Assuming you are appointed as Personal Representative by the court, you will be asked to sign a written record of your testimony, sign a written oath and post a bond if required before Letters Testamentary will be issued to you. A probate bond is a bond issued to secure the performance of an administrator or executor of an estate, and its purpose is to protect heirs and creditors from being harmed by the negligence or malfeasance of the administrator or executor. If a bond is required, you will fill out an application with a company authorized by law to issue probate bonds and, if approved for the bond, be required to pay a premium.
In this regard, a bond is similar to an insurance policy though not strictly the same thing. The document typically lists the various assets of the deceased, provides a value of such assets and provides a list of claims which they estate has against any person or entity owing it money. Generally, no. As long as you did not personally guarantee the debt yourself or you have not taken or accepted assets of the estate you will not be personally liable for the debts. The executor is required to publish notice in a newspaper once and to file an affidavit with the court establishing that it was done.
In addition, the executor is required to send a specific notice to any secured creditors within two months of being appointed. Finally, you may but are not required to send specific notice to unsecured creditors which may be a good idea since the law provides that unsecured creditors only have a certain period of time from receiving the notice to file a claim. If they fail to do so within a certain time, their claims against the estate are barred.
The law generally requires that debts be paid before the rest of the estate is distributed to beneficiaries. While you may be tempted to try and keep the assets of the estate without settling the debts of the deceased person if you do you could face severe personal liability for the debts. You could personally face legal action and negative consequences. In most cases, no. Beneficiaries of estates have certain rights to information as well as eventual rights to distributions of the assets to which they are entitled. Likewise, executors are not required to distribute the assets to a beneficiary just because the beneficiary makes demand upon them.
Because each case is unique, you should speak to a licensed and qualified attorney to discuss your case. If they fail to do so, the court can order them to do so at which time the will can be viewed by anyone. While many estates are uncomplicated and resolved with relative ease, occasionally legal fights break out between loved ones, heirs to estates, creditors and other property owners. Such cases include a variety of different issues but some of the most common involve claims that a deceased person did not have the requisite mental capacity to execute a Last Will or Trust, that someone unduly influenced the deceased person regarding the Will or Trust, that a beneficiary or heir is not being given information or distributions or that someone stole from the estate or a fraud has been committed.
First things first, go speak to an attorney who practices probate litigation our firm does. Be prepared to explain to the attorney generally what has happened, who is involved and what their claims are. You should do so immediately before doing anything else. In short, you should speak to an attorney immediately. When you are served with a lawsuit, the situation is time sensitive and you must take action immediately. If you fail to act within the time allowed by law, you risk having a judgment taken against you or otherwise being negatively affected by your failure to promptly act.
These are the two most commonly asked questions when clients first speak to a lawyer about their case. Various factors exist related to the cost and lengthiness of a litigation that can affect both.
Some of those factors relate to the complexity of the issues involved, the manner in which the other party or parties litigate the case and when the court will hear the case. While each case is different, the majority of all civil legal actions that are filed eventually settle before trial. Because there are no guarantees that your case will settle, it is prudent for your attorney to prepare the case to be decided in court. Depending on the case, occasionally the court will need to approve a settlement between parties.
Generally, Guardianship is a legal process designed to protect vulnerable persons from abuse, neglect including self-neglect , and exploitation through a court-supervised administration. In some states, this process is called a Conservatorship but in Texas it is known as Guardianship.
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Guardianship of the Person generally allows the guardian to make decisions related to the care, custody and control of the incapacitated person with some restrictions. For example, the guardian of this type of guardianship will commonly be allowed to make certain decisions related to the medical care of the ward or where the ward resides. In contrast, Guardianship of the Estate allows the guardian to possess and with some restrictions control the assets of the ward.
Guardianship can be necessary for a number of reasons. First, a child who does not have legal capacity may be in need of a guardian to assist them in certain aspects of their lives and not have a parent or natural guardian capable of performing the duties. Second, because of physical illness or injury, an adult may need the assistance of someone else in various aspects of their lives. For whatever reason a person may need assistance, the Guardianship process exists in the law to allow family members, loved ones or other appropriate persons the ability to step forward to assist the person who is incapacitated.
A minor is legally defined as anyone under 18 years of age; an incapacitated person is legally defined as an adult who, because of physical or mental condition, is substantially unable to provide food, clothing or shelter for himself or herself, to care for his or her own physical health, or to manage his or her own financial affairs.
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The creation of a guardianship is a very specific legal process that should only be undertaken with the help of a qualified attorney. Generally, a person who wishes to apply for guardianship over another person files an application in a court that hears guardianship cases. During that time, an Attorney Ad Litem is also appointed by the court to represent the interests of the proposed ward in court. After all parties have been served and the applicant is ready to proceed, a hearing is held so that the court may consider all of the relevant evidence and rule on the application.
