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What happens when my Mom dies?

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This topic contains 4 replies, has 0 voices, and was last updated by Avatar of kyhawk kyhawk 6 years, 10 months ago.

Viewing 6 posts - 1 through 6 (of 6 total)
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  • #6926
    Avatar of kyhawk
    kyhawk
    Member

    My mother wants to will her house to me and my brother.
    I live in FL and don’t know what happens legally when she dies if she keeps the house in a will.
    The house is worth 100k and should be paid off in about 10 years.
    I know the bank does not care as long as the payments are made.
    That is all they really care about.
    I have a membership from back in ??2003??
    I remember there are a lot of advantages with the land trust system as done here.
    I still have my flip chart and got two houses under contract with Bill on the phone
    years ago.
    The real estate investing did not work out for me.

    Now, years later, I think I need to get a land trust, although here in FL my Mom’s
    lawyer says we are protected from a lawsuit already.
    My question is …
    When Mom dies do I and my brother have to get a new loan?
    How does probate affect the house going to my Brother and I?

    So, right now, if my Mom dies tomorrow what would be the process
    if the house is kept in a will and just “willed to” to us?

    I should know, but I need to also explain this to my Mom and Brother.

    I have the little disk doc pdf, (Doc Manual) and so I have all the “stuff” to do this.
    I don’t know where to begin.
    Is there a Pactrust person here in FL that can explain the trust in laymen’s
    term to my Mom and Brother?
    Could someone just highlight where things need to be signed to make this a Pactrust?
    What are the steps?

    I know I used to talk to some guy names Marty? from Ft Lauderdale area years ago.
    He was the FL guy I was to work with.

    Is there someone else now I could talk to?

    My name is Kyle Marvel and I joined in Jacksonville years ago. I am sure my membership
    number is somewhere in there. I am suprised I remember my log in password.

    #34168
    Avatar of kyhawk
    kyhawk
    Member

    I just loaded up my Doc manual.
    I just need someone to tell me print out pages 1,2,3.
    Takes these to a title company,
    Whatever the process is.
    Or where to read in the manual on what to do.
    I will start going thru the manual “Making it big in Creative RE”
    , which I also have in pdf.
    I just need answers for a “regular” trust not an investment deal.
    Thanks for any help.
    I will check back here daily.
    if someone can point in the right direction, I would appreciate it.

    #34169

    IMO, you may only need a “Simple Land Trust”, which as a member of NARS is super cheap. In fact, I would recommend you have two Trusts, a Family Revocable Living Trust for everything but the property and a NARS Simple Trust for the property. Your Mom’s Will should be in her Living Trust. If all she has is a Will, then the property and ALL assets left outside of a RLT would have to go through Probate and you don’t want that. Have the RLT as one of the beneficiaries of the Land Trust. All Real and Personal property would then pass to her heirs and avoid probate.

    Oh Yeah, I’m not an Attorney, but I do offer to teach them.

    As a NARS Member you can just get on the site and create your own Simple Trust for the house. If you need a referral to a excellent Estate Planning Attorney, let me know.

    #34170
    Avatar of kyhawk
    kyhawk
    Member

    Thanks for that info.
    I still have my manual’s from the three seminar’s that Bill put on that I attended.
    I don’t know my membership number, but I know I joined in
    Jacksonville FL about 03. I do remember getting a laminate card, I will find it.
    I still have some of my old posts here.
    I might have to have my Mom’s local estate attorney, http://kathrynknee.com/ talk shop to someone to set this up.
    I remember that being one of the benefits of membership.
    My Mom’s estate attorney said that a benefit of being in Florida is we have a land trust system already.
    That is what I heard anyway. I was not going to counter her.
    I am sure I do have all the “stuff” on that doc disk.
    I will get my Mom to look at this post and set up a meeting with her Lawyer to get this fixed.
    I can print out some stuff if needed and bring it to her lawyer.
    My Mom just set up her will last year but would do what is needed to get this set up correct way.
    She agrees with the land trust system, but for me to do that at the attorney’s office would be interesting.
    My Mom’s lawyer http://kathrynknee.com/ is the”expert”, not me.
    So I would need someone to “sell” Kathryn on what needs to be done.
    I will have my Mom look at this post also.
    I will find my card membership in the meantime.
    Thanks for your help.

    #34171
    Avatar of kyhawk
    kyhawk
    Member

    I will talk to Kathryn with my Mom.
    My Mom says she just has a simple will, that is all.
    I will ask how much Kathryn charges for a set up recomendded below
    I would like to know why Kathryn did not bring up the fact about
    “ALL assets left outside of a RLT would have to go through Probate and you don’t want that”
    I will talk to her with my Mom and set up the property online, as that should be easy.
    I have never done it thought.
    I will find my Membership Card also.
    So I will ask “I need a RLT and simple trust for house”
    I may need to set up a time for someone to talk with her though.
    Thanks again. Kyle.

    In fact, I would recommend you have two Trusts,
    a Family Revocable Living Trust for everything but the property and
    a NARS Simple Trust for the property. Your Mom’s Will should be in her Living Trust.
    If all she has is a Will, then the property and ALL assets left outside of a RLT would have to go through Probate and you don’t want that. Have the RLT as one of the beneficiaries of the Land Trust.

    #34172
    Avatar of kyhawk
    kyhawk
    Member

    I found my membership.
    I will send number to contact email.

    My question is why do I have to tell Kathy http://kathrynknee.com/
    to set up estate as advised here?.

    If she is the expert, why didn’t she tell me Mom that what is needed for
    ultimate protection in my Mom’s case is as advised in this post?.

    What would be her advantage in not having my Mom’s estate set up properly?.

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