ARE MY ASSETS PROTECTED FROM CREDITORS IF I SET UP A TRUST
Video Summary
Are my asset protected from creditors if I set up a trust? If you set up a trust for state planning purposes, for the in order to avoid probate, and you designate yourself as trustee, your assets are not protected from creditors. You have control over these assets and if a creditor obtains a judgment against you, they can attach a levy upon any asset that you hold as trustee, under your trust as if they were just in your name alone. So setting up a revocable trust, does not protect your assets from creditors. You have questions about this. Give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
WHAT IS PROBATE
Video Summary
What is probate? Probate is the court proceeding, that you use to pass the deceased person’s assets to their errors or beneficiaries. If they have a will it designates who the beneficiaries are. If they die without a, will, it passes to decedents and probate only deals with assets that are just the decedents name alone. So they are not, assets are not subject to probate. If they’re jointly held or they have a designated beneficiary. Also the probate process has the rights of creditors and creditors only have a right to collect their debts from the property that is owned by the decedent at their death. And so that is a purpose of the probate is to see that the beneficiaries receive the assets and that the creditors are of the decedent are paid from those assets. If you have any questions about probate, give me a call at (727) 847-2288.
Can I Contest the Handling of Money By My Power Of Attorney Representative
Video Summary
Can I contest the handling of money by my power of attorney representative? The answer is yes, under Florida law. The power of attorney who is now called an agent is responsible to prepare an accounting of the handling of any of your monies. I find that most of the time they do not do that, particularly if they’ve mishandled it, but certainly you can sue them for if they used the money improperly and that they have a, what they call it. They’re in a position of trust called a fiduciary relationship and they don’t use the money for your behalf or what they’re authorized to use it for. They are reliable to you for any abuses of the power of attorney. You have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
When Should I Make Updates To My Estate Plan
Video Summary
When should I update my estate plan? You should update your estate plan when there’s a change in circumstances. This is usually whenever the beneficiary passes away. Particularly whenever you have a husband and wife situation and you lose your spouse, that’s a good time or a reason to update your will to them. Look at your designated beneficiaries to see if they’re still the same. And also as far as selecting who your personal representative, if you want to be and do further estate planning in order to avoid probate. Also, if your personal representative becomes disqualified or dies, that’s another change in circumstance that you may wish to change your will or update your estate planning documents. Also, there can be changes as far as your children or your beneficiaries are concerned, their life, changing situations such as, alcohol or drug abuse. And if you wish to eliminate them while you should update your estate planning documents, or even who you wish to have as your power of attorney, or can make medical decisions for you. So if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
Does My Will Have To Be Probated
Video Summary
Does my will have to be probated? Your will does not have to be probated unless you have assets that are just in your name alone by having a will designating, the beneficiaries does not avoid probate. What avoids probate is titling your assets with a beneficiary designation or holding those assets jointly. So whether or not your will has to be probate depends on whether or not you die owning any assets that are titled just in your name. Most of the time that I see is it’s real estate that is in the decedent’s name and there’s no beneficiary designated on the deed. So to avoid probate, you can do estate planning. So if you have any questions about probate or how to avoid probate and estate planning, call me at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills