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What is the minimum age to execute a power of attorney? That is 18 years old and Florida and that at whenever a minor turns 18 they become adult and their disability as a minor is gone and they have the right to contract. And they can then assign or appoint an agent to act in their behalf. A under a power, a bunch attorney. So if you have any questions about a power of attorney, please give me a call at (727) 847-2288

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What is the uniform transfers to Minors Act? That is a statute which allows an account, it can be stock, a bank account to be established in the name of a custodian for the benefit of a minor, and the account is to be held for the minor until they reach age 18. Under certain requirements or provisions, the account can be held until they’re age 21. The account can be established by a grandparent and they can serve as the custodian for the minor, the income from the account, whether it be stock or a bank account, will be reported under the minor’s name rather than in the custodian’s name or the trustee’s name. For the minor, it is a, uh, convenient way I put that, uh, sometimes in wills where you wish to leave a relatively modest amount to a minor, that you designate their one of their parents or your child to hold the money under the uniform transfers to minors act for particular for a minor. And that way it doesn’t require a trust provision and is a, a simple way to have the money held until the minor reaches age 18 or possibly 21. If you want the money to be held longer than that, then you would need to, uh, put it into a trust. So if you have any questions about the uniform transfers to minors act, well, give me a call at (727) 847-2288.

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Can real estate be title in the child’s name? Yes. That is a question I get asked often is that while I want to transfer this, uh, this property so that my grandchildren or my child is the owner of it, and it’s usually for estate planning purposes. I caution whoever wants to do that, that once you titled it in the child’s name, then if the property, if you want to sell the property, then you may be put in a position to have the child have to set up a guardianship. If the net proceeds will be more than $15,000. And then your guardianship is expensive and cumbersome and you won’t have access to the money if you do put a child’s name. So if you put it in the child’s name and you don’t sell the property until after the child reaches age 18, it’s not a problem. And then the child can sign. If the proceeds are less than $15,000, then the natural guardians can sign for the child. However, the money is supposed to be held for the child until they reach age 18. So the answer is yes. However, I caution you not to do it. Give me a call if you have any questions. My phone number is (727) 847-2288.

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How do I access someone’s bank account after they die? You can access someone’s bank account after they die if you’re on the account with them as a co-owner. Also if you if the account is payable on death to you, otherwise you are not entitled to access the account. It presents a practical problem for you whenever you know what bank it’s in and you go and ask them, if what you can do or how much money’s in the account and they say, well, unfortunately you’re not on the account or they won’t give you the information because you’re not a co-owner or a beneficiary of the account. So it’s difficult then to go see the attorney to talk about any sort of probate proceeding. You wouldn’t want to open up an account, a probate proceeding for an account that had, you know, just two or $3,000 in it or less. And so it is a real problem. And so hopefully everyone, addresses that in their estate planning by making it payable on death to someone. I usually recommend that they do that and execute a power of attorney to someone to sign in their behalf if they’re unable to do so, rather than putting them on as a co-owner of the account, since that makes them, whoever they put on there, a co-owner and subject to their debts and, or domestic problems. If you have any questions, give me a call at (727) 847-2288

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What do I do after the death of a family member? The first and obvious is to make funeral arrangements for the decedent, and also provide the emotional support for the family members and yourself, as far as that’s concerned. As far as determining what needs to be done as far as the decedent’s assets are concerned, you need to gather all of his assets, or bank statements, brokerage account statements, stock statements, all of those, to try and understand what assets that he owned immediately prior to his death, including any life insurance policies.

You then need to determine whether or not he had a will and locate the original will if he did. Then if he did not have a will, to come up with the names and the addresses of all the relatives of the decedent, his children, his grandchildren any of the children had predeceased him. You then also need to gather together any outstanding bills that the decedent has, and once you have a death certificate and this information, call and set up an appointment with the attorney to determine if a probate proceeding will be necessary, and if so, what type of probate proceeding would be necessary to see about getting the bills paid, and also to see about distributing their remainder to the beneficiaries. Give me a call at 727-847-2288.