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Valuing Coins In Probate
Summary
In Florida probate, coins are appraised for value, and the personal representative (PR) is paid from the estates assets, often requiring asset liquidation. The PR may need to sell coins to cover their fee if the estate lacks liquid assets. Secure transport or bank arrangements can be used for transferring coins. The PRs compensation is typically a statutory fee based on the estates value, around 3%. Its important for the PR to discuss their fee entitlement with the probate attorney. Consulting a probate attorney for personalized advice is recommended, especially when dealing with challenging beneficiaries.Full Conversation
Almost all of the value of the estate is the coins in the safety deposit box.
Thanks for sharing the details. Since most of the estate's value is tied up in coins, it’s crucial to get a professional appraisal to ensure accurate valuation. Is there any specific question or concern you have about this probate case that you'd like more information on?
Will the personal representive get paid (*%) out of the coins?
In a Florida probate case, the personal representative is generally paid from the estate's assets, which could include the coins in the safety deposit box. The statutory fee is typically based on the total value of the estate, not necessarily from each specific asset. Is there anything else you need to know about this process?
So the personal representative will get *% of the value of the coins?
Case Rating: *
The personal representative's fee in Florida is typically based on the total value of the estate, which includes all assets like coins. The fee is a percentage of the estate's value, often around *%, but it can vary. Is there anything else you need clarity on regarding this process?
The personal representative's fee in Florida is typically based on the total value of the estate, which includes all assets like coins. The fee is a percentage of the estate's value, often around *%, but it can vary. Is there anything else you need clarity on regarding this process?
Yes. Would the PR have to sell coins to get paid her *%?
Case Rating: *
In Florida, the personal representative may need to sell assets, such as coins, to generate cash for payment if the estate lacks liquid assets. The decision depends on the estate's liquidity and the representative's discretion.
Do you have any more questions about this process?
In Florida, the personal representative may need to sell assets, such as coins, to generate cash for payment if the estate lacks liquid assets. The decision depends on the estate's liquidity and the representative's discretion.
Do you have any more questions about this process?
How would she do this? There is one asset of $25K in a mineral interest that goes to one person, and $300K in gold coins in a SD box that goes to another person that has a mental disability.
Case Rating: *
In this situation, the personal representative may need to sell some of the gold coins to pay the statutory fee if the estate doesn't have enough liquid assets. Additionally, since the coins are meant for a beneficiary with a mental disability, it's essential to consider setting up a trust or guardianship to manage the funds for their benefit.
Do you need more information about setting up a trust or guardianship for the beneficiary?
In this situation, the personal representative may need to sell some of the gold coins to pay the statutory fee if the estate doesn't have enough liquid assets. Additionally, since the coins are meant for a beneficiary with a mental disability, it's essential to consider setting up a trust or guardianship to manage the funds for their benefit.
Do you need more information about setting up a trust or guardianship for the beneficiary?
The person with the mental disorder will protest it going into a trust. He's not disabled, just angry and psychotic. The PR is afraid to even talk to this person.
Case Rating: *
In this situation, the personal representative (PR) faces challenges due to the beneficiary's mental state. While the beneficiary might protest the trust, it's crucial to consider legal advice for managing the funds responsibly. Would you like more information on how the PR can handle this delicate situation, or do you have any other concerns?
In this situation, the personal representative (PR) faces challenges due to the beneficiary's mental state. While the beneficiary might protest the trust, it's crucial to consider legal advice for managing the funds responsibly. Would you like more information on how the PR can handle this delicate situation, or do you have any other concerns?
yes
Case Rating: *
In this complex situation, the personal representative (PR) may need to consult an attorney specializing in probate and mental health issues to manage the estate's assets responsibly while addressing the beneficiary's challenging behavior.
Would you like more information on legal options available for the PR in dealing with the beneficiary, or is there another aspect you need help with?
