The idea of ceding control over certain parts of someone’s life may not seem like an attractive idea, but there are some cases where it is best to have an individual ready to represent them. If an individual is unable to manage their own business affairs or finances, such as due to a medical issue, the court may end up appointing someone to do this, which means that an individual could end up with a person they’ve never met making important choices for them….
When a person dies in Florida, either a designated executor or a person appointed by the court will serve as the decedent’s estate administrator. During the preparation of their wills, it is important for testators to be careful when choosing an executor for their estate in order to make certain the person is competent, able and trustworthy enough to carry out the tasks involved.
After an executor has been designated or one has been appointed by the court, the court will issue letters testamentary, which allow the person to administer the estate….
Many people move to Florida to retire. As a result, Florida has become a national hotbed for probate and estate planning. Several Florida property owners seek to structure their estate plans in order to allow assets to pass more easily to beneficiaries with the advice of area law firms.
Some professionals suggest first creating a living trust and then transferring title of real estate from an individual to the estate. One must be wary of making a beneficiary a co-owner of the property, however, as they could potentially force sale….
Florida residents who are planning to leave an estate must follow the state’s guidelines on probate planning and estate planning so that their beneficiaries do not have to endure an estate dispute. Probate is a legal process in which the courts identify the decedent’s assets, pay the cost of the probate action, pay off his or her debts and distribute any remaining assets to his or her designated beneficiaries. The formal process of estate administration ensures that the probate of wills follows the state’s legal requirements….
When an individual passes on, that person’s assets need to be collected and distributed. Additionally, any debts that the estate leaves behind need to be settled through estate administration. In most cases, the administrator of an estate follows the law of the state where the person died. However, it may be necessary to go through an ancillary probate process if property is owned in another state.
The Uniform Probate Code has attempted to make it easier to settle the affairs of an estate….
Details matter when it comes to many things in life. They also matter when it comes to death and estate planning implementation in Florida and elsewhere. Even small mistakes can result in serious consequences when it comes to estate administration. It can even cause intended beneficiaries to not receive their inheritance.
This is what happened with one woman who made a simple administrative mistake in her estate plan. She created a trust stating that all of the assets in her estate should be given to her children….
Estate planning is important no matter where one is in life. It does not matter if a person is rich or poor, planning for estate administration is essential in Florida or in any other state. Many use their age as an excuse to not bother with planning an estate. However, for one family this turned out to be a mistake after they unexpectedly loss their young adult son.
The son, 23, had decided he was not old enough to require a will or any kind of estate planning….
Taking care of one’s family is usually a person’s top priority in life. This could mean financially supporting a family member even after that person’s death. Estate planning provides the means for people in Florida to accomplish this goal. Having an estate planning goal in place can ensure that one’s intended heirs will receive their assets.
Without an estate plan, one’s intended heirs may have a difficult time during the estate administration process. It could also result in conflicts among family members over who should receive what assets….
Women are different from men in obvious ways. However, beyond just physical characteristics, there are differences in how women interact with society, particularly with estate planning in Florida or in any other state. Although every situation is different, and women are more independent than ever before, some women are still dependent upon their husbands for their financial well-being, which can affect a woman’s estate administration concerns.
For example, many older married women may be dependent upon their husband’s pension benefits….
Just about everybody will have to deal with taxes at some point in their lives. On the other hand, many people forget about having to deal with taxes after death since it does not directly affect them immediately. However, this is an important part of planning for the estate administration process in Florida and every other state. Most people’s estate planning goals will include avoiding estate tax liabilities for intended heirs.
One common instrument people use in their estate plans is an IRA, which is aimed at providing intended beneficiaries with a source of regular income via distributions from the account….