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In this day and age, it’s not uncommon to become inundated with bank stubs, receipts from purchases and other documents or scraps of paper of varying importance. While we cannot (and should not) hold on to everything, understanding which documents should be kept secure and safe and which documents can be replaced or are unnecessary […]
We spend our lives working hard to accumulate assets we can pass down to our children and families after we die. Part of that hard work needs to include estate planning to ensure the property and assets we leave behind make it to our loved ones as intended
Some people pass away leaving only their home or other real estate behind. Estates that are made up almost exclusively of real estate and personal items are subject to the same guidelines as any other estate.
When a person passes away in Florida, there are a few ways their estate may be settled. During the estate administration process, the property and assets of a decedent are identified, collected, and distributed to their rightful beneficiaries.
To ensure your will is carried out in agreement with your last wishes, you’ll need to appoint an executor (in Florida, this person is referred to as a personal representative). If you create a living trust, you must name a trustee to manage your trust and transfer assets to your beneficiaries.
The law firm answer…..it depends. Did mom leave written signed instructions? If she did, her personal property will be distributed according to her wishes. But if she did not let her wishes be known in a comprehensive estate plan, there could be dissention among the heirs.
The answer is NO. When a person dies leaving a Will and/or Trust, the nominated Personal Representative or Successor Trustee is not obligated to use the attorney who prepared the documents to administer the estate and/or trust.
Probate is often thought of as a process that is best avoided. There certainly are situations in which probate is not necessary, but it is surprising for some to learn there are benefits which can only be gained by engaging in the probate process. In most cases, probate is an easy and straightforward process.