In this complex situation, the personal representative (PR) may need to consult an attorney specializing in probate and mental health issues to manage the estate's assets responsibly while addressing the beneficiary's challenging behavior.
Would you like more information on legal options available for the PR in dealing with the beneficiary, or is there another aspect you need help with?
yes
Case Rating: *
The situation you've described involves sensitive issues related to probate and mental health, which can be complex and challenging. Here are some general steps the personal representative (PR) might consider:
- Consult a Probate Attorney: Given the complexity, a probate attorney experienced in handling estates with mentally challenging beneficiaries can provide guidance.
- Consider Mediation: This might help in addressing disputes amicably.
- Evaluate Trusts/Guardianships: Even if the beneficiary protests, it's crucial to manage the funds responsibly for their benefit.
Would you like more details on any of these options?
The situation you've described involves sensitive issues related to probate and mental health, which can be complex and challenging. Here are some general steps the personal representative (PR) might consider:
- Consult a Probate Attorney: Given the complexity, a probate attorney experienced in handling estates with mentally challenging beneficiaries can provide guidance.
- Consider Mediation: This might help in addressing disputes amicably.
- Evaluate Trusts/Guardianships: Even if the beneficiary protests, it's crucial to manage the funds responsibly for their benefit.
Would you like more details on any of these options?
I think this person would severely protest (threaten) anyone trying to take guardianship of him. The PR just wants it to be over, get her percentage, and never talk to that person again.
Case Rating: *
This situation seems quite complex due to the mental state of the beneficiary and the PR's concerns. Here are a few steps for the PR to consider:
- Legal Advice: Consulting with a probate attorney specializing in mental health issues might be crucial.
- Mediation: Attempting mediation to resolve disputes without further conflict.
- Guardianship/Trusts: Assessing if a trust or guardianship might protect the beneficiary's interests.
Would you like more information on any of these options?
This situation seems quite complex due to the mental state of the beneficiary and the PR's concerns. Here are a few steps for the PR to consider:
- Legal Advice: Consulting with a probate attorney specializing in mental health issues might be crucial.
- Mediation: Attempting mediation to resolve disputes without further conflict.
- Guardianship/Trusts: Assessing if a trust or guardianship might protect the beneficiary's interests.
Would you like more information on any of these options?
How would the PR go about evaluating the coin collection and selling enough to get paid?
Case Rating: *
In Florida, here's how the PR might proceed:
- Coin Appraisal: Hire a professional appraiser to determine the fair market value of the coins.
- Liquidation: If needed, sell a portion of the coins through an auction or coin dealer to generate cash for the PR's fee.
Do you need any more specific guidance on this process?
In Florida, here's how the PR might proceed:
- Coin Appraisal: Hire a professional appraiser to determine the fair market value of the coins.
- Liquidation: If needed, sell a portion of the coins through an auction or coin dealer to generate cash for the PR's fee.
Do you need any more specific guidance on this process?
Who would a professional appraiser be?
Case Rating: *
A professional appraiser for coins is typically someone with expertise in numismatics, which is the study or collection of currency. Here’s how you can find one:
- Look for appraisers who are members of reputable organizations such as the American Numismatic Association or the Professional Numismatists Guild.
- Check if they have experience in appraising coins and precious metals.
- Local coin shops or dealers might have recommendations.
If you need more information or further assistance, feel free to ask!
A professional appraiser for coins is typically someone with expertise in numismatics, which is the study or collection of currency. Here’s how you can find one:
- Look for appraisers who are members of reputable organizations such as the American Numismatic Association or the Professional Numismatists Guild.
- Check if they have experience in appraising coins and precious metals.
- Local coin shops or dealers might have recommendations.
If you need more information or further assistance, feel free to ask!
Who pays for all this? The fees for the current probate lawyer is near $10K right now. The PR is just waiting for judgement to allocate assets (should be soon).
Case Rating: *
In Florida probate cases, the estate usually covers the costs for appraisals and legal fees, which means these expenses are paid out of the estate's assets. The personal representative (PR) doesn't typically pay these costs out-of-pocket.
