What is a Reverse Mortgage
Video Summary
What is a reverse mortgage? A reverse mortgage is one that you do not have to repay, uh, during your lifetime, uh, unless you sell the property or you, or you move out of the property. So, it’s one that you don’t have to make any payments for. It was set up so that you could keep people in their homes. So senior citizens who could not afford making their mortgage payments or, it was set up so that you could receive periodic payments. And so rather than you’re making payments to the mortgage company, the mortgage company would send you a check every month or every six months or whatever, and you’d receive payments. And that it would then mean the mortgage amount would grow with each payment that you would receive. And that’s the reason why they called it a reverse mortgage in that you would be receiving payments rather than to the party that you borrowed the money from. So, we would be borrowing money incrementally as you go, most reverse mortgages. The parties take the full amount, out as soon as they close on the reverse mortgage. These mortgages become payable upon your death. And or if you vacate the property for a period of six months, it becomes doing, payable, or if you sell the property, there are also a, an adjustable rate interest rate. So ,it’s interest rate wise. It can be a lot more expensive than a fixed rate loan. If you have any questions, we’ll give a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
Why Would I Need to Open a Trust Account
Video Summary
Why would I need to open a trust account? If you set up a revocable trust for state planning purposes, you should set up your bank account. So. it shows you as trustee of your revocable trust. The reason for that is, is so that the provisions, the trust will control because if you leave the, the accounts just in your name, well then particularly if you set it up to avoid probate, you would have to probate your estate in order to have the accounts be placed in your name, either your successor’s name as trustee of the trust, so that they could then be distributed. So if you want your trust to control your bank accounts on who it goes to upon your death, you need to title them in your name as trustee under your revocable trust. So that is the reason why you would want to open up a bank account and the name of your name as trustee of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
What Makes Will Invalid?
Video Summary
What makes a will invalid? The primary reason why a will may not be valid is because it has not been executed in the presence of two different witnesses and in the presence of the person making the will. That person’s called a test dater and all three persons have to be present and sign in the presence of each other for the will to be valid. There are other reasons that a will, can be invalid as if the person does lacks the mental capacity to make a will. And that’s a very low threshold and that they only need to know who their relatives are and what kind of assets which they own in order to be able to make out a will. The third way to that a will, may be invalid is if it was procured by undue influence. In other words, someone made them or influenced them to make a, will naming them, usually the influencer as the beneficiary of the will. So those are the three primary reasons for why a will would be invalid. If you have any questions about that, you can give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills
How Do I Determine If a Deceased Person Owns Property?
Video Summary
How do I determine if a deceased person owns property? Well, of course the most logical place to start is go through their documents, whatever paperwork they left behind, go through it and see if you can find tax bills, account statements, insurance policies, whatever. And see if you can’t find something there, if you can’t find it there, then the next step is, I would check the tax rolls for whatever county in Florida that they live to see if there’s any property, title in name, which would be another indication of, of what if they owned any real estate in the particular county where they died, or if they moved from another county in Florida, you might want to check the tax rolls. There. That’s an easy way to do that. Otherwise, if you come up empty with all of that, can, if you want to spend the money spend between 20 $503,000, you can hire, a firm to do an asset search, nationwide, which would show all the bank statements and, brokerage accounts and real property. Basically what creditors use they order these searches to see if a debtor owns any assets and where it is, but you can use it for a state tax purpose or state purposes, not a state tax purposes, but a state purposes, in order to open a probate. But it’s a substantial investment to try and find out what assets that the decedent owned. So if you have any questions, give me a call. It’s (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Can I Legally Access A Deceased Person Email Account
Video Summary
Can I legally access a deceased person’s email account? The answer is no, you cannot. There is specific language that needs to go in into a will, which provides the personal representative when appointed by the court to have these powers, to be able to access electronic accounts. And that legislation was passed and they negotiated with Google and some of the other major companies in order to have the language, which would be recognized and authorize the personal representative to access these accounts. I won’t go into the practical aspects of that, but that’s the answer is without being appointed the personal representative with those powers, well, you are not, legally supposed to access the electronic accounts of the decedent. You can call me, although I don’t have any expertise and I’ve never had to have a personal representative have to use those powers. My phone number (727) 847-2288.
- Published in Estate Planning, Videos