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Last Updated: May 14th, 2012 - 22:24:01 |
Ask the Expert – READER – My families’ investment properties have just gone into probate. I am the only beneficiary. How can I receive my inheritance?
Ask the Expert – Questions are answered by Real Estate Investment Properties expert Donald W. Gomez Jr. of Tropical Paradise Realty in Miami, FL. (786-202-0203) Better known as Donny. He also writes for DWGMEDIA CREATIONS for over 25 years.
DONNY
When a death occurs, any singularly owned real estate investment, according to the decedent’s will, goes through probate. Probate is simply the procedure by which the decedent’s last will is resolved and which enacts the appointment of the estate or investment property.
First off, you the due receiver of investment real estate need to know that a will must be filed with the probate court within three years of the death; or the document is invalid.
File fast, and according to the Probate Code of your state give it to the person named in the will as fiduciary: a personal representative, probate lawyer, or trustee or executors. Willful failure to convey a will, or ruining it, can result in contempt of court.
Ordinarily, the administration of your investment properties requires that the fiduciary address a few guidelines. These focus on what has occurred immediately after the death of your loved one. The principal: property or capital of an estate; and the income: returns from that property, such as rents, dividends, interest, etc. These steps usually occur fast.
READER
How will the fiduciary handle my investment properties’ debts and expenses owed?
DONNY
The fiduciary's duty is to determine which bills may have been unpaid, such as real estate taxes, property insurance, or homeowners’ insurance.
If bills such as the adjustable mortgage, or a second mortgage were not paid promptly, creditors should be notified of the temporary delay. A written notice is required in most states. Typical expenses that a fiduciary pays from the estate include funeral expenses, real estate lawyer and accountant's fees, appraisal fees, insurance premiums, etc.
Occasionally, the will stipulates that the investment properties’ income is all that you, the beneficiary may receive for a certain period. The fiduciary may be ordered to manage the investment properties’ assets. Usually then, the investment properties, whether land investments, Florida mortgages, or some other home loans, should be appraised to help your fiduciary to gauge if the decedent's insurance on the investment property is sufficient. Property insurance should be retained throughout your fiduciary's tenure.
READER
What if I think my investment properties’ fiduciary is mishandling the estate?
DONNY
Even real estate franchises as trust companies and other professional fiduciaries receive complaints at times. The Many can be avoided by consulting with an experienced real estate lawyer. Many complaints are because beneficiaries are not consulted enough. The experienced real estate lawyer will not allow this to happen. Also, many states allow you, the beneficiary to take an elective share of the investment property during disputes.
READER
How can I receive my investment property if there is no will?
DONNY
The laws in most states of intestacy for Investment Real Estate administration are comparable to the steps for a will except different forms are usually required. You can obtain these at the Probate Court. These laws look at relationships to the decedent. For instance, if there is no child or parents, the spouse takes all of the Investment Real Estate. If there are children then the spouse takes $50,000 plus one-half of the estate.
Buyincomeproperties.com has provided this real estate investment site as service to the public. While the information is about legal issues on this site, it is not from legal representation or to be deemed legal advice. We make no guarantee or warranty of the reliability or accuracy of information that is contained herein or that of the links to other sites. We assume no liability for any advice or services found at of the links.
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