Is there anything else you'd like to know about this process?
In Florida probate cases, the estate usually covers the costs for appraisals and legal fees, which means these expenses are paid out of the estate's assets. The personal representative (PR) doesn't typically pay these costs out-of-pocket.
Is there anything else you'd like to know about this process?
The assets are: a homesteaded house (exempt), a $25K mineral interest that goes to one person, and $300K in gold coins (keeps going up in value) going to someone no on wants to deal with, ever.
Case Rating: *
In this situation, the estate's assets are used to cover necessary expenses, including professional appraisals and legal fees. The personal representative (PR) does not pay these out-of-pocket. If the estate lacks liquid assets, the PR might need to sell part of the coins to cover costs.
Would you like more information on handling the distribution of the coins or advice on dealing with the difficult beneficiary?
In this situation, the estate's assets are used to cover necessary expenses, including professional appraisals and legal fees. The personal representative (PR) does not pay these out-of-pocket. If the estate lacks liquid assets, the PR might need to sell part of the coins to cover costs.
Would you like more information on handling the distribution of the coins or advice on dealing with the difficult beneficiary?
How will the PR deliver the coins to the beneficiary?
Case Rating: *
In Florida, once the coins are ready to be distributed, the personal representative can deliver them directly to the beneficiary. If a trust or guardianship is involved, the coins might be managed by the trustee or guardian. Is there anything specific you need further clarification on regarding this process?
In Florida, once the coins are ready to be distributed, the personal representative can deliver them directly to the beneficiary. If a trust or guardianship is involved, the coins might be managed by the trustee or guardian. Is there anything specific you need further clarification on regarding this process?
Nobody want's to walk around with that much gold.... how is this normally done?
Case Rating: *
In Florida probate cases, transferring large amounts of valuable items like gold coins can be done securely:
- Secure Transport: Consider hiring a professional service specializing in the secure transportation of valuable items.
- Bank Transfer: Arrange to transfer the coins to the beneficiary's bank or a secure location.
Would you like more information on these options?
In Florida probate cases, transferring large amounts of valuable items like gold coins can be done securely:
- Secure Transport: Consider hiring a professional service specializing in the secure transportation of valuable items.
- Bank Transfer: Arrange to transfer the coins to the beneficiary's bank or a secure location.
Would you like more information on these options?
give examples of secure transport companies
I'm unable to provide specific company names for secure transport services. However, you can consider the following general options:
- Brinks: Known for secure transport of valuable items.
- Loomis: Offers cash and valuables transportation.
- GardaWorld: Specializes in secure logistics and transportation.
You might want to research local options in Florida for the most appropriate service.
- Brinks: Known for secure transport of valuable items.
- Loomis: Offers cash and valuables transportation.
- GardaWorld: Specializes in secure logistics and transportation.
You might want to research local options in Florida for the most appropriate service.
give examples of a bank transfer of the coins
Case Rating: *
In Florida, transferring coins via a bank involves:
- Safe Deposit Box: Coins can be deposited in the beneficiary's name.
- Bank Transfer: The bank can facilitate the transfer to the beneficiary’s account.
- Custodial Account: Open a custodial account for the beneficiary's benefit at the bank.
Do you need more information on any of these options?
In Florida, transferring coins via a bank involves:
- Safe Deposit Box: Coins can be deposited in the beneficiary's name.
- Bank Transfer: The bank can facilitate the transfer to the beneficiary’s account.
- Custodial Account: Open a custodial account for the beneficiary's benefit at the bank.
Do you need more information on any of these options?
yes, much more
Case Rating: *
In this case, the estate's value is primarily in gold coins, and the personal representative needs to transfer them securely. Here's more on the options:
- Safe Deposit Box: Open a box in the beneficiary's name, allowing them access.
- Bank Transfer: Some banks have services for secure storage or transfer of physical assets.
