What will be max probate process cost and time duration where there are no complications involved? : My husband has recently passed away without a will. Need to get funds from his bank account.
Arthur’s answer: How about this for a direct answer? It depends. I have had so many potential clients come to me and tell me that this was a very simple probate matter and it turned out to be a nightmare. I would suggest that you contact some lawyers who listed on Avvo who are close to you and get an opinion about whether or not this is truly an unremarkable case. That said, depending upon the amount of the money that is in the bank account plus any other assets that were owned by you and your husband and remember that this is community property, which means that whatever you own each of you own 50% of it, depending upon all those facts and whether or not their children of this marriage or of other marriages in relationships will depend upon how complicated this procedure needs to be. Bottom line you need someone one on one advice, and it will be well worth it.
How can I reflect additional shares to my s corp ownership if partners are willing to transfer?: I have 72% ownership and rest are with different partners. They all will allow me to have 8% more but I am not sure how to accommodate that legally in Texas. What are my steps?
Arthur’s answer: There is nothing particularly difficult about transferring shares in an S corporation or any other kind of corporation. It will depend upon whether they are newly issued chairs to bring up your percentage or whether you are buying from existing shareholders to bring up your percentage. One would require a corporate action, and the other would be a private transaction between the individuals with assignments of shares to Even out to the agreed ownership interest. It would probably be best to contact a business lawyer for some rudimentary advice on how to do this
Now that the quitclaim deed has been file,what's next? Do i call mortgage bank and my insurance co.? ?: Planning to do a quitclaim deed on to my trust, so I'm doing the research my self to be able to do it right I can't afford to have a lawyer do it for me since I'm in a fix income. So any information I can get will be very much appreciated , thank you.
Arthur’s answer:
STOP BEFORE YOU SCREW UP TITLE TO THE REAL ESTATE. YOU SHOULD TRY TO FIND A LAWYER LOCALLY WHO MIGHT GIVE YOU A BIT OF TIME AND ADVICE,
BY THE WAY IF YOU CAN'T AFFORD A LAWYER, WHY DO YOU THINK YOU NEED A TRUST?