What Is a Testamentary Deposit Account
Video Summary
What is a testamentary deposit account? While testamentary means who you want to receive something upon your death. The most common form of a testamentary deposit account is one where you set it up with the bank and put the initials on it: P O D upon your death, if there’s any money in there or whatever money’s in there, it’s payable to whoever you’ve designated whenever you opened the account. And so they would be the beneficiaries, which would be a testimony account ITF, which is in trust for which is, did the same thing where you would hold the money in your name, but the account would be in your name and then upon your death, that would designate who would receive the account. So those are a couple of examples of testamentary accounts, which would pass to your beneficiaries upon your death. And that’s all set up through your banking. Also if you have brokerage account, you can set those up and those initials are T O D, which stands for transfer on death. So if you have an account, let’s say with, Merrill Lynch, you can in your name and you want to go to your son’s name, but not have he not have any access during your lifetime, you can check with your broker and say, I’d like to, make this account, go to my son automatically. And then they can set up an account with T O D, which means transfer on death, which would operate the same as a bank account. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
Does Revocable Trust Need a Bank Account
Video Summary
Does revocable trusts need a trust account or bank account? The answer to the question is yes. If you have an account that you want controlled by your trustees, you need to by your trust, you need to name, to set up the account and your name as trustee of your particular trust. The reason for that is, is if it’s just in your individual name, then the provisions, the trust do not apply. So sometimes you see people that have set up a wonderful trust and it says everything. And the idea is to avoid probate, but they don’t turn around and retitled their assets and their name is trustee under their trust. So whenever they pass away, you have to go through a probate process to get an order for the assets to go to the trust and then have the trust, distribute the assets, which defeated the whole purpose of setting up the trust to avoid probate. So if you want assets to be controlled, by your trust, you need to title them in the name of your name as trustee under your revocable trust and name your as trustee and name your trust in the, how you title the asset for it to be controlled by the, the provisions of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Trusts, Videos
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, Trusts, 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