What Happens to Personal Property if There is No Will?

 

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What happens to personal property if there is no will?  I am assuming that the question presupposes or supposes that the person has passed away and has personal property.


And so what usually happens is, whoever gets to the personal property first, if it is untitled, is the one that takes advantage of it and does whatever they want to with it.


What should happen is that an estate proceeding should be established, although rarely it is, and the children or heirs of the decedent agree as to who is going to be the executor or personal representative of the estate.  The personal representative then would inventory and list all the personal property and then sell it.


Now there is an exemption against the claims of creditors for personal property in a probate proceeding so that it goes to the children as far as that is concerned.


So my experience has been that if their only asset that the decedent has is personal property, usually the relatives or the caregiver or whomever is close to the decedent, takes care of disposing of the property and sometimes that creates some problems with the other heirs or relatives whenever they do not share it.  But rarely is an estate opened unless there is titled personal property other than an automobile.

 

So if you have any questions about an estate, give me a call at 727-847-2288.

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The Property I Rent is in Foreclosure, What Are My Options?

 

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The property I rent is in foreclosure.  What are my options?


Well, until the foreclosure is completed, the person who is being foreclosed upon owns the property so you are obligated to continue to pay your landlord under the Landlord Tenant Act and under any kind of lease or rental arrangements.  So you would continue to pay them unless you receive a Pleading or Notice from the Court that says that you are to pay your rent into the Registry of the Court or to the bank’s attorney.


Also, there is an action that can be filed by a Homeowner’s Association or a Condominium Association that can require you to pay your rent to the Condominium or Homeowner’s Association if the owner is not paying the rent.


But because the property is in foreclosure does not excuse you from paying rent to your landlord.  If you do not pay the rent to the landlord, then he has a right to evict you.


So your options are pay your rent or you may be evicted from your property.

 

If you have any questions give me a call at 727-847-2288.

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Why Do I Need Title Insurance?

 

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Why do I need title insurance?  Well, primarily the title insurance covers you so if there is any title defects in the property that they will pay for it.


Say, 50 years ago how you made sure that you had clear title or marketable title to the property is you relied upon an abstract to the property and then an attorney would give you a written opinion as to whether or not the title was clear after examining an abstract.


That time has long since passed because let’s say the lawyer missed something.  Well, then you would have to sue the lawyer because he did not find it or made a mistake.  And if the lawyer (A) didn’t have any money or (2) was dead or not available or moved away, well, you were stuck.


So they have come in with title insurance so now you have an insurance company to look at your title and guarantee that you have marketable title that covers any things that are missed in the search as well as things such as forgeries or things that do not appear in the public records.


But the biggest thing that title insurance does is you are assured that someone has examined the title and done a title search to see if there is anything there so it’s more of a preventative matter rather than a remedial matter.  And, therefore, it’s a small percentage of what the purchase price is.  It certainly does not cost like homeowner’s insurance.


But also, title insurance you need to hang onto it even after you sell the property because later on if there is a title defect and someone wants to sue you on the warranties that you have given under a Warranty Deed, you can then call on your title company to defend you because they insured that you had marketable title.


So the primary reason for a title policy is that you know someone has examined the title and that you are getting the property free of any liens and that it’s only subject to various easements of the Condominium’s or Homeowner’s Association which also you can ask for copies of those.  So it is informative, preventative and also gives you assurances or insurance against any defects that were missed.


So I would strongly recommend title insurance and usually the seller pays for that in the Tampa Bay area.  And in the Miami, Broward and Palm Beach area I believe that the buyer buys his own title insurance instead of the seller.

 

So if you have any questions about title insurance give me a call at 727-847-2288.

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Can You Terminate a Home Purchase Agreement If Not Satisfied With the Home Inspection Results?

 

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Can you terminate a home purchase agreement if you are not satisfied with the home inspection report?  The answer to the question lies in the contract.


Most contracts for residential property have an inspection paragraph that gives you so many days in which to inspect the property.  These are called “As Is Contracts.”  So it says that you have 10 or 15 days to inspect the property and if you are not satisfied you merely need to give notice within that time period to terminate the contract and then you should receive your deposit back.


If your contract does not have an inspection period and you find a defect in the property that is not readily observable, you would have a right to terminate the contract for a latent defect that was not disclosed.   You cannot terminate a contract if you go past the inspection time period set forth.


So you need to read your contract and see what it has to say and it will probably provide for an inspection period and you would be able to terminate.

 

So if you have any questions about your contract, so give me a call at 727-847-2288.

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Ask Jaleh: Is a Guardianship Appropriate for My Loved One?

 

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Is a guardianship appropriate for my loved one? Guardianship proceedings are designed to provide safe mechanisms for assistance to prevent the abuse of a vulnerable person. They are also used to alleviate the risks that an incapacitated person may present to himself, herself or to others. Furthermore, they are used to restore the incapacitated individual with the help and financial security that they deserve.


The intent of guardianship law is to accommodate the best interests of the alleged incapacitated person or ward, which is someone who has already been adjudicated as incompetent and to do so in such a way as to preserve as much of the ward’s independence as possible under the particular set of circumstances of that individual.


Guardianship should be considered an extraordinary procedure used only as a last resort when no other mechanisms for support will suffice to protect your loved one.  A guardianship is not necessary for every incapacitated person, but those who lack support mechanisms to overcome their incapacity.


A guardianship may be necessary if your loved one is a danger to themselves, such as lacking the ability to be responsible for their cleanliness, their own care or their own personal nutrition.  A guardianship may also be necessary for your loved one if they may be in financial danger such as spending funds improperly or making repeated foolish investments due to their incapacity.  In this situation, a guardianship may be the only alternative to preserve your loved one’s funds for their lifetime of needs.


A guardianship may also be necessary if there are wrongful fiduciaries or caregivers in place who commit wrongful acts either purposefully to your loved one or potentially in error.  In this situation, a guardianship may be the only way to protect them against such malfeasance or misfeasance.

 

If you believe that a guardianship is appropriate for your loved one, please contact Waller & Mitchell today to set up an appointment to discuss all of your legal needs.

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