Aaron, Larry, Leona Helmsley discussed on Oklahoma Real Estate On The Move with Becky Ivns
Ah, whole roof. They tore off a roof for me recently that needed to be replaced. And there was lots of decking that needed to be replaced. And rather than just You know, throw something up there. They called and consulted face time We showed me the pictures and let me make a decision on how to move forward with this property. And how to do the roof. And I said, What's the right way to do the roof? Larry and he said, Well, the right way would be to put do decking on this, but your insurance will not pay for that. I said well, I'm selling this property. So I have to do the right thing is hope. Put the decking on there. And But it was nice because he would. He showed me the pictures and let me know. So Robin's roofing. I trust them. You can, too. 7 to 8 37 107 to 8 37 100. Ron Sha La What's our word of the day? Word of the day's air air. We talked about air with a buyer, not air. This is air like H e I r air, not air like the air that you breathe and not They're like, Oh, I dropped the past. That's an error. No, This is air right? So English conduce that to us, and that's why people who don't speak English as a first language have problems learning English, and we complain about Learning foreign languages in school. We shouldn't complain because English is just is bad, but air eyes are word of the day H e I. R. It actually comes from the middle English. There he will I r e or sometimes spelled E I r. And came to us via Latin, which is Herod, which means the kinsman inheriting property of a person without close relatives. Nowadays and air is the one who inherits that ABS obtains the property or title inherits the property is an heir. Used to be back in the old days. It was formally the sons were your air. Your son would inherit the property. There was a Patriarchal society for quite some time that didn't look at the women as anything but the ownership property, etcetera, so they'd always go for a son so they would have an heir to inherit their property. And sometimes in some cultures, the eldest son got two times and the younger son just got the one share. Build a sudden got the two times and sometimes l. A son got it all. But the concept of airship is that inheriting or the receiving of property when an individual dies or passes away. But don't you have to, like, publish something to be sure that there are no heirs that are being left out. But when we do, ah, probate we do file On action with the court requires us to notify Beneficiaries that Aaron a wheel if there's a will In addition to the heirs of law. The air is the law would be those people who would take Under a situation where there was no will, whether whether was intestate succession. The reason for that would be just in case the will is not admitted to probate. If it is invalidated, then you have to look to see who would the beneficiaries B and an air. It all may have a challenge to a will say the will. I gave everything I owned to the society for the protection of durables, for example, and my Children were not happy with that disposition of all my wealth of all the $250. I got left my pocket and so they challenge it in court as to whether that will was valid. Maybe they think that someone with the durable society might have convinced me course to me, too. To change my will and disinherit my Children, so the heirs of law would have a basis to challenge and we do notify them specifically by mailing to them. At their last known address. Also, we do publish it as well in the county, where the action is brought. People do some strange things with their wills. I Yesterday I watched the Strange inheritance TV show. And, uh, one of the things that was put in the will of Harry Houdini was that they would, uh I guess he left money for this, too. Uh, have a sales trying to conjure him up once a year. Yes, he wanted to determine whether or not at least this, Vai understood whether or not the metaphysical realm did exist. Spirits those kind of things. So he set that up to try to find that out now whether he was trying to debunk it or trying to see whether it actually worked or not. I don't know. I don't didn't look at it that closely or know him. But there are some that try to debunk that. And so let's say, Yeah, well will require this and I'll show that Neither does happen or or it doesn't happen. And consequently, you get some weird things that a will that way and you set it up. You can sit up is a trust. Did you know that was another thing that they commented on was Leona Helmsley. Left a You know, the one the little people that she You know who I'm talking about. Okay, uh, that She left her $12 million trust for her little pet dog. What happens to that once the dog's dead? Well, there are things called pet trusts. My God, that is, ah kind of Ah, unique area where people set that up. And we do we do actually create those, Uh, trust for the pet. On. Yes, there is. A clause is what happens if the pet dies, but How you have the trustee who takes care of the pet. How do you make sure that the pets well taken? Care of What Perimeters, Aaron the trust in terms of welcome you spent on the pet those types of things. Yeah, it's It's quite interesting. You know, here in Oklahoma City, actually, is Edmund. I listed a property a few years ago where the person that died had left. Everything to his dogs. And he had a house that was paid for. And Uh, Brother had to start taking care of these. And so the money was gone. The dogs were dead and there really were not provision in this will So he had to still go to court to get permission to sell the property. Well, if you get that situation since, say, animal cannot be a test ater. They can't create their own will so they can't dispose of it beyond themselves. Consequently, you look at the gift, and if the gift that expires then you'd have to go with to a court and basically you haven't intestate succession at that particular point. There's an intestine see created. Because the gift is no longer valid, and that's kind of falls into. Last week, we were talking about what about your trust, holding real property on whether or not the properties in the trust or not. That's a problem You mentioned last week that you Seymour and I've seen it quite. I say it a lot and And that brings up a challenge by the way. That brings up a challenge. We tell people check your trust, Make sure real properties in your trust. Let's challenge people today. If you gotta trust today, tomorrow before the weekend's out, go to your trust,.