If I Leave Someone Money in My Will Can It Be Paid From a Joint Account?
Video Summary
If I leave someone money in my Will, can it be paid from a joint account? The answer is no. It cannot be paid from a joint account. A joint account has a signature card which says who owns the account upon whenever someone passes away the Florida law is the joint accounts will automatically go to the co-owner of the account or both parties on the account. So know that you can only request that and your will that someone pay that money out of a joint account, but that’s not legally binding and know the executor has no control over a joint account. An executor, in order to pay out devices can only pay those from assets or title in the decedent’s name alone. They’re in a probate proceeding. If there are no assets in a probate proceeding and they’re all jointly held, there is no probate, there’s no executor and all the assets passed without probate to whoever the join owner is or the designated beneficiary of the various accounts. If you have any questions, give me a call at (727) 847-2288.
If a Contract Is Breached, Who Pays the Fees If We Go to Court?
Video Summary
If a contract is breached, who pays the attorney fees? Well, first off, you have to look at the contract, and if it’s the standard real estate contract it provides in there, if suit is filed, then the prevailing party, whoever wins, is the one that is entitled to get an award of attorney fees. Now, receiving an award of attorney fees and being paid, your attorney fees are two different things because number one, if it’s a judgment and you receive an award of attorney fees because you’re the prevailing party along with whatever other monies you recover from the other party, well then you still have to go about collecting it. So being paid and being entitled to them are two different things, and that it’s difficult to collect money here in Florida since people’s houses are protected from judgment creditors. And also, if you’re going to be talking to an attorney, you’re going to have to advance the fees to the attorney to bring the lawsuit. So you’re going to be out the money and then he will see about getting you your fees included in your judgment, and then you need to see about collecting them. So getting paid and being entitled to those attorney fees are two different things. But hopefully that answered your question. And if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Videos
What CANNOT Be Held in Trust?
Video Summary
What cannot be held in trust? Well, I think just about everything can be held in trust, particularly all titled assets. If you’re dealing with a lender, a trust company, or a bank that serves as a trustee, or for that matter, any professional trustee or trustee, they may have some reservations about holding real estate, particularly vacant real estate in trust, having it in the trust since if there’s an environmental problem, there may be some question about whether the trustee then becomes liable for the environmental cleanup. So that’s always a question. Some of the other assets that are problematic, I don’t know that if you have cryptocurrency, they don’t title those. That’s simply numeric, and that’s all done through a wallet. So that would be another asset that I don’t know that you would be able to put in the trust. And so the other assets, which are problematic would be if you have gold, they can’t be specifically identified. And now how does the trustee do that as far as, I guess they could hold it, but would probably want to liquidate it to make it more accountable as far as that’s concerned, rather than having to safeguard it. So, there’s a few examples on items that are assets that may not be able to be held in trust, but certainly just about all titled assets can be titled in the name of the trustee for a particular trust, and of course, be governed by the provisions of the trust documents. If you have any questions, give me a call at (727) 847-2288.
What Is Due On a Sale Clause?
Video Summary
What is the due on sale clause? This is a clause that is found in almost every residential mortgage, particularly if it’s from a lending institution, a bank, or whoever gives you a 30-year fixed trade mortgage, and is in almost all even owner financing mortgages. And it says that if you transfer the property that you have a mortgage that you mortgage, then the loan, the mortgage secures, becomes due and payable and you must pay that loan off. In other words, it’s non assumable. You can’t let some buyer just take over your payments because it becomes due and payable. So that’s where they get the due on sale clause is really a due on transfer clause. Now, I will say that with the commercial lenders that if, or the regular residential mortgages, if you transfer the property, they have not been, I’ve seen very few of them that have called the loan due and payable if the mortgage payments have been being made. If they get their payments, they haven’t been enforcing the due on sale clause in commercial mortgages. I don’t know that you’ll have that kind of luck, but that is what a due on sale clause is. I’m getting ready to file two foreclosure actions, and that’s not only did it not make the payments, they also transferred the property. So that’s a default under the mortgage and we’re accelerating the amount of money owed. Under the note, if you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate, Real Estate - Foreclosure, Videos
What Are the Pros of Guardianship?
Video Summary
What are the pros of guardianship? Guardianship is usually something of last resort. Whenever you set up a guardianship, you ask that the court determine that the person is incompetent, and they take away all their rights. So, it’s a court proceeding. And so, the petition then requests that there be a person appointed as the guardian, which is the person in charge of their money. That’s called the guardian of the property. Also, the person who is charged with taking care of them and their wellbeing and health, and that’s the guardian, the person. So, this is a court proceeding. It’s somewhat expensive, and particularly the IT is supervised even after it’s established. As far as the guardians are concerned, they must file reports with the court at least annually as far as the physical condition of the ward or the person who’s been adjudicated, incompetent file accountings as far as the money and how it’s being spent. Get authorization to spend the money for the ward. So, the pros are pretty much the last resort, and as far as trying to take care of someone who is becoming incompetent and is dissipating their assets, people are taking advantage of them or they’re subject to scams or whatever. So, if you have any questions about guardianship, give me a call at (727) 847-2288.
- Published in Guardianship, Videos