified. And now how does the trustee do that as far as, I guess they could hold it, but would probably want to liquidate it to make it more accountable as far as that’s concerned, rather than having to safeguard it. So, there’s a few examples on items that are assets that may not be able to be held in trust, but certainly just about all titled assets can be titled in the name of the trustee for a particular trust, and of course, be governed by the provisions of the trust documents. If you have any questions, give me a call at (727) 847-2288.
What Is Due On a Sale Clause?
Video Summary
What is the due on sale clause? This is a clause that is found in almost every residential mortgage, particularly if it’s from a lending institution, a bank, or whoever gives you a 30-year fixed trade mortgage, and is in almost all even owner financing mortgages. And it says that if you transfer the property that you have a mortgage that you mortgage, then the loan, the mortgage secures, becomes due and payable and you must pay that loan off. In other words, it’s non assumable. You can’t let some buyer just take over your payments because it becomes due and payable. So that’s where they get the due on sale clause is really a due on transfer clause. Now, I will say that with the commercial lenders that if, or the regular residential mortgages, if you transfer the property, they have not been, I’ve seen very few of them that have called the loan due and payable if the mortgage payments have been being made. If they get their payments, they haven’t been enforcing the due on sale clause in commercial mortgages. I don’t know that you’ll have that kind of luck, but that is what a due on sale clause is. I’m getting ready to file two foreclosure actions, and that’s not only did it not make the payments, they also transferred the property. So that’s a default under the mortgage and we’re accelerating the amount of money owed. Under the note, if you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate, Real Estate - Foreclosure, Videos
What Are the Pros of Guardianship?
Video Summary
What are the pros of guardianship? Guardianship is usually something of last resort. Whenever you set up a guardianship, you ask that the court determine that the person is incompetent, and they take away all their rights. So, it’s a court proceeding. And so, the petition then requests that there be a person appointed as the guardian, which is the person in charge of their money. That’s called the guardian of the property. Also, the person who is charged with taking care of them and their wellbeing and health, and that’s the guardian, the person. So, this is a court proceeding. It’s somewhat expensive, and particularly the IT is supervised even after it’s established. As far as the guardians are concerned, they must file reports with the court at least annually as far as the physical condition of the ward or the person who’s been adjudicated, incompetent file accountings as far as the money and how it’s being spent. Get authorization to spend the money for the ward. So, the pros are pretty much the last resort, and as far as trying to take care of someone who is becoming incompetent and is dissipating their assets, people are taking advantage of them or they’re subject to scams or whatever. So, if you have any questions about guardianship, give me a call at (727) 847-2288.
- Published in Guardianship, Videos
Can I Help Control My Children From Spending Their Entire Inheritance at 18?
Video Summary:
Can I help control my children from spending their inheritance at age 18? If you are preparing estate planning documents or a Will or a Trust, that’s how you control your children being able to spend their inheritance. You can say that you leave your estate to a trustee and direct the trustee to hold the money for your children until they reach a certain age and use the money until they reach that age for their health, education and maintenance. After a certain age, you can direct it all, or a portion of it is then distributed to the child. I usually use a formula of you give ’em a third at age 25. The half of what’s left at age 30 and the balance is age 35. That’s based upon my recollection of me growing up and me being smarter at age 21 or 18, than I’ve ever been in my life, that I had all my answers to all the questions, and I knew everything and probably wouldn’t make wise decisions with the money. So the way you do that is by giving the property left to a trustee. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
What Is a Holographic Will?
Video Summary
What is a holographic Will? A holographic Will is whenever someone writes it out in their own handwriting, as we say cursive. I guess if they printed it, it would be the same thing. Florida Will recognize a holographic Will provided. It has the same as executed in the presence of two witnesses, which were present whenever the testator signed it and the testator was in their presence. There are some states where they make an exception for holographic Wills and accept them in the probate even if they’re not executed with the same formality as what is required by the state law. But Florida is not one of those states and for the Will to be effective here in Florida as a valid Will, it must be signed in the presence of two witnesses and the testator. So that’s a holographic Will. I suggest you spend a little bit of money with the attorney, but if not, we’ll be sure it’s signed in the presence of two witnesses. If you have any questions, give me a call at (727) 847-2288.