Does Revocable Trust Need a Bank Account
Video Summary
Does revocable trusts need a trust account or bank account? The answer to the question is yes. If you have an account that you want controlled by your trustees, you need to by your trust, you need to name, to set up the account and your name as trustee of your particular trust. The reason for that is, is if it’s just in your individual name, then the provisions, the trust do not apply. So sometimes you see people that have set up a wonderful trust and it says everything. And the idea is to avoid probate, but they don’t turn around and retitled their assets and their name is trustee under their trust. So whenever they pass away, you have to go through a probate process to get an order for the assets to go to the trust and then have the trust, distribute the assets, which defeated the whole purpose of setting up the trust to avoid probate. So if you want assets to be controlled, by your trust, you need to title them in the name of your name as trustee under your revocable trust and name your as trustee and name your trust in the, how you title the asset for it to be controlled by the, the provisions of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Trusts, Videos
Are There Any Hidden Costs in Buying A Foreclosed Home
Video Summary
Are there any hidden cost in buying a home in a foreclosure sale? The answer, is yes, you need to be very careful before you bid at a foreclosure sale to purchase a purchase the property. Some of the hidden cost or liens as it may be is if it’s a condominium or in a homeowner’s association. If you’re a third party bid, you’ll be responsible for paying any back due homeowners association liens, or, undo amounts that are paid. So that is one area that you have the hidden cost. I’ve seen any number of times when people would buy the property at a foreclosure sale. Whenever the homeowner’s association or condominium association is foreclosing on their assessments. And it looks like a really good deal, because they get this, you know, expensive property and they only have to pay a few thousand dollars whenever the property’s worth two or $300,000. While you take it subject to any superior mortgages, meaning mortgages or liens that were filed before, the foreclosure action or whatever the lien or, second mortgage that was being foreclosed upon.
And so when you take title to the property, it’ll be subject to that and your interest can be foreclosed out by the first mortgage holder. And, or if there may even be a federal tax lie or any number of lie that can be attached to that. So,you need to do a title search on the property to make sure that there, that there are no prior mortgages and it’s hard to tell whether or not there’s any back due homeowners association, liens or condominium liens, unless they filed it. And then there’s usually even more on top of that. So, if you have any questions, you can give me a call at (727) 847-2288.
- Published in Real Estate - Foreclosure, Videos
What is a Reverse Mortgage
Video Summary
What is a reverse mortgage? A reverse mortgage is one that you do not have to repay, uh, during your lifetime, uh, unless you sell the property or you, or you move out of the property. So, it’s one that you don’t have to make any payments for. It was set up so that you could keep people in their homes. So senior citizens who could not afford making their mortgage payments or, it was set up so that you could receive periodic payments. And so rather than you’re making payments to the mortgage company, the mortgage company would send you a check every month or every six months or whatever, and you’d receive payments. And that it would then mean the mortgage amount would grow with each payment that you would receive. And that’s the reason why they called it a reverse mortgage in that you would be receiving payments rather than to the party that you borrowed the money from. So, we would be borrowing money incrementally as you go, most reverse mortgages. The parties take the full amount, out as soon as they close on the reverse mortgage. These mortgages become payable upon your death. And or if you vacate the property for a period of six months, it becomes doing, payable, or if you sell the property, there are also a, an adjustable rate interest rate. So ,it’s interest rate wise. It can be a lot more expensive than a fixed rate loan. If you have any questions, we’ll give a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
Why Would I Need to Open a Trust Account
Video Summary
Why would I need to open a trust account? If you set up a revocable trust for state planning purposes, you should set up your bank account. So. it shows you as trustee of your revocable trust. The reason for that is, is so that the provisions, the trust will control because if you leave the, the accounts just in your name, well then particularly if you set it up to avoid probate, you would have to probate your estate in order to have the accounts be placed in your name, either your successor’s name as trustee of the trust, so that they could then be distributed. So if you want your trust to control your bank accounts on who it goes to upon your death, you need to title them in your name as trustee under your revocable trust. So that is the reason why you would want to open up a bank account and the name of your name as trustee of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
Can a Portion of a Will be Invalid
Video Summary
Can a portion of a well be invalid? The answer is yes. it can be. One of the reasons I primarily see it being invalid is whenever you make out a will, husband and wife and you leave everything to your spouse, and then you later get divorced, the law provides that, portion of the will, where you left everything to your wife is ineffective. A divorce interprets the will as if the ex-spouse predeceased you. And it would go to the alternate beneficiaries. Another reason is, if you put some provision in your will as to your homestead property, and you don’t leave it outright to your spouse, or if you have minor children, you try and devise it to someone. That portion of your will may be invalid since the Florida constitution governs who you can leave your home to, what you can leave to and to whom. And so, that may be another reason why a portion of the will would be invalid. Another one, which we don’t see very often is whenever you have a device against public policy, an example of that says, well, I leave, $10,000 to my daughter provided that she does not get married. And so that would be a, the buys would still be valid, because that would be a provision against public policy. So if you have any questions, give me a call its (727) 847-2288.