How Long Is A Will Good For?
Video Summary
How long is a will good for? A properly executed will has no expiration date. You should always consider updating your will whenever there’s a change in circumstances. Many times I’m asked whether or not my will from another state is valid. If it was properly executed in that state, then Florida will recognize it. One thing you do need to keep in mind though, is that you need to keep track of your original will, and that a copy of a will cannot be used after you pass away, as far as probate concern. If you retain the original will in your possession or have it in your possession that’s lost or destroyed, it’s presumed revoked. Some law firms such as mine, we retain the original wills in our fire rated file safes as a courtesy and a convenience to our clients and provide them with a copy. Other law firms give the original to the person who executes the will, and hopefully they keep track of it. So if you have any questions or would like to make out a will, give me a call at (727) 847-2288.
Is There a Minimum Value Required To Establish a Trust?
Video Summary
Is there a minimum value required to establish a trust? No, there is not, but I think a better question is what’s the purpose of setting up a trust? I do a lot of estate planning and many times, I have clients come in to see me and the reason they want to set up a trust is to avoid probate. And so that is certainly a legitimate reason to set up a trust but there are other means of avoiding probate other than setting up a trust. Some of the other reasons why you may want to set up a trust is in the event there is a special needs beneficiary that you wish to provide for and you can put that in your trust or free standing trusts. There’s also trusts that are set up for life insurance so that they are controlled in an irrevocable life insurance trust.
There is also a Medicaid trust to qualify you for Medicaid. So the big reason to set up a trust is look at the purpose of it and then determine whether or not you need to set it up. But there is no minimum amount that you need to put in many trusts provided that if there’s less than a certain dollar amount, such as 50,000 or $100,000, the trustee may go ahead and do away with a continuing trust rather than going through the [inaudible 00:01:41] continuing to administer it. Also, you need to take in consideration the cost of setting up a trust, which may outweigh whatever amount that you put into it. So if you have any questions about setting up a trust, well, give me a call at (727) 847-2288.
When Do You Use Quit Claim Deeds?
Video Summary
When do you use quit claim deeds? Primarily to clear up any interest someone may have in real estate by them signing the quit claim deed, they say that, “Look, if I have any interest in this property, I’m releasing it, I’m not stating that I do or do not have any interest in the property. But if I do, well I’m releasing it to whoever you’re transferring the property.” They’re used quite a bit to clean up any discrepancy and legal descriptions that are in the, what we call the chain of title, in that someone conveyed their property and there was a misspelling or there was a sentence missed out of the legal description, and it’s clear that they meant to convey the property.
However, as a result of a typographical error or some other problem with the deed, it did not clear up the title. And so the quit claim deed used clear that mistakes up that are made in transferring property, usually from a prior owner. Sometimes the quit claim deeds are used by relatives in the estate situation where has left of four or five children and they say, “Oh, well I want my sister to have this.” Well, they’ll sign a quit claim deed transferring whatever interest they have in the property to a particularly family member whom they would like to own the property.
Another time that quit claim deeds are used is whenever there’s a divorce proceeding, and the judgment should provide for the conveyance of a spouse’s interest in the property. However, if it does not, and directs them to execute a deed, well they would usually use a quit claim deed since they’re not warranting title. So quit claim deed says that, “I’m conveying whatever interest I may have in this property to you.” There’s no warranties that the person who signs the deed, that they have any interest in the property, but as to clear up questions about prior conveyances or court orders. If you have any questions about quit claim deeds and their use, well give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
What Plans Can I Make For My Pets In The Event Of My Passing?
Video Summary
What plans can I make for my pets in the event of my passing? Well, you can specifically provide in your will that you leave your pet to a family member or friend who you know who wants the pet, and will take good care of the pet.
I’ve also had any number of clients also designate their veterinarian to leave their pet to and asked that he find a good home for them.
There is a provision if you want to provide for your pet, is to set up a pet trust that would require you to designate two people in your will or in your pet trust.
One, to take care of the pet and two, a person who would monitor the care and how much money is given to the one who cares for the pet.
So if you would like to make out a will and provide for your pet or set up a pet trust, give me a call at (727) 847-2288.
What Do I Do After The Death Of A Family Member?
Video Summary
What do I do after the death of a family member? The first and obvious is to make funeral arrangements for the decedent, and also provide the emotional support for the family members and yourself, as far as that’s concerned. As far as determining what needs to be done as far as the decedent’s assets are concerned, you need to gather all of his assets, or bank statements, brokerage account statements, stock statements, all of those, to try and understand what assets that he owned immediately prior to his death, including any life insurance policies.
You then need to determine whether or not he had a will and locate the original will if he did. Then if he did not have a will, to come up with the names and the addresses of all the relatives of the decedent, his children, his grandchildren any of the children had predeceased him. You then also need to gather together any outstanding bills that the decedent has, and once you have a death certificate and this information, call and set up an appointment with the attorney to determine if a probate proceeding will be necessary, and if so, what type of probate proceeding would be necessary to see about getting the bills paid, and also to see about distributing their remainder to the beneficiaries. Give me a call at 727-847-2288.
- Published in Estate Planning, Videos