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.
Is There a Minimum Value Required To Establish a Trust?
Video Summary
Is there a minimum value required to establish a trust? No, there is not, but I think a better question is what’s the purpose of setting up a trust? I do a lot of estate planning and many times, I have clients come in to see me and the reason they want to set up a trust is to avoid probate. And so that is certainly a legitimate reason to set up a trust but there are other means of avoiding probate other than setting up a trust. Some of the other reasons why you may want to set up a trust is in the event there is a special needs beneficiary that you wish to provide for and you can put that in your trust or free standing trusts. There’s also trusts that are set up for life insurance so that they are controlled in an irrevocable life insurance trust.
There is also a Medicaid trust to qualify you for Medicaid. So the big reason to set up a trust is look at the purpose of it and then determine whether or not you need to set it up. But there is no minimum amount that you need to put in many trusts provided that if there’s less than a certain dollar amount, such as 50,000 or $100,000, the trustee may go ahead and do away with a continuing trust rather than going through the [inaudible 00:01:41] continuing to administer it. Also, you need to take in consideration the cost of setting up a trust, which may outweigh whatever amount that you put into it. So if you have any questions about setting up a trust, well, give me a call at (727) 847-2288.
When Do You Use Quit Claim Deeds?
Video Summary
When do you use quit claim deeds? Primarily to clear up any interest someone may have in real estate by them signing the quit claim deed, they say that, “Look, if I have any interest in this property, I’m releasing it, I’m not stating that I do or do not have any interest in the property. But if I do, well I’m releasing it to whoever you’re transferring the property.” They’re used quite a bit to clean up any discrepancy and legal descriptions that are in the, what we call the chain of title, in that someone conveyed their property and there was a misspelling or there was a sentence missed out of the legal description, and it’s clear that they meant to convey the property.
However, as a result of a typographical error or some other problem with the deed, it did not clear up the title. And so the quit claim deed used clear that mistakes up that are made in transferring property, usually from a prior owner. Sometimes the quit claim deeds are used by relatives in the estate situation where has left of four or five children and they say, “Oh, well I want my sister to have this.” Well, they’ll sign a quit claim deed transferring whatever interest they have in the property to a particularly family member whom they would like to own the property.
Another time that quit claim deeds are used is whenever there’s a divorce proceeding, and the judgment should provide for the conveyance of a spouse’s interest in the property. However, if it does not, and directs them to execute a deed, well they would usually use a quit claim deed since they’re not warranting title. So quit claim deed says that, “I’m conveying whatever interest I may have in this property to you.” There’s no warranties that the person who signs the deed, that they have any interest in the property, but as to clear up questions about prior conveyances or court orders. If you have any questions about quit claim deeds and their use, well give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos