What Is Better Per Stirpes Or Per Capita?
Video Summary
What is better is per stirpes or per capita? Well, I don’t know that either one of them is better than the other. You use them to determine what your intent is. If you want the devised to go to your child, or if that child dies before you want it to go to their children or your grandchildren of that child, then you would use the word per stirpes or per stirps. If on the other hand, if you have, let’s say, three children and you want your estate to go to the survivor so that if one of your children dies before you want your entire estate to go to the other two, you would want to use the word per capita in your estate plan. So I’ll leave everything to my three children, and you would name them in equal shares per capita. So per capita, you count the number of heads that are alive at the time of your death to determine who receives it. On the other hand, if it’s per stirpes, you determine if any of the children have died before you and or your executor does because you are deceased and determine whether who you determine their children or their heirs to distribute their share to those grandchildren or their heirs. If you have any questions about it, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
How Do I Get an Advance or Loan on My Share of the Probate Assets In The Estate or Trust?
Video Summary
How do I obtain an advance or loan on my share of the probate estate or Trust? Well, there’s various companies out there that will loan you money on your inheritance. I think the interest rate is very, very high. What I would suggest you do is to ask the executor or trustee of the estate or trust if they can make a partial distribution to you of your share of the trust with an estate or even with a Trust. Sometimes it’s difficult for them to know how much is going to be available if there are any creditors outstanding, or they must liquidate real estate as far as that’s concerned. But there are several companies out there who will lend money or give you a loan against your inheritance. I’m not sure just what the interest rate is, but they’ll take an assignment of your beneficial interest and I’m not sure what the loan to value would be. So, if you have any questions about it, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
How Can I Reduce Potential Conflict Among Beneficiaries?
Video Summary
How can I reduce potential conflict among beneficiaries of my estate or trust? Well, one suggestion I have is to appoint an independent or third-party trustee who is not a beneficiary, so that they can state that he is favoring himself, and that way the independent trustee or personal representative can administer the trust or a state and make the distribution, pay the creditors’ claims. And then if the beneficiaries have problems with some of the other beneficiaries, well the trustee can say, well, that’s up to you if you wish to file an action as far as that’s concerned. But I’m willing to follow the directions under the trust and that way whatever assets are titled in the trustee’s name or in the decedent’s name will be distributed pursuant to the provisions in the will or trust, and so for which they’ll receive a fee for serving as an executor or trustee. If you have any questions about your will or trust and how to do this, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Does An Executor of a Will Get Paid for His Time?
Video Summary
Does an executor of a Will receive pay or are they entitled to be paid? The answer is yes. Under our Florida statute, it provides that the executor presume a reasonable fee is 3% of the assets of the estate. Also, when dealing with executors, particularly with small estates, that may be complicated, I suggest they keep track of their time rather than trying to rely on the 3% because that may not adequately compensate them for what’s involved as far as researching matters and then have them compensated for whatever time they spend on that. And depending on what jurisdiction you are in or what county you’re in, is what hourly rate would be justified for their efforts. As far as serving as the executor and whatever the fee is, is also up to the beneficiary. Since any beneficiary who’s receiving a residual portion of the estate bears the impact of the fee, it’s subject to the beneficiaries objecting to it. So many times, if the executor is also a beneficiary of the estate, they would waive that. Since it’s taxable income, since they’ll be receiving it, the money has a beneficiary of the estate. So if you have any questions about it, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
How Can I Find Bank Accounts in My Parents’ Names After They Die?
Video Summary
How can I find bank accounts that were in my parents’ name after they pass away? Usually, the personal representative goes through their records to see if they can’t find account statements or any evidence of any these accounts in this day and time of electronic accounts and everything being paperless. Then you may wish to go through their computer and hopefully get their password to be able to check their computer to get electronic assets access to these bank accounts, or to be able to identify them. If you don’t have those resources or you can’t do that, or you haven’t identified any and you’re convinced that they had bank accounts or stock accounts, then you can employ a private investigator or an asset research firm to do a nationwide search for assets that were titled in their name, either in a brokerage account or bank accounts or whatever assets they own. Those searches usually run in the neighborhood of about 2,500 to $3,000 or maybe $3,500. If you have any questions, give me a call to (727) 847-2288.
- Published in Estate Planning, Videos