A Florida resident who is named as the executor of a decedent's will may be apprehensive about the responsibilities that accompany that position. The executor needs to make sure the desires of the deceased person are fulfilled and the remaining financial obligations of the person's estate are taken care of.
Florida residents may be interested to learn that on March 30, a probate judge ordered attorneys to take eight weeks to sort out issues related to money and property awarded to his widow and three adult children. Attorneys for Williams' third wife say that the negotiations are amicable and that what she is asking for is a fraction of the overall estate.
Some residents of Florida may be concerned about what will become of their assets after their death. Although this can be a difficult question for some families to consider, doing so responsibly can help to mitigate the chance of further complications for one's beneficiaries in the future. Probate is one such potential complication, and it can be an expensive process for one's intended beneficiaries to undergo. However, many people are unaware of how probate can come into effect and what assets may be subject to it.
Sometimes, situations arise in which a decedent who is not a resident of Florida passes away, and his or her estate owns assets in Florida. In order to allow for the inclusion of those Florida assets in the decedent's estate, the law allows for ancillary administration of the assets by a foreign personal representative acting on behalf of the estate.
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.
Does credit card debt get handed down when a person dies? The good news is that debt is generally not inherited the same way that a person's assets are when he or she passes away. This means that the son or daughter of someone who has just passed on should not worry about being liable for paying any outstanding credit card debt left behind by their parent.
Florida parents may add their children's names onto their bank accounts so that they might write checks on their behalf and so on. Parents might see the adding of their children's names onto their bank accounts as harmless moves, but they can come with numerous unforeseen consequences. The financial consequences can be negative for the parents as well as the children.
It's no secret that, as people get older, they tend to become more vