Video Summary

Tenancy a substitute for a will. The answer is, is I don’t know if you put in your will that you wanted your joint tenant to receive it, the document that, provided that you own it as joint tenants would override whatever provisions you put in your will.

Having your documents with beneficiaries or joint tenants is all part of estate planning. You go through and I ask in an estate planning conference, “Who do you want to receive these assets?” Then I go through and say, “Well, how are they titled?” Then with that, that’s why you call it estate planning. If you hold it jointly with them, that means you have a joint interest, a half interest, or a lifetime interest in the property.

I wouldn’t necessarily call a joint tenancy a substitute for a will. It’s all part of the estate planning process and assets that are held as joint tenants with right of survivorship automatically pass to the survivor. If you’d like to do some estate planning, we’ll address all of these issues. My phone number’s 727-847-2288.

Video Summary

Is there a statute of limitations on mortgage loans left over after a foreclosure? The answer is yes. The Floyd legislature changed law several years ago that said that the lender must file an action for a deficiency judgment within one year of the date of the foreclosure sale. So therefore they have one year in which to bring an action for this deficiency judgment. If they got a judgment several years ago before the statute, this may not be applicable. If you have questions, email me at q@rdwaller.com or on social media, it’s #wallerlegal, or call me at 727-847-2288.

Video Summary

Foreclosure. Foreclosure is the legal process or the lawsuit that is filed to enforce a mortgage or lien by the lender or the person holding the lien who is owed money. It is an action to take away or to repossess the property upon which the lien is against. This results in what they call a judicial sale, which means that the property can be sold. If you have a lien or a note and mortgage which the person has failed to pay you, and that you would like to have it foreclosed, you can give me a call at 727-847-2288.

Also, if you have any questions that you would like to pose, if you go to q@rdwaller.com, send me any questions and we’ll be glad to respond to them. On Facebook, if you go to #wallerlegal, those posts, they will be responded to. We would be delighted to provide you more information about foreclosure. Again, give me a call at 727-847-2288.

Video Summary

Are there any alternatives to foreclosure? The answer is yes. You can sell the property and pay off the mortgage, which is if the mortgage is more than what the property is worth, that’s called a short sale. Another method of doing this is to give a deed back to the lender. This is called a deed in lieu of foreclosure. These are primary ways of avoiding a foreclosure, alternative to foreclosures, and it’s recommended by if you’re a lender, a private lender, and you wish to take back the property is to try and work out something with the borrower wherein they would convey the property back to you with the deed in lieu of foreclosure.

If you have any questions, email me at Q@RDWaller.com about this topic or any topic. On social media, it’s #WallerLegal. Or give me a call at 727-847-2288.

Video Summary

Morning, welcome to Lunch With A Lawyer. Today’s topic is: What is a lady bird deed? A lady bird deed is a deed whereby a person conveys their property to a third party whom they wish to receive it after their death. The person who’s conveying it reserves the right to control the property during their lifetime, and also the right to sell it, retain all the proceeds. They’re not responsible to the person who they conveyed it to for any damage or insurance proceeds, or anything such as that. It is a deed designed to avoid probate as far as conveying real property, much like a payable on death bank account is concerned.

The word lady bird, this document was developed by an author and put into an elder law practice manual. He then gave these names to the various documents after famous people. This deed was named after Lady Bird Johnson, and is now widely known as a lady bird deed. This lawyer or any number of lawyers will call it an enhanced life estate deed, which is a little hard to explain exactly what that is. In essence, this deed is designed to leave the person who is signing the deed in complete control of their property during their lifetime. However, if they still own the property at their death, the property would automatically pass to whomever they designated under the will, which is an estate planning tool that I use readily for estate planning purposes to plan estates so that there is no probate proceeding involved.

If you have any questions about that, you can email me at q@rdwaller.com. That’s q@rdwaller.com, or on social media, #wallerlegal. I’ll be pleased to any inquiry. Or you can give me a call at 727-847-2288.

To bring you up to date on where we are with Lunch With A Lawyer, the idea is to make ourselves available and let people know that we would be pleased to answer their questions about topics as far as probate, estate planning, and real estate so they could call and I could try and answer them over the phone, or, if they needed a lawyer, that they would engage my services as far as that’s concerned. The new format that we’re going to do to accomplish that is with these videos, if you have any question, rather than having to watch this video either now or later, you can simply send your questions to q@rdwaller.com. You can email it to q@rdwaller.com. Or, for social media, #wallerlegal. That’s #wallerlegal for social media about any of the videos or Lunch With A Lawyer topics. I look forward to receiving your questions. I’m always available if you give me a call at 727-847-2288. Thanks.