- Custodial Account: Manage the coins in an account until the beneficiary can manage them.
Do you have any specific concerns or questions about these options?
In this case, the estate's value is primarily in gold coins, and the personal representative needs to transfer them securely. Here's more on the options:
- Safe Deposit Box: Open a box in the beneficiary's name, allowing them access.
- Bank Transfer: Some banks have services for secure storage or transfer of physical assets.
- Custodial Account: Manage the coins in an account until the beneficiary can manage them.
Do you have any specific concerns or questions about these options?
how are coins "managed in an account"? FYI, the value of gold is skyrocketing, going up everyday.
Case Rating: *
In Florida, coins can be managed in a bank account through:
- Custodial Account: The bank holds the coins and manages them on behalf of the beneficiary.
- Investment Account: The coins can be sold, and the proceeds managed in an investment account for growth.
Any further questions on this?
In Florida, coins can be managed in a bank account through:
- Custodial Account: The bank holds the coins and manages them on behalf of the beneficiary.
- Investment Account: The coins can be sold, and the proceeds managed in an investment account for growth.
Any further questions on this?
how are coins put into a custodial account?
Case Rating: *
In Florida, coins can be placed into a custodial account by:
- Depositing them into a bank's safe deposit box under the account's name.
- Selling the coins and depositing the proceeds into the account.
- Transferring ownership to the bank for management on behalf of the beneficiary.
Do you have any other questions about this process?
In Florida, coins can be placed into a custodial account by:
- Depositing them into a bank's safe deposit box under the account's name.
- Selling the coins and depositing the proceeds into the account.
- Transferring ownership to the bank for management on behalf of the beneficiary.
Do you have any other questions about this process?
currently, the coins are in a SD deposit box in a joint account of the deceased and my name. The PR has already been named, does she need to transfer the coins into another SD box, a custodial account?
Case Rating: *
In Florida, if the coins are in a safety deposit box jointly with the deceased, the personal representative (PR) might need to transfer them to an account that reflects the estate's ownership. This could mean moving them to a custodial account or another secure arrangement. Would you like more information on the process of transferring these assets?
In Florida, if the coins are in a safety deposit box jointly with the deceased, the personal representative (PR) might need to transfer them to an account that reflects the estate's ownership. This could mean moving them to a custodial account or another secure arrangement. Would you like more information on the process of transferring these assets?
How would she do this? Legally
Case Rating: *
To legally transfer the coins from a joint safety deposit box in Florida, the personal representative (PR) should:
- Access the box with proper estate documentation.
- Inventory and appraise the coins.
- Transfer them to an estate account or custodial account, following probate court guidelines.
Would you like more guidance on any part of this process?
To legally transfer the coins from a joint safety deposit box in Florida, the personal representative (PR) should:
- Access the box with proper estate documentation.
- Inventory and appraise the coins.
- Transfer them to an estate account or custodial account, following probate court guidelines.
Would you like more guidance on any part of this process?
what would be the proper estate documentation for her to take the coins and move them?
Case Rating: *
In Florida, to move coins from a joint safety deposit box, the personal representative (PR) generally needs:
- Letters of Administration: This legal document authorizes the PR to act on behalf of the estate.
- Inventory and Appraisal: A documented valuation of the coins.
- Court Orders: Any specific orders from the probate court related to asset handling.
Is there anything else you'd like to know about this process?
In Florida, to move coins from a joint safety deposit box, the personal representative (PR) generally needs:
- Letters of Administration: This legal document authorizes the PR to act on behalf of the estate.
- Inventory and Appraisal: A documented valuation of the coins.
- Court Orders: Any specific orders from the probate court related to asset handling.
Is there anything else you'd like to know about this process?
She lives * hours from where the coins are now. Is she supposed to come get the coins, have them appraised, then put them in another SD deposit box in the name of the estate? No one wants to drive around with all those coins.