If the proposed ward is an adult, the incapacitation must be proven by clear and convincing evidence a high standard of proof and must involve the use of a certificate from a physician confirming the incapacity. Texas law requires that the proposed ward be served with a copy of the application for guardianship and, if at all possible, attend the hearing on the application.
Though the requirement that the proposed ward be served may not be waived, the court may consider a request that the proposed ward not be required to attend the hearing. Such a declaration has several direct and indirect implications on the ward. First, upon the guardianship being created, many of the civil rights of the ward are removed and placed upon the guardian.
Finally, though not directly related to the guardianship proceeding, a ward may experience various other restrictions or implications e. Only if the court decides that a guardian is necessary, will a guardian be appointed. If one is, Texas law provides a list of persons who will have a priority in being appointed guardian. For example, if a minor is the subject of the guardianship the order of priority would be as follows: i parents ii person named by last surviving parent as a guardian which must be done in a specific legal form ; iii the nearest ascendant in the family tree; iv next of kin; v a non-relative.
Because of these priorities, it is important for an adult individual who is worried about his or her possible future incapacity to consider designating those persons he or she wishes to serve as guardian and those persons he or she wishes to disqualify from serving as guardian, especially if a non-relative is preferred. Our office can assist you with any such designation.
While including a comprehensive list of duties in this format is not possible, the duties of a guardian can generally be described as caring for the ward in the context that the court orders. You will be required to keep detailed records and obtain court approval for certain things.
In addition, if the guardianship is created you will also be required to file accountings every year with the court detailing your activities. The law basically provides that a guardianship should only last as long as it is needed. If the ward is a minor and a guardianship is created because they are a minor, the guardianship will be terminated when the ward reaches legal age. If the guardianship is created because the ward is incapacitated, the guardianship will go on as long as the court deems it to be in the best interests of the ward.
Yes and, bluntly, if you can do something else you should. Guardianships are expensive and fairly time consuming legal processes that require a lot of work from the guardian. If your loved one still has the capacity to execute disability planning documents they should consider doing so. If you have questions about these alternatives or whether your loved one has the legal capacity to sign them, you should speak to a qualified attorney. Texas law considers natural or adopted parents to be the natural guardians and therefore no guardianship is necessary.
In an estate planning context both parents should designate someone to care for their minor children if they die. However, it is important to know that i if your ex-spouse survives you and the court considers them okay to take possession of the child they will likely be awarded custody and ii the court is not required to follow your designation in any event. In considering who cares for a minor child including a guardianship context a court will always consider what is in the best interests of the child.
Sometimes minor children are left money from a relative or are entitled to insurance settlements for injuries. When this happens, the money must be held by a fiduciary for the child under court supervision. This can occur in a variety of ways including guardianships, court-created trusts, annuities or even deposits into the court registry i.
The best course of action often depends on how much money is involved and the circumstances. You should speak to a qualified lawyer who can explain your options. In general, a Power of Attorney is a document in which a person names someone else to take some action or be entitled to take some action for them. Powers of Attorney can be general meaning most decisions can be made under them or limited meaning the power is effective only for a limited purpose.
The person making the power of attorney may designate whether the power is effective immediately or upon their subsequent incapacity. Most property or financial decisions can be made under a General Durable Power of Attorney unless the principal i. If, however, the principal wanted to restrict the agent from selling real property, that power could be removed and therefore the agent would not be allowed to make such decisions.
A Medical Power of Attorney allows you to name someone else to make health care decisions for you if you are unable to do so. Generally, a Medical Power of Attorney will allow you to make most decisions that you are able to now including consent for surgical treatment, blood transfusions, etc. It does not permit an Agent to commit you for in-patient mental health care or consent to certain sensitive medical treatments such as convulsive care, abortion or psychosurgery. Right now, you may not.
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You may have the ability to make all your financial and health care decisions necessary in your life. However, if you suddenly become incapacitated or injured a power of attorney allows a person you trust to make sensitive and sometimes time-critical decisions for you without having to take complicated or costly legal action. Even if you nominate someone else to make decisions for you whether the power becomes effective immediately or upon disability you still retain the power to overrule any decisions you wish.
A power of attorney is not a guardianship and therefore retain the right to make decisions which conflict with the agent you nominate. Yes, a power of attorney can be revoked at any time by the person who made it.
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It should be done in writing and the revocation of the rights to make decision should be adequately communicated to the person who previously held the power. Additionally, if the person who has made the power of attorney is no longer capable of revoking the powers but there is evidence of malfeasance, a court of competent jurisdiction may suspend the powers as well. Generally, and unless stated otherwise in your Power of Attorney, your attending physician must certify in writing that you lack the ability to make decisions for yourself.
