Dear Juris Doctor;
I am 70 years old and I have never had a Last Will and Testament. Last week I married a woman I have known for 14 years. She was a friend of my deceased wife and me. I have two children from my prior marriage. I have grandchildren who are minors. My investments dwindled after 2001. I own my home, some bank accounts and personal property. I have been told that, if I die without a Will, the State of Florida will receive all my assets. Is that true?
Michael in Jupiter
Answer
Posted : September 10, 2010
Dear Michael,
I have heard that question so often and the answer is No – in most cases. If you die without a Will you are intestate under Florida law. In that case the Probate Court Judge decides who administers your estate and Florida Statutes direct to whom your probate assets will be distributed. You have no choice in the matter. Your wife and children will receive the percentages outlined by the law. With a properly executed Last Will and Testament, you select the Personal Representative and you decide who will be the beneficiaries of your assets. You decide how your wife, your children and grandchildren should share your property and if restrictions or limits should be placed on the distributions. Your Last Will and Testament can be customized if you have spendthrift or drug or alcohol dependent beneficiaries.
Your personal circumstances need to be evaluated and then you can determine which estate planning documents are best for you. You should evaluate Last Wills and Testaments, Estate Taxes, Revocable and Irrevocable Trusts, Gifts, Family Partnerships, Joint Ownership of Property,Payable on Death Accounts, Powers of Attorney, Living Wills and Do Not Resuscitate Orders.
Sincerely, J.D.
Dear Juris Doctor;
My husband and I had short-term financial difficulties in 2009. After several missed mortgage payments I asked my lender to work out a payment schedule so that I could catch up on my payments. The telephone clerk said there was no such program and that I should apply for a loan modification. I applied and received a modification agreement in June of 2009. I mailed the agreement to my mortgage company within a few days of receiving it and I have been paying the modified amount for a year and a half. Now my mortgage company tells me it has no record of my modification and it will foreclose against me. Will the foreclosure freeze help me?
Amber in Palm Beach Gardens
Answer
Posted : November 6, 2010
Dear Amber;
On a daily basis I am contacted by homeowners facing foreclosure who are frustrated with the mortgage modification and short sale processes. Less than one-third of the families facing foreclosure have been offered mortgage modifications despite hopeful predictions when the federal programs were announced. The lenders have blamed the homeowners for their lack of responsiveness. I have been assisting clients with mortgage modifications for two years and it is the lenders who have created the delay for the most part. Initially they were understaffed and the staff was not properly informed of the procedures. Countless homeowners have been told that the lender did not receive faxed or mailed documents from them. Documents have been “lost” by lenders too frequently. Months go by and the lenders tell the homeowners that their documents are stale and they must re-submit bank statements, pay stubs and update financial statements. Trial modifications have been in limbo for many months while the lenders consider permanent modifications.
I believe that the self-imposed freeze and scrutiny by lenders of their foreclosure documents and the investigations by the Attorneys General in all 50 states will result in more mortgage modifications and short sales while the foreclosures are halted. Lenders receive financial assistance by Fannie Mae and other federal programs when they foreclose. Therefore the incentive to modify has been lacking. Finally the lenders will be motivated to modify loans or approve short sales while the freeze is in effect.
Sincerely, J.D.