Can I Use My Parents Power of Attorney to Transfer Their Trust Assets?
Video Summary
Can I use my parent’s power of attorney to transfer their trust assets? The short answer to that is no. The reason is, is the power of attorney is given to the now called agent that used to be called a attorney. In fact, in their individual capacity, if they’ve titled particularly real estate and their name is trustee, then you must have the trustee sign the deed or transfer it in the trustee’s name. And if they’re not able to sign, you then need to have, the trust amended so that the successor trustee is then able to sign the documents or deed to transfer the title. But you cannot use a power of attorney, which has been executed by your parents and their individual capacity to transfer their trust desk sets. If you have a problem as far as transferring trust assets and they have a power of attorney, will give me a call at (727) 847-2288. Thank you.
When Do My Responsibilities Start as a Trustee?
Video Summary
When do my responsibility start as a trustee? Well, the first time it starts is if someone sets up a trust or either you or someone else and you’re named as the trustee, well then, your responsibilities start away. However, you do need to accept the responsibility as a trustee. The usual scenario is, is that your parents or a loved one has set up a revocable trust for estate planning purposes. And they say who they want to receive their assets and then they name who they wish to serve as the successor trustee. And that instance, we would need a death certificate, for the person who set the trust up, which has served as a trustee. And then I would have you sign an acceptance of trustee and obtain a federal identification number for the trust so that you could then act in their capacity and distribute the assets or sell the assets of the trust, uh, for the beneficiaries and then distribute those. So your responsibilities start whenever you’re named, either as the trustee or successor trustee. And the circumstances have changed as whereby the original trustee can no longer serve, whether due to incapacity or death, and then you have the option of signing an acceptance. If you don’t wish to serve as trustee, you don’t have to undertake those responsibilities. If you have any questions about your serving as a trustee a under a trust will give me a call at (727) 847-2288.
How Much Time Is Involved In Setting Up A Will?
Video Summary
How much time is involved in setting up a will? Well, usually the time period consists of a conference wherein you meet with myself or an attorney and give him the information as to whom you would like to leave your assets upon your death, and further who you would like to be your executor. You need to have some idea of what assets you have and how they’re titled, and that drafting a will is incorporated in estate planning. Knowing how your assets are titled is important as far as knowing what the will will control since your will will not control jointly-owned assets, assets that are titled with a payable on death, life insurance or IRAs that have beneficiaries. After you have the estate planning conference, then you’ll later have to come back and sign your well.
We also discuss in our well conference a living will which says that you don’t want your life prolonged artificially. Also, a healthcare surrogate form where you authorize someone to receive health information too, as far as HIPAA is concerned, and to make medical decisions for you, as well as a durable power of attorney.
Give me a call if you’d like to do some estate planning and have a well-prepared my phone number’s (727) 847-2288.
How Much Does Probate Cost?
Video Summary
How much does probate cost? That’s always a big point, in that the Reader’s Digest in the past has talked about how the lawyers get 50% and the government gets the other 50%, and it takes seven years for everybody to fleece the estate. However, that’s not the case. If you have probated assets or assets that are just in your name alone when you pass away, the Florida statutes prescribe that a reasonable attorney fee is 3% of the assets. There are certain minimum fees for handling a probate proceeding, and also prescribes that there is a 3% fee to the personal representative or executor of the estate. You’re looking at 6% of the assets.
There are two types of probate proceedings. One is a formal administration, which takes approximately six months to a year depending on how complex it is, and also a summary administration when they’re assets of less than $75,000 excluding the homestead and a provision is made for creditors. Either no creditors or you’re making provision that they be paid. And depending on which type of proceeding is involved will also affect how much the attorney fees will be. The court costs for a probate proceeding run between about 500 to 800 dollar court costs and administration costs, other than the attorney fees.
Rather than giving you a number in this video, give me a call. Let me know what assets are in the estate, and I’ll be glad to talk to you over the phone and give you a quote as to what procedure you would need to follow, how much it would cost, and some idea as the length of time. So give me a call at (727) 847-2288.
How Long Is A Will Good For?
Video Summary
How long is a will good for? A properly executed will has no expiration date. You should always consider updating your will whenever there’s a change in circumstances. Many times I’m asked whether or not my will from another state is valid. If it was properly executed in that state, then Florida will recognize it. One thing you do need to keep in mind though, is that you need to keep track of your original will, and that a copy of a will cannot be used after you pass away, as far as probate concern. If you retain the original will in your possession or have it in your possession that’s lost or destroyed, it’s presumed revoked. Some law firms such as mine, we retain the original wills in our fire rated file safes as a courtesy and a convenience to our clients and provide them with a copy. Other law firms give the original to the person who executes the will, and hopefully they keep track of it. So if you have any questions or would like to make out a will, give me a call at (727) 847-2288.