When an estate enters probate, the court will appoint a personal representative to manage the assets. If the representative is an individual, that person must either be a Florida resident or a close relative of the decedent. A qualified and authorized bank or savings and loan company and any incorporated Florida trust company could also serve as the representative.
Among the primary reasons for probate in Florida is the satisfaction of the debts of the decedent. The personal representative of the estate is required to provide notice of probate to any reasonably ascertainable or known creditors. Upon notice, creditors typically are allowed a period of three months to file claims with the court clerk. The claims should set forth the details of the relevant debts.
Families in Florida may benefit from learning about the advantages related to special needs trusts. For some parents, a special needs trust is the primary tool for helping to ensure a child's future stability. These trusts enable parents to transfer funds for the benefit of a child without hindering the child's eligibility for benefits from the government. Some refer to these types of trusts as supplemental care trusts. This is due to the fact that many people use these trusts to supplement other benefits like Medicaid.
Trusts have long been an important part of many Florida estate plans. The trust instrument has evolved to include specialized forms for all sorts of specialized situations, but the living trust continues to be among the most popular and useful of estate planning devices. A living trust, also known as a revocable trust, revocable living trust or inter vivos trust, is created during the life of the grantor. The trust may be created for any number of reasons, but two of the most common are asset management and avoidance of probate on death.