In Florida, after people write wills, there are sometimes changes in circumstances that necessitate making changes to the beneficiaries of the will. Sometimes people have a child after the will was written. In other cases, a person gets divorced from a spouse that was named as a beneficiary in the other will.
Whatever the reason that a change is needed, people sometimes forget that they need to change the beneficiaries in their wills. If they fail to do so, it can mean protracted probate fights or a person who should have inherited being left out….
Florida residents may benefit from learning more about the general duties of estate administrators as described by the IRS. The estate administrator can be described as the legal representative appointed to act on the decedent’s behalf. Often times, this person is referred to as the executor and may be a lawyer, family member or surviving spouse. In order to manage the decedent’s taxes and other important documents, the estate administrator must be in possession of the Letters Testamentary, which provides the authorization to act accordingly….
Individuals who want to plan their estates while retaining advanced control over the disposition of their assets can create living trust structures. Also known as inter vivos trusts, these estate planning tools accommodate those who want to manage their assets before their deaths. While the specifics vary from state to state, most people simply create formal declarations attesting to the nature of the trusts and the assets they hold. The assets to be contributed may be listed in the same document or an attached schedule….