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
What Does “Per Stirpes” Mean in Estate Planning?
Video Summary
What does per stirpes or per stirps mean in an estate planning document? That means that you are leaving everything to, let’s say, a child. However, if they pass away upon prior to you, you wish it to go to their children or for that matter, any beneficiary that you leave your assets to. It’s usually used whenever you have several beneficiaries and you state that you leave it to three beneficiaries and equal shares per stirpes, which is Latin, which means that if any one of them would die before you, that their share would be distributed to their children or their heirs. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
How Easy Is It to Set Up POD On Bank Accounts, What’s Involved?
Video Summary
How easy is it to set up a POD on a bank account? The POD stands for “payable on death”, and it is very easy. All you must do is contact the bank where you maintain your account, or if you’re going to open an account, tell them that you wish to put a payable on death or a POD designation on the account and give them the names of who you wish to receive these accounts. Upon your death, they will prepare a signature card and then you simply sign the new signature card. Various banks have various requirements. I’ve heard of some where they’re asking for the social security numbers of the beneficiaries, but the beneficiaries would not usually do not have to sign the signature card since they would have no interest in the account until such time as you pass away, but it’s up to the individual banks, but it should be very easy to do simply by signing the signature card. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills
Can I Force My Sibling to Sell Property, Which I Own with Them Jointly?
Video Summary
Can I force my siblings to sell property, which I own with them jointly? The answer is yes, you can. If you have any interest in real property of the possessory interest entries, a fractional share of real property, you can file what they call a partition action. Partition action is where you sue the other co-owners of the property, ask the court to appoint what they call a special magistrate, which is a third party who will list and sell the property and none of the beneficiaries have to sign the deed. Then all the money is held with the clerk of the court or with the closing agent from the sale of the property. And then the expense of bring the partition acts, including attorney fees, is then distributed pursuant to a court order, to all the owners and their fractional share. So if you owned a half interest, you would be entitled to one half of the net proceeds. If any owner of the property would have paid taxes or insurance, they’re, they may be entitled to a special equity for these taxes and insurance that they’ve paid, which would come out of the net proceeds. If you have any questions about a partition action, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Real Estate – Selling, Videos
If I Put My Children on My Deed, Can They Force Me to Sell My House?
Video Summary
If I put my children on my deed, can they force me to sell my house? The answer is yes, because you make them a co-owner of the property, they can file an action called a partition action where they sue and asset. A third party called a special magistrate is appointed, and the special magistrate can then list and sell the property for and divide up the proceeds pursuant to the share of the party’s interest in the property. There are other problems in adding your children to the deed, such as when it’s sold, they don’t get a step up on a basis. You may lose a portion of your homestead exemption. It may be a problem also if you have to qualify for Medicaid. I suggest that if you are going to do this for the purpose of estate planning to avoid probate and to put your children on the deed, it is that you sign what they call a lady bird deed or an enhanced life estate deed, and that’s where you convey to them the property. However, you reserve all the rights of ownership during your lifetime, as well as the right to sell the property, keep all the proceeds, or even change who receives the property during your lifetime. You reserve all those rights. And so I’ve been using these type deeds for many years and they work very well, but you do not want to add your children to your homestead property or to the house, to your property because they can force the sale and has other adverse consequences for both you and them. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos