Should Bank Accounts of the Deceased Person Be Closed Immediately Upon Death?
Video Summary
Should a bank account of the deceased person be closed immediately upon death? First off, we would need to determine whether or not it is a joint account. If it’s a joint account, particularly between husband and wife, I do not suggest that it be closed immediately. The reason for that is if a check comes in a payable to the decedent, you need to have some place to deposit it so that you wouldn’t have to go through a probate proceeding in order to cash the check. If however, the account is just in the decedent’s name, I suggest that you may want to deliver a death certificate to the bank and ask them to freeze the account. You would then need to go through a probate proceeding in order to close the account and collect the proceeds. So, if you have any questions about how to collect the money from, deceased bank account, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
How Do I Release a Vehicle Lien?
Video Summary
How do I release a lien on a motor vehicle in Florida? Well, you have to sign a motor vehicle lien release, which is a form that you can obtain from the tax collector’s office. And that their agents for the department of motor vehicles that needs to be signed and given to the to the person who you’re satisfying your lien on their vehicle. You do not sign the lien on the title itself, you sign a lien release, which is a separate form. If you have any questions, I’ll be glad to try and answer those. Probably the tax collector’s office might be a better resource, but I’ll be glad that speak to you. My phone number (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Who Will Serve as the Personal Representative if There is No Will?
Video Summary
Who will serve as the personal representative, if there is no will, well, it will be more than likely one of the children of the decedent. In order to be appointed as the personal representative, you need to have the majority and entrust degree or consent to your appointment. So if there are three children, well, we need two out of three to agree one person. If there can be no agreement, then anyone can petition say why they’re qualified as a child, and then get formal notice to the other children as far as, being for them to object. And so if they don’t object, well, then they would be appointed. The court would then decide if there’s an objection, may require a bond or a higher bond, if it is a contested matter. But usually I find that we can find a, the majority of the beneficiaries are agreeing on one person to serve. If you have a question about handling the probate and when there’s no will involved, well give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
Is Retirement Income Taxable to a Beneficiary?
Video Summary
Is retirement income taxable to a beneficiary? I’m assuming that retirement income is coming from an individual retirement account or an IRA. If it is, then it may not be taxable. If it comes from an Roth IRA account, those, uh, distributions are not taxable. Uh, as far as they’re just not taxable. If it’s not a Roth IRA, then the money received from a retirement income is taxable. And so you do have to pay tax on whatever the distributions are. There are usually various options as to how you can take that. If someone passes away and you inherit an IRA, whether or not you can defer that or take it in a lump sum, depends on what type of IRA is involved. As far as retirement income is concerned as to whether an audit is taxable. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
Is It Ever Too Late To Start The Florida Probate Process?
Video Summary
Is that ever too late to state to start the Florida probate process answer is no. That after two years, the creditors no longer have any claims against the estate. So if you started after that time period, you could possibly file with the call of some rent administration, since there’s no creditors involved and you can have it distributed directly to the, to the beneficiaries, the assets of the, of the decedent. So it’s not too late. The law, as far as real estate is concern, is that the title real property vests the incident of death and the beneficiaries subject to being divested through a probate administration, which would have to do with payment of creditors and administration costs. So if you wait for more than two years, well, then the only thing you need to worry about is paying for the administration costs as far as that’s concerned. So if you have a decedent’s passed away many years ago, and you need to probate their estate, well, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos