What Happens When You File a Claim Against a Probate Estate?
Video Summary
What happens when you filed a claim against a probate estate? Well, once you file your claim, it has to be filed within three months of the date of the notice accreditors within 30 days of the date that you received the notice if it’s past the 30day period. And the personal representative by statute has an additional month after the three-month period expires before they’re obligated to start paying these claims. A lot of the payment of the claims depends on whether or not the estate is solvent and whether or not they’ve been able to collect the bank accounts, in order to be able to have the money to pay. The claims are not all created equally. There are expenses of the estate in claims, and there’s a priority of which expenses and claims get paid first. At the top of the list of expenses is the, the attorney fees for handling the probative of the estate and the executor’s fee and handling the estate. That’s the number one. Those get paid first. Secondly, it’s the funeral bill or reimburse whoever pays for the funeral bill as the next category of claims that get paid. The third one, are medical expenses and medical bills that were incurred in the last 60 days before the decedent passed away. Credit card bills and other bills are on down the list as far as the priority of payment, but if there’s sufficient money to pay all of this, the estate administration takes anywhere from six- nine months to a year, depending on the circumstances of the estate and the look and the liquidity. If you have any questions concerning this, give me a call at (727) 847-2288.
WHAT IS PROBATE
Video Summary
What is probate? Probate is the court proceeding, that you use to pass the deceased person’s assets to their errors or beneficiaries. If they have a will it designates who the beneficiaries are. If they die without a, will, it passes to decedents and probate only deals with assets that are just the decedents name alone. So they are not, assets are not subject to probate. If they’re jointly held or they have a designated beneficiary. Also the probate process has the rights of creditors and creditors only have a right to collect their debts from the property that is owned by the decedent at their death. And so that is a purpose of the probate is to see that the beneficiaries receive the assets and that the creditors are of the decedent are paid from those assets. If you have any questions about probate, give me a call at (727) 847-2288.
Does My Will Have To Be Probated
Video Summary
Does my will have to be probated? Your will does not have to be probated unless you have assets that are just in your name alone by having a will designating, the beneficiaries does not avoid probate. What avoids probate is titling your assets with a beneficiary designation or holding those assets jointly. So whether or not your will has to be probate depends on whether or not you die owning any assets that are titled just in your name. Most of the time that I see is it’s real estate that is in the decedent’s name and there’s no beneficiary designated on the deed. So to avoid probate, you can do estate planning. So if you have any questions about probate or how to avoid probate and estate planning, call me at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills
Does Revocable Trust Need a Bank Account
Video Summary
Does revocable trusts need a trust account or bank account? The answer to the question is yes. If you have an account that you want controlled by your trustees, you need to by your trust, you need to name, to set up the account and your name as trustee of your particular trust. The reason for that is, is if it’s just in your individual name, then the provisions, the trust do not apply. So sometimes you see people that have set up a wonderful trust and it says everything. And the idea is to avoid probate, but they don’t turn around and retitled their assets and their name is trustee under their trust. So whenever they pass away, you have to go through a probate process to get an order for the assets to go to the trust and then have the trust, distribute the assets, which defeated the whole purpose of setting up the trust to avoid probate. So if you want assets to be controlled, by your trust, you need to title them in the name of your name as trustee under your revocable trust and name your as trustee and name your trust in the, how you title the asset for it to be controlled by the, the provisions of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Trusts, Videos
Can a Portion of a Will be Invalid
Video Summary
Can a portion of a well be invalid? The answer is yes. it can be. One of the reasons I primarily see it being invalid is whenever you make out a will, husband and wife and you leave everything to your spouse, and then you later get divorced, the law provides that, portion of the will, where you left everything to your wife is ineffective. A divorce interprets the will as if the ex-spouse predeceased you. And it would go to the alternate beneficiaries. Another reason is, if you put some provision in your will as to your homestead property, and you don’t leave it outright to your spouse, or if you have minor children, you try and devise it to someone. That portion of your will may be invalid since the Florida constitution governs who you can leave your home to, what you can leave to and to whom. And so, that may be another reason why a portion of the will would be invalid. Another one, which we don’t see very often is whenever you have a device against public policy, an example of that says, well, I leave, $10,000 to my daughter provided that she does not get married. And so that would be a, the buys would still be valid, because that would be a provision against public policy. So if you have any questions, give me a call its (727) 847-2288.