Is There A Time Limit For Probate?
Video Summary
Is there a time limit for probate? No. the law is that as far as real estate concerned that the title to the property vested the beneficiaries or heirs the incident of death, probate is necessary to determine who the heirs or the beneficiaries are of the decedent to know who owns the property as of the date of death. So there is no time period in which to proceed with a probate proceeding. If there are bank accounts or whatever and the decedent’s name and probate didn’t commence, the banks will eventually turn the money over to the state of Florida’s unclaimed funds. And so they will sit there until the probate proceeding has been filed. So, there is no limit once the probate proceeding has commenced. The courts, the probate judges like to have the estate proceeding closed within one year. However, you can petition to extend the time period, for administration, giving them reasons why. If you have any questions give a call at (727) 847-2288.
How Do I Get My Deceased Parents Annuity?
Video Summary
How do I get my deceased parents annuity? The annuities are a life insurance product and they have a designated beneficiary. Most of the time, if it was your father’s annuity, he would’ve named your mother and vice versa. And they should designate an alternate beneficiary. But any about that is how you do it. If you’re the designated beneficiary, you have to send the death certificate to the company that issued the annuity or whoever purchased the annuity, and then they will send you the benefits of the annuity or give you any options as far as that’s concerned. So if there is no beneficiary or the beneficiary is deceased, then you must file a probate proceeding in order to obtain the annuity benefits. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Do I Have To Pay The Decedent Credit Card Bills And Medical Bills From A Joint Account?
Video Summary
Do I have to pay the decedent’s credit card bills and medical bills from a joint account which was maintained during his lifetime? And I am the co-owner? The answer is no. Creditors are required to file their claims in a probate proceeding, and if there is no probate proceeding, they have no way to file a claim and no way to recover whatever bills that are owed. This even goes to Medicaid liens. If there are no assets in the decedent’s name, they’re not able to recover these, and you have no responsibility to use the money that was in a joint account to pay the decedent’s bills. The joint accounts are by statute become the asset or the sole owner of the co-owner of the account. So if you have any questions, give a call at (727) 847-2288.
- Published in Estate Planning, Medicaid Planning, Probate, Videos
If I Named 1 Person As The Beneficiary On My 401k Account, But Changed My Mind and Want To Designate Someone Else While Writing My Will, Will My Will Take Precedence?
Video Summary
If I name one person as the beneficiary on my 401K account but change my mind and want to designate someone else while writing my Will, will my Will take precedence over the designation of my 401k? The answer is no. A 401K is basically a contract, which has a designated beneficiary on it, and must. And if you’re married, you must name your spouse, and otherwise the provisions of the 401k agreement, our participation agreement, that is drafted or provided to you by your employer, that’s going to control your Will. The Will only controls assets that are just titled in your name alone, so that if there’s a designated beneficiary on a bank account, that’s going to control over your Will. So the assets that are just in your name, are controlled by the Will. All your other assets that have designated beneficiaries are con controlled by contract, so no, your Will will not modify the provisions of your beneficiary of your 401k. If you have any questions, give me a call at (727) 847-2288
Are My Assets Protected If I Place Them In A Trust?
Video Summary
Are my assets protected if I place them in a trust? No. This is a often cited myth that if you transfer your assets into a revocable trust, that you prepare for a state planning purposes, that they’re protected from your creditors. The law is that you, if you control the asset, which you do in a revocable trust, that a creditor could then still reach those assets. So that is not a method by which you can protect your assets. So, if you have any questions about doing that, please give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Trusts, Videos