Case Rating: *
It's understandable that no one wants to transport valuable items like coins. Here are some options for the personal representative (PR):
- Hire a Professional Transport Service: They can securely move the coins to an appraiser and then to a new location.
- Local Appraisal: Find a local appraiser near the current location of the coins to minimize movement.
Do you need more information on either of these options?
It's understandable that no one wants to transport valuable items like coins. Here are some options for the personal representative (PR):
- Hire a Professional Transport Service: They can securely move the coins to an appraiser and then to a new location.
- Local Appraisal: Find a local appraiser near the current location of the coins to minimize movement.
Do you need more information on either of these options?
omg, how does the PR get paid for her time in all this?
Case Rating: *
In Florida, the personal representative (PR) is compensated from the estate's assets. The fee typically covers their time and effort involved in managing the estate. This payment can include reimbursement for travel and other necessary expenses incurred while performing their duties. Would you like more details on how the PR's compensation is calculated?
In Florida, the personal representative (PR) is compensated from the estate's assets. The fee typically covers their time and effort involved in managing the estate. This payment can include reimbursement for travel and other necessary expenses incurred while performing their duties. Would you like more details on how the PR's compensation is calculated?
yes
Case Rating: *
In Florida, the personal representative (PR) is generally compensated based on the value of the estate, often following a statutory fee schedule. This fee can cover the PR's time, effort, and necessary expenses like travel. The percentage may vary but often hovers around *% of the estate's value. Is there a specific aspect of this process you'd like more information on?
In Florida, the personal representative (PR) is generally compensated based on the value of the estate, often following a statutory fee schedule. This fee can cover the PR's time, effort, and necessary expenses like travel. The percentage may vary but often hovers around *% of the estate's value. Is there a specific aspect of this process you'd like more information on?
What do you mean "hovers"? The lawers gets $10K, what does the PR get after all her time, work, and STRESS. Dealing with the person getting the coins is traumatizing, absolutely horrible.
Case Rating: *
I understand the frustration. In Florida, the personal representative (PR) typically receives a statutory fee, often around *% of the estate's value, but it can vary based on the complexity and size of the estate. This fee compensates for the time, effort, and stress involved. Have you considered consulting a probate attorney for more personalized advice on managing these difficulties?
I understand the frustration. In Florida, the personal representative (PR) typically receives a statutory fee, often around *% of the estate's value, but it can vary based on the complexity and size of the estate. This fee compensates for the time, effort, and stress involved. Have you considered consulting a probate attorney for more personalized advice on managing these difficulties?
The probate attorney is getting $10K and just wants this over too, has not discussed with the PR that she even gets *%.
Case Rating: *
In Florida, the personal representative (PR) is entitled to compensation for their work, usually a percentage of the estate's value. It's essential for the PR to communicate with the probate attorney about this fee, as it's a statutory entitlement. Would you like advice on how to approach this conversation with the attorney or any other concerns about the process?
In Florida, the personal representative (PR) is entitled to compensation for their work, usually a percentage of the estate's value. It's essential for the PR to communicate with the probate attorney about this fee, as it's a statutory entitlement. Would you like advice on how to approach this conversation with the attorney or any other concerns about the process?
Yes, what should I tell the probate attorney?
Case Rating: *
When speaking with the probate attorney, you could mention the following:
- Inquire about the statutory fee for the personal representative (PR), typically around *% of the estate's value, to confirm your entitlement.
- Discuss any specific expenses you've incurred during the process, including travel and time commitment.
- Express any concerns you have about the challenges faced, particularly with the difficult beneficiary, and ask for the attorney's guidance on addressing these issues.
When speaking with the probate attorney, you could mention the following:
- Inquire about the statutory fee for the personal representative (PR), typically around *% of the estate's value, to confirm your entitlement.
- Discuss any specific expenses you've incurred during the process, including travel and time commitment.
- Express any concerns you have about the challenges faced, particularly with the difficult beneficiary, and ask for the attorney's guidance on addressing these issues.
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