Which Is Better To Have A Will Or A Living Trust?
Video Summary
Which is it better to have a Will or a Trust? Well, there’s no good answer or there isn’t an answer to that. Without knowing this, your circumstances, as far as everyone should have a Will that says that whatever assets that they have in their name alone, at the time of their death, that they, wish to leave it to and name the beneficiaries. And if you have a Trust, well the Will will simply say, well, I won’t leave everything to my Trust and have it identified in the Will and by date and name, with Trust whenever to set one up. You need to have a reason for doing that. So whenever someone says, well, I want a Trust, I say, well, why do you want a Trust? And if you, particularly have a special needs, a person that you want to provide for, well that’s a good reason to have a Trust or set up a Trust if you have beneficiaries who, suffer from addictions or whatever. You want them to be able to have the money but not have access to it because you’re concerned about it being squandered or even having a Trust for beneficiaries who are minors and you want to provide for their education and have the money held for their health, education and maintenance to reach a certain age.
So these are some of the reasons why you might want to establish a Trust. Many times your folks come in and say, well, I want to avoid probate. And depending on how complex your estate plan is, if it is relatively simple, you can, avoid the expense of setting up a Trust and simply designate beneficiaries on your bank account, execute life estate deeds as far as your real estate’s concerned in order to avoid probate without the necessity of a trust. Also with Wills, anytime a Will does have to be probated. If there are assets, they’re in the decedent’s name. So if you have any questions about having a Will, or preparing a Trust or how to avoid probate without a Trust, give me a call at (727) 847-2288.
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
What Is An Unofficial Will Called?
Video Summary
What is an unofficial Will called? I call it a annuity, and that it doesn’t accomplish anything or will in order to be effective. It must be signed in the presence of two witnesses. All the parties have to see each other or have to be in each other’s presence, and the witnesses must sign the Will and the presence of the person making the Will and the person making the Will has to sign the presence of the other two witnesses. So, whatever is met by unofficial Will, it doesn’t count unless it’s executed with those formalities and is not effective in order to pass the assets of the decedent to the beneficiaries. Under the unofficial Will, I’m really not familiar with the term, but if it’s any, if the Will isn’t executed with the formalities that I’ve outlined, then it is a null. If you have any questions, give me a call at (727) 847-2288.
If The Decedents Will Names Me As The Executor/Personal Representative, Can I Show The Will To The Bank And Close The Accounts, In The Decedents Name?
Video Summary
If the decedent’s Will names me as the executor, can I show the Will to the bank and close the accounts that are in the decedent’s name? The answer is no. A Will designates or nominates someone as the executor or personal representative. It’s simply a nomination or designation. In order to become the personal representative and have authority to act and behalf of the decedent to collect his bank accounts, you must file a probate proceeding, which would require the petition to have the Will admitted to probate, and then the person, the nominated personal representative, file an oath and many times a bond, and after which the court would then issue what they call letters of administration. The letters of administration are the authority of the executor to act in the decedent’s behalf to collect these assets, so the letters are required in order to collect the money, place them into a, an account for the estate, and then the bills of the decedent are paid from that account. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
When Does A Will Have To Be Read After Someone Dies?
Video Summary
When does a will have to be read after someone dies? I do not know the history behind this. I’ve heard it many times and the people call me and ask me about when the will is going to be read. I’ve been practicing for over 50 years and it was not the law whenever I started practicing, nor is it now. I don’t know whether this is something new the old English law or where this came about, but there’s no provision under the laws of the state of Florida that a Will must be read to the beneficiaries or the family. And so you do not have a gathering around the attorney’s desk and office, to read the Will to the beneficiaries or to the family. The Florida statutes required that a Will be deposited with the clerk of the court within 10 days of the, of the date that you received notice of the death of the decedent. So unfortunately I don’t know the history behind this, but there’s no provision under our photo law that requires the Will to be read. I don’t know if this is something that was invented for the movies or whether it has some history in the English common law. If you have any questions about this, give me a call at (727) 847-2288.