Is There a Deadline for Creditors to Submit Claims in Probate?
Video Summary
Is there a deadline for creditors to submit their claims in probate? Yes, there is. The executor, once they’re appointed by the court and issued letters of administration, their lawyer sends out a notice to credit to any reasonably ascertainable creditor. That gives the creditor three months in which to file their claims in the estate. If they don’t do that after receiving this notice, then their claims will be barred. If the notice is not sent or a creditor does not receive notice, they have up to two years before their claim is barred. There is a time limitation and a procedure or process to give notice to creditors to file their claims or else they will be barred. If you have any questions, give me a call at 727-847-2288.
What If Multiple Wills Are Found – Which One Is Valid?
Video Summary
What if multiple Wills are found after someone dies? Which one is valid? The last Will that was signed is the one that is considered valid. And so that is basically how you determine which Will is valid. Sometimes this is a fertile ground for Will contest or whatever, as far as having a series of Wills, unless they’re prepared by an attorney. And then the Will will provide that I declare it to be my last Will in the testament, expressly revoking all prior Wills. In that event, it’s very clear that the last dated Will is the one that is effective. If you have any questions, give me a call at 727-847-2288.
Are Probate Court Records Public and How Can I Keep My Estate Details Private?
Video Summary
Are probate court records public and how can I keep my estate details private? Yes, probate proceedings are public record. One of the things that is not public record in a probate proceeding is the inventory, so no one can find out what’s in the estate other than the attorneys who represent the personal representative or represent a particular beneficiary. So if that’s the detail you’re concerned about, it is not public record. If you want to keep all the details of your estate private as to who receives it, as well as the assets, you should consider putting your assets in a Trust and executing a Trust document and that way they will not be public records. If you have any questions, give me a call at 727-847-2288.
How Does Month to Month Tenancy Work, and How Much Notice Is Required to End It?
Video Summary
How does a month-to-month tenancy work and how much notice is required to end it? A month-to-month tenancy is established when the tenant occupies the property and pays their rent on a monthly basis. In order to terminate this month-to-month tenancy, you need to give them 30 days’ notice before the next rental period starts. So that in order to terminate, sometimes month-to-month tenancies come into existence after a lease is expired and the parties don’t renew the leases. If you have any questions, give me a call at 727-847-2288.
- Published in LLC's and Corporations, Real Estate, Videos
Probate vs Trust Administration – What’s the Difference in Settling an Estate?
Video Summary
Probate vs Trust administration. What is the difference in settling an estate? Well, let’s define what a probate proceeding is. It is a court proceeding whereby a Will is admitted to probate and which is public record and notice is given to all the beneficiaries. A notice to creditors is sent out for all the creditors to file their claims, and then you go about settling the estate by paying the creditors and making distribution of the estate assets. So that can be accomplished in probably three to six months. If it’s a relatively simple estate, it should be done within one year as far as an estate administration. As far as settling the estate, if all the beneficiaries are in agreement and all the creditors have been paid, you can have all the beneficiaries sign a waiver in consent to the closure of the estate and waive any accountings and agree to the discharge of the personal representative and the estate being closed. With an estate administration, the Trustee undertakes to see that the creditors are paid, files a notice of Trust, and then undertakes to distribute the assets and pay the claims. You don’t have to go to court for any of this and all of this is not in the public records. So that’s the difference between the two as far as settling your estate. If you have any questions, give me a call at 727-847-2288.