How should I hold title? I’m assuming the question relates to how you should hold title to real estate. And the answer is dependent on what you’re going to be using the property for after you purchase it, if it’s going to be your home, I suggest that you hold title in your name as husband and wife. If you are married, if you’re not married and you have a significant other, then you need to take title as joint tenants with right of survivorship. If you’re single, then take title in your individual name. The reason for this, is do you have any number protections under our Florida constitution? Sensitive will be your homestead property. It’s exempt from the claims of creditors course not the mortgage cause that’s a secured creditor, but anyone that would just happen to sue you if it’s investment property, well then who are the investors and how should the investment property be titled. It may be in a LLC, some other name, if it is residential property of four families or less than, and you may want to take title just in your individual name in order to obey yourself or take advantage of the 30 year mortgages that are available, which are not available if you take title and an LLC. So a lot depends on the purpose that the property is being acquired for and its use after you acquire it. If you have any questions, give me a call at (727) 847-2288.
What happens if I die without a will? The first thing that you need to do when someone dies without a will is determine what assets that they own and how they are titled. If the assets are titled in joint names, then they automatically go to the survivor and all they need is a death certificate. If there is a beneficiary on the assets such as life insurance or individual retirement accounts, IRAs, then all you need is a death certificate and contact the custodian of the IRA to have the money transferred to the beneficiaries, same thing with annuities, and also brokerage accounts that are transfer on death or bank accounts that are payable on death. If there is an asset that is just in the decedent’s name and they did not have a will then the Florida statutes set forth who is to receive the money, starting with the widow. And there is no widow or widower were then it passes to the children and on and on and on as to who receives the assets in the event that whenever someone dies without a will. So the Florida statutes state, who receives the assets upon the Seton’s death. So if you have any questions, we’ll give me a call at (727) 847-2288.
How often should I update my durable power of attorney? You should update it any time that you want to change, who you want to serve as your agent, under your power of attorney. Also you may choose to update it every three to five years, and that during the past three to five years, they’ve changed the power of attorney statute in Florida under the new power of attorney statute. You’re giving your agent so can give your agent the authority to help qualify you for Medicaid. Also deal with your retirement accounts and other, estate planning documents. So that’s whenever you may wish to update. I’ve encountered some problems with banks or other folks that deal with, powers of attorney when you present them. Even though they are legally valid, if they’re old, they may not accept them. And of course, that’s the whole purpose of giving. the power of attorney is to facilitate, the signature, particularly if the person who gave it, to the agent has become incapacitated, you would not want it to be rejected. So, you just, as a practical matter, you may want to update your power of attorney every three to five years, or it at such time as if you wish to change your agent or your agent passes away. If you have any questions, give me a call at (727) 847-2288.