If you have merely executed a power of attorney for financial or property decisions, the answer is no. You must execute a different form to grant someone the power to make health care decisions for you. Our firm is dedicated to total transparency, fairness and, whenever possible, predictability in our fees and fee structure. Typically, we employ such flat fee structures in most estate planning matters, simple probate and administration matters, guardianships and the formation of business entities. In some cases, flat fees are not suitable for either the attorney or client.
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Cases involving litigation, significant expenditures of time or unique matters will likely be charged by the hour. Hourly rates vary by attorney and can be modified by the firm to be consistent with the type of representation. In most cases, upon being retained by our client, the firm will collect either the flat fee for services or a retainer deposit that will be used to secure any hourly charges or expenses.
In the vast majority of cases, representation will not begin until such fees are collected. In order to ensure our clients are fully and consistently aware of charges against their account, the firm sends monthly billing statements and accountings to each client. In most cases, such billing statements are simply mailed to the client though, upon request, they may be faxed or emailed.
Such expenses may consist of administrative costs e. Important Note: The information presented on this page is general information to help prospective clients understand our compensation and billing policies. Is this true? Not necessarily. Each legal matter is unique and our services are specifically tailored for each client. We encourage potential clients to contact us regarding their matter. If we do not feel our services or fee structure is best suited for you, we will notify you.
When selecting an executor, ensure that this person can be trusted and will be able to handle financial matters prudently. Update the Will In order to maintain a valid will, your will should be updated when certain events happen. Create a New Will Get married or divorced. Need to add or remove a beneficiary. Already have one or more codicils attached. Update: January Find Senior Living Near You. Related Articles.
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Durable Power of Attorney vs. Living Wills. Living Wills Learn the difference between living wills, health care directives and durable power of attorney. Midland Loan Services, a division of PNC Real Estate, is a third-party provider of service and technology for the commercial real estate finance industry. It specializes in commercial loan and CMBS portfolio servicing. Founded in , its headquarters are in Overland Park, Kansas.
The bank was renamed The Pittsburgh Trust Company in The bank changed its name to First National Bank of Pittsburgh in , after it became the first bank in the country to apply for a national charter  as part of that year's National Banking Act. It received the 48th charter on August 5, , with other later banks receiving charters sooner due to paperwork problems and the fact that the bank was already in business. At this time, the bank adopted the first version of its present logo—a stylized triangle representing the Golden Triangle.
Another branch of the current bank, the Philadelphia -based Provident National Corporation, dates back to In , PNC got back into the credit card business by marketing and issuing credit cards under the MasterCard brand in partnership with U. Bancorp products were converted to PNC Bank products.
Treasury was repurchased in The deal helped PNC double in size and become the 6th largest bank in the United States by deposit and 5th largest by branches. National City complemented PNC's presence, as Western Pennsylvania, Cincinnati and Louisville, Kentucky were among the few markets in which both banks had a major presence.
Louis, Missouri , with branches as far south as Miami and as far north as Sault Ste. Marie, Michigan on the Upper Peninsula of Michigan. Riggs had been fined after aiding Chilean dictator Augusto Pinochet in money laundering. Of these regions, PNC had existing branches only in Florida and the acquisition filled a gap in PNC's market footprint between northern Virginia and central Florida, adding about , customers and ATM locations.
Bancorp and the 6th largest by total assets behind the aforementioned four banks and Citibank. S and the second-largest full service accounting and administration provider to U. In , GIS was awarded a license allowing it to expand further into Europe. It is one of the world's most environmentally friendly skyscrapers. Some of its features include a double glass facade to reduce cooling costs and promote natural airflow into the building, a high-efficiency climate-control system to heat or cool specific zones of the building as needed, and a pair of living rooftops to collect and channel rainwater and reduce heat gain.
In April , the company acquired the U. In November , the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry. In , the company acquired Fortis Advisors, which provides post-merger shareholder services.
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In December , the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that the bank had charged Black and Hispanic borrowers higher prices for mortgages between and , before the acquisition by PNC. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75, borrowers higher loan rates based on their race or ethnicity rather than their risk level.
In March , PNC Bank was forced to reissue hundreds of debit cards to customers after accounts were compromised. Bariteau claimed PNC let the chairman of the Military Channel make unauthorized withdrawals of millions of dollars from the company's account for personal use. Louis-based company that sold prepaid funerals, were diverted and embezzled. In , PNC was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports. PNC has sponsored several initiatives to improve education , health and human services, cultural activities and the arts.
PNC owns corporate naming rights to the following:. From Wikipedia, the free encyclopedia. North American bank. Net income. PNC Tower , Cincinnati. Securities and Exchange Commission. February American City Business Journals. February 1, National Real Estate Investor. Mortgage Bankers Association.