If I am Married, Do All My Deceased Spouses Assets Pass to Me?
Video Summary
If I am married, do all of my deceased spouse’s assets pass to me? Well, if he left a will leaving everything to you, the answer is yes, but the myth is that this happens automatically, and that is not true. You may have to go through a probate proceeding in order to obtain the assets. Depending on who his heirs are, as to whether or not the spouse will receive all of the assets or not. So if he has a will, the will, will control who will receive what assets.
We also have to consider homestead, and that if you’re survived, and the homestead property is just in the decedent’s name, well, then, he can only leave it to the spouse if he wants to do that as far as his will is concerned. If he doesn’t leave it to the spouse, it is controlled by the Florida Constitution, the laws of the State of Florida, which gives the spouse a life estate or can elect to take a half interest in the property.
As far as the other assets are concerned, the state of Florida sets forth a will for you, or says who receives all the assets. If the decedent is only survived by a spouse and there are no minor children, any children of the decedent, well, then, all the assets will pass to the surviving spouse. However, a probate proceeding will be necessary.
I don’t have time to go through all the various scenarios as far as if there are children of a prior marriage or children of that marriage as to how much the spouse receives and how much the children will receive, but the myth that it happens automatically is merely that – a myth – and if you lose your spouse, and they have assets in their name other than motor vehicles, please give me a call at 727-847-2288 so we can discuss what would be necessary and who will receive the assets.
Thank you.
How Does a Lady Bird Deed Help My Heirs Avoid Probate?
Video Summary
How does a lady bird deed help my heirs avoid probate?
Well first let’s define what a lady bird deed is. That is a name that an author of a treatise gave to a life estate deed. A life estate deed means that you convey your property to your children or to anyone. However, you reserve to yourself a life estate, meaning that you own the property, or you get to use the property during your lifetime.
Now what is known as a lady bird deed has additional powers besides being able to use the property during your lifetime. Those powers include, which are reserved to you with your life estate is the ability to sell the property without the joinder of these remaindermen. So that is the definition of a lady bird deed when we’re talking about it.
So how does it avoid any kind of probate when a person passes away? Well, you signed the deed and you conveyed it to whomever, your children or your heirs and reserved a life estate. And you have certain rights to convey or transfer the property during your lifetime. But if you do not sell or convey it during your lifetime upon your death all they need is a death certificate and they will own the property, “they” being whomever you have conveyed the property to. And the deed, they will own it, and all they need to do is record the death certificate and they will automatically own the property.
So that’s how your heirs will avoid any probate proceeding if you sign a lady bird deed conveying the property to them during your lifetime.
If you would like to discuss this further well give me a call at 727-847-2288. Thank you.
When I Buy a Business, Am I Buying the Debts?
Video Summary
When I buy a business am I buying the debts? Well that all depends on whether or not you are buying the business entity, such as the stock in a corporation or if you are buying the assets. Most of the business sales contracts that I review are a sale of the business assets, so you are not agreeing to pay any of the debts. You simply contract to buy the good will, which is the name of the business, the phone number, the trade name, as well as the business assets; such as the fixtures, equipment and also inventory. Usually with the accounts receivable, if you have those in a business, stay with the seller and so it’s up to him to collect those monies. In an ordinary business transaction you do not assume the debts of the seller.
That is all specified in a contract for the sale and purchase of a business. One of the big assets of a business is a lease, so you certainly need to be sure that you assume and the lease is assigned to you at the time of closing so you do not wind up with a business and not have the lease put into your name. So you would be assuming that obligation.
You also may be assuming obligations if certain equipment is financed; that’s another obligation you would have. However, as far as vendors are concerned, such as your suppliers, then you are not assuming that debt. Although it is a good idea to verify that the vendors will continue to supply you with the product or whatever it is; even if the former owner of the property failed to pay them. That would be an impact on you, but you do not have to pay the debts of the former owner when you only buy the assets.
The utilities are something else that you need to be careful of; also sales tax. You need to make sure that there is no outstanding sales tax that could be a lien against the equipment, as well as tangible property tax.
Now you do assume all the debts of the business if you simply purchase the stock in a corporation. Then you get all the assets and all the liabilities. You need to be careful when you sign the contract to address all these issues.
So if you would like to have me represent you or prepare a contract for the sale of a business well give me a call at 727-847-2288.
- Published in LLC's and Corporations, Videos