Lee R. Carr II's Answers

Can the executor fee be waived?

1. Yes, but 3% of the first million dollars of an estate is presumed to be a reasonable personal representative fee. 2. All expenses and creditor claims must be satisfied before any beneficiary receives his or her entire share. Costs and expenses of administration including compensation of the personal representative and his or her attorney are the first in order of priority. And because all costs and expenses "come off the top", each beneficiary receives the exact percentage they are...

Selected as best answer

Mom died: has 1 child, heir. She had 1 ins. check from her work w/ no benef. listed. Our bank said we need exc of est. account.

All of the above is true regarding the fee. One consideration is creditors. If the decedent had many creditors, they will be entitled to notice of any probate proceeding. If her debt exceeds the $21K check, there really is no benefit for the beneficiary to open the estate. But if creditors are not an issue, then the insurance company will likely only write a check to the estate. Lee R Carr II St Petersburg, FL (727) 894-7000

1 lawyer agreed with this answer

2 people marked this answer as helpful

Concerning nursing home

Gifts made by the couple to their son will likely cause penalties for eligibility. One may not transfer money or other property for less than value (gift). There is a "look-back" period of 5 years that Medicaid examines to determine whether a penalty is applicable. Obtaining Medicaid elgibility is complex when assets over the allowable limit exist and because penalities can be severe, the couple should seriously consider getting help from someone experienced in these matters.

2 lawyers agreed with this answer

NEED HELP!!!! Guardianship

A person vulnerable to exploitation may benefit from a guardianship but the process can be stressful and expensive. If someone believes that a person is unable to manage their own affairs, a petition may be filed in probate court to determine that person's capacity. A panel of three professionals examine the alleged incapacitated person and write a report. This report and other evidence is presented during a hearing. If the court determines the alleged incapacitated person lacks the ability...

2 people marked this answer as helpful

For a will to be legal in Florida, does it need to be notorized by a notary public ? If not, how many witnesses make it legal?

To make a valid will you must sign at the end of the document in the presence of two witnesses. The witnesses must sign the will in the presence of each other too. So, you and the two witnesses must be together at signing. You may wish to speak to an estate planning attorney who can more fully advise you about a self-proving clause (which is witnessed AND notarized) to avoid complications at probate. And, you can avoid probate altogether with a trust or by re-titling your assets.

2 people marked this answer as helpful

If a Beneficiary in will has liens on their own property, will the inheritence go to paying off the liens?

No. During the probate process, creditors will receive notice of the person's death and have an opportunity to assert claims against the decedent's estate. But, a beneficiary's creditors would have no notice of the beneficiary's interest in this estate. Probate deals with the assets and creditors of only the decedent. So, deal with the decedent's valid creditor claims and the remainder will pass 1/3 to each beneficiary.

2 people marked this answer as helpful

Can a revolcable trust override a bank account with a survivor on it

Typically, the answer to your question is determined by how the account is titled. If it is titled in the name of the trust, then the trust will likely control the account. If the account was titled between mother and daughter as joint tenants with survivorship rights, then the survivor of those (daughter) will likely own the account.

1 person marked this answer as helpful

Once your mother dies, can your father get his house back?

Your mother and father's house, if it was their homestead, should have been an "exempt" asset for Medicaid eligibility purposes and not signed over to the State. I recommend that your father speak to an elder law attorney who regularly deals with Medicaid issues.

1 person marked this answer as helpful

What do I have to do in order to name some legally to be the guardian over my child in the event something were to happen to me.

Two mechanisms exist to accomplish your goal. First, your will and your daughter's father's will should include pre-need guardian language designating who would be the guardian (the aunt). Second, both parents may designate who will serve as guardian in the event something happens to both parents. It must be in writing, it must be witnessed by two witnesses and describe the parties with specific information and then filed with the Clerk of Court. Given your daughter's father's incarceration,...

1 person marked this answer as helpful

My father died with 4k in credit card debts. The estate was smaller than the 75k required for probate in FL. Do we have to pay?

Creditors may open estates just as any interested party (family members) may. It seems peculiar that the insurance company paid someone other than the policy's beneficiary and because of that, the answer to your question is maybe. Practically speaking however, it may not be cost effective for the creditor to open an estate.

1 person marked this answer as helpful