Can I Be Sued for My Inheritance?
Video Summary
Can I be sued for my inheritance? Once the Estate or Trust is distributed to you, well then in that event you can credit it’s your property and yes, they can sue you as far as that’s concerned. Of course, until such time as your inheritance is distributed to you, it’s going to be controlled by the provisions of a Trust that may have a provision that protects your assets or your inheritance. If you’re receiving it through a Will, they can possibly garnish that if any creditors are involved and you have debts involved, so depending on when you receive your inheritance is whether or not someone can sue you for the money that you inherit. If you have any questions, give me a call at (727) 847-2288.
What Can I Do If I Feel My Loved Ones Will Was Written Under Duress?
Video Summary
What can I do if I feel my loved one’s Will was written under duress? Well, you can file a Will contest provided that you are a heir or a child or an heir to the decedent or a beneficiary under a prior Will. You can file a Will contest asserting that the decedent who signed the Will was under duress and not it was in a weakened condition and taken advantage of, so it would be undue influence. As far as signing the Will, it’s difficult to do and to prove that Will contests are very expensive and so you need to really have medical records as far as that’s concerned, and probably a substantial amount of money involved in order to invest into a Will contest and to verify that you have standing. If you have any questions, please call me at (727) 847-2288.
Can I Use My Mother’s Power of Attorney, After Her Death to Closes Her Bank Account?
Video Summary
Can I use my mother’s power of attorney after her death to close her bank account? No, you cannot. Powers of attorney terminate at death so you’re not able to use the power of attorney to close your mother’s bank account. If you have any questions, give me a call at (727) 847-2288.
What Laws or Other Factors are Considered When Distributing Assets Within the Trust?
Video Summary
What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the Trustee to administer the Trust. As far as that’s concerned, many times the Trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Trust. The Florida statutes outline the duties of the Trustee and what his fiduciary or responsibilities are and when he should do that. So, the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.
What Are My Duties As An Executor?
Video Summary
What are the duties of an executor? Well, an executor, we now refer to them as personal representatives and as far as the Florida law is concerned, but the executor is usually nominated in a Will. Wherein the in a Will, it says, I designate so and so to be the executor of my estate, or if they die without a Will, the other heirs agree as to who should serve. The designated person or nominated person then files a petition with the probate court asking that they be appointed the personal representative. The court would then enter an order appointing them. However, saying before I give you the authority to act, you must file an oath that you will perform your duties faithfully and designate a resident agent who must be a Florida attorney. After you file those, the court may also require a bond, which is a fidelity bond that says that if you steal any money from the estate, then that there’s an insurance company that would pay for it. After you’ve met these requirements, then the court issues what they call letters of administration, and that’s your authority to act. And that’s what you would use to send the banks to close out bank accounts and to collect other assets and give you authority to basically sell real estate other than homestead property. Then you’re also required to send notice to creditors, which is usually done by the lawyer who’s handling the probate proceeding and the creditors period runs from three months from the date of the first publication. That, and you also required to send this notice to any reasonably ascertainable creditor after 60 days after receiving your letters of administration, the executors to file an inventory and send it to the various beneficiaries after the time period for the three month time period for creditors expires, then the executor needs to pay the creditor’s bill, outstanding claims, and then go ahead and make distribution to the beneficiaries if all the assets have been liquidated. So that’s a thumbnail sketch of what an executor needs to do. If you have any questions or need to have an estate probated, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills