How Do I Safeguard Protect The Assets Were Left Behind?
Video Summary
How do I safeguard or protect assets that are left behind? This is a very problematic question and that you really have to rely upon your heirs or whoever has access to these assets whenever you pass away to see that they’re safeguarded. If the assets are titled such as real estate, well then they are pretty well safeguarded because you need to have the appropriate person sign the deeds as far as conveying the real property is concerned. If they’re automobiles or any assets that are titled, you can then check on that to see if anyone attempted to transfer those automobiles that we’re not entitled to. Same thing with securities and brokerage accounts. Those are all titled, and they require documentation in order to be able to be transferred to the beneficiaries of your estate. There is problems whenever you have, such as jewelry, collectibles, coins, furniture, antiques.
None of these assets have any assets. I routinely talk to my clients who do estate planning and I said it’s the U-Haul effect. Whoever gets there first with the U-Haul wins. So, you really have to rely upon the integrity of the beneficiaries of the estate because it’s very, very difficult to prove what’s was taken by whom and how much was it worth in order to try and recover it from someone. If you want to safeguard items such as jewelry and coins and things such as that, you could probably put them in a safe deposit box. However, then you won’t be able to enjoy them during your lifetime if they’re locked away. But that’s one way to safeguard them. Larger items, equipment, tools, things like that can’t put that in the safe deposit box. So the only thing that you may do is try and go through and come up with an inventory of some of the more valuable assets and put down the approximate value and put that on a list as to who you want to receive that, and that would certainly show that what assets should be there, but if they’re not, it’s very, very problematic. If you have any questions about this, give me a call, (727) 847-2288.
- Published in Estate Planning, Videos
What Laws Or Other Factors Are Considered When Distributing Assets Within The Trust?
Video Summary
What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the trustee to administer the Trust. As far as that’s concerned, many times Trust, the trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Tust. The Florida statutes outline the duties of the trustee and what his fiduciary or responsibilities are and when he should do that. So the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.
Why Would I Need a Disposition Without Administration?
Video Summary
Why would I need a disposition without administration? You’re entitled to obtain this disposition without administration. If the funeral bill that you paid exceeds the amount of a bank account, so let’s say that you paid $3,500 for the funeral bill for the decedent, and they had a bank account which has $1,200 in it, you can then apply to the court, go to the probate court, and ask to file this petition for disposition without administration. Provide them with the paid funeral bill and also the information as far as the bank account’s concerned, and the court of the judge on interim order directing the bank to give you the money and without having to go through a probate proceeding. I believe there is a filing fee for that. So if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Who Else Has Access to The Trust?
Video Summary
Who else has access to the Trust? Well, Trust or not public records, sometimes a certificate of Trust is recorded in the public records, which identifies the trustee and also the powers of the trustee or the successor trustee, but does not reflect who the beneficiaries are. The trustee has access to it, and also the successor trustee as to the contents of the Trust. And the trustee is supposed to send out a notice of Trust or the copy of the Trust or the contents of the Trust to the beneficiaries, and the beneficiaries are entitled to a copy of the Trust. If you’re not a beneficiary, well, you have no right to the informational Trust. Many times I receive calls from folks that say that, well, I’m a beneficiary of that trust. I said, well, how do you know that? Well, so how do I get a copy of it? And it’s very difficult, particularly if the trustee does not provide you with a copy of it, although you believe you are the beneficiary. So if you have any questions about it, give me a call at (727) 847-2288.
Is There A Time Limit For Probate?
Video Summary
Is there a time limit for probate? No. the law is that as far as real estate concerned that the title to the property vested the beneficiaries or heirs the incident of death, probate is necessary to determine who the heirs or the beneficiaries are of the decedent to know who owns the property as of the date of death. So there is no time period in which to proceed with a probate proceeding. If there are bank accounts or whatever and the decedent’s name and probate didn’t commence, the banks will eventually turn the money over to the state of Florida’s unclaimed funds. And so they will sit there until the probate proceeding has been filed. So, there is no limit once the probate proceeding has commenced. The courts, the probate judges like to have the estate proceeding closed within one year. However, you can petition to extend the time period, for administration, giving them reasons why. If you have any questions give a call at (727) 847-2288.