How Does A Real Estate Deed Need to Be Formatted?
Video Summary
How does the real estate deed need to be formatted? Well, the first thing you have to do is, show who the grantor is, or the person who owns the property, whose conveying it to someone else. That person that they’re conveying it to is called a grantee. We need to have their name in the deed and we also need their address. Then you next need to show that it’s what the consideration is, whether it be $10 or it’s a gift or the dollar amount that the, this transfer is being made for, then you need to put in a good legal description, just not what the property appraises says it is or what the street address is. You need the legal description in it. Then, you need to have magic words in, in the deeds of conveyance, such as they grant convey transfer. So quick claim, all of those indicate that your transfer, the title, and then you have the legal description. Then the deed must be signed the presence of two different witnesses. And then you have to have an acknowledgement. That’s not a, a sworn statement, but an acknowledgement by the person doing the conveyance, the deed needs to be signed the presence of these two witnesses. So that’s the format for a deed in Florida. If anyone’s viewing this outside the state of Florida, I am not telling you what’s required in those states, but that’s pretty much the format that you need for a deed. I know the, the clerk of the court may require the grant tour to put their address in the property. We also put down the marital status of the grant tour and that if it’s his home, he needs to be single, or if not, he needs to have his spouse join in the deed to convey property and show that their husband and wife, or if he’s single or just what his status is. So if you have any questions about, the deeds, uh, give me a call at (727) 847-2288.
- Published in Real Estate, Videos, Wills
I Live on My Mom’s Property, She Died Do I Have Squatters Rights?
Video Summary
I live on my mom’s property and she died. Do I have squatter’s rights? The answer is no. You do not have any squatter’s rights. As far as living on her property, her estate would need to be probated, in order to determine who she left the property to, and whoever is the owner. And hopefully if you are an owner, you do have the beneficiary so that you would wind up being the owner of her property. As an owner, you have a right to maintain possession of the property, as non exclusive. So, if however, you are not a beneficiary and it passes to someone other than yourself or to other parties, other than yourself, they would have a right to have you removed. That’s called an unlawful detainer action, which is a, basically an eviction of someone who is not a tenant. And so you do not have any squats rights, not that squatters have any rights, to stay on the property. If you’re not, the owner of the property, or have rented the property. If you have any questions, give me a call. Its 727) 847-2288.
- Published in Real Estate, Videos, Wills
If I Have a Living Trust, Should I Also Have a Will?
Video Summary
If I have a living trust, should I have a will answer? The question is yes, those are called Pour- Over wills, meaning that your will says I leave whatever assets that I may have that are just titled in. I name to the trustee of my trust, the trust, then the trustee designates who the beneficiaries are, what I have found over my career that sometimes trust are set up and are fine and dandy. They designate who all the beneficiaries are, but for whatever reason, the assets of the decedent are not titled into the name of the trustee. And so there must be a probate proceeding to have the assets transferred to the trustee so they can be distributed to the beneficiaries. So without a will leaving it to the trust, well then the assets would pass to the children or the heirs of the decedent, which is probably not the same as the testament scheme or who you wanted to receive these assets as, as a result of executing a trust. So that is a real good reason to have a will. That leaves everything to the trustee and your trust upon your death in the event. So that any assets that you have in your name alone will go to your trustee to be distributed to your designated beneficiaries. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos, Wills
Who Will Serve as the Personal Representative if There is No Will?
Video Summary
Who will serve as the personal representative, if there is no will, well, it will be more than likely one of the children of the decedent. In order to be appointed as the personal representative, you need to have the majority and entrust degree or consent to your appointment. So if there are three children, well, we need two out of three to agree one person. If there can be no agreement, then anyone can petition say why they’re qualified as a child, and then get formal notice to the other children as far as, being for them to object. And so if they don’t object, well, then they would be appointed. The court would then decide if there’s an objection, may require a bond or a higher bond, if it is a contested matter. But usually I find that we can find a, the majority of the beneficiaries are agreeing on one person to serve. If you have a question about handling the probate and when there’s no will involved, well give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
What Happens If I Die Without A Will?
What happens if I die without a will? The first thing that you need to do when someone dies without a will is determine what assets that they own and how they are titled. If the assets are titled in joint names, then they automatically go to the survivor and all they need is a death certificate. If there is a beneficiary on the assets such as life insurance or individual retirement accounts, IRAs, then all you need is a death certificate and contact the custodian of the IRA to have the money transferred to the beneficiaries, same thing with annuities, and also brokerage accounts that are transfer on death or bank accounts that are payable on death. If there is an asset that is just in the decedent’s name and they did not have a will then the Florida statutes set forth who is to receive the money, starting with the widow. And there is no widow or widower were then it passes to the children and on and on and on as to who receives the assets in the event that whenever someone dies without a will. So the Florida statutes state, who receives the assets upon the Seton’s death. So if you have any questions, we’ll give me a call at (727) 847-2288.