Why is a Mortgage Not a Debt That the Estate Must Pay?
“How come I still have to pay the mortgage on my parent’s house, that I inherited in probate, when the Last Will states that all debts of the estate are to be paid?” That is a question we get sometimes – and it’s a great question. Why is the mortgage not a debt that the… read moreRead More
Opening The Estate Account Takes Patience
By: Statewide Probate www.statewideprobate.com A client recently wrote, “….Just opened the estate account. Merciful heavens, childbirth was easier. Such a lengthy detailed process that took over an hour.” Yes, depending on the bank or credit union, and the particular branch, and the experience of the employee opening the account, it can take a while for… read moreRead More
Are Life Insurance Proceeds Assets in Probate?
Normally life insurance proceeds go directly to the name beneficiaries and are not probate assets. Unless payable to your own estate, death benefits payable under your life insurance policies are NOT estate assets, which means they do not go according to your Will and which sometimes means they go to the “wrong people.” Money paid… read moreRead More
Move Cars Out of Estate Quickly
We do not like cars or trucks in an estate. Under Florida law, the owner of a vehicle is normally liable for accidents caused by the car, and that liability is not limited to the car insurance limits. So an estate with $200,000 in stocks and bonds can see all of that disappear in the… read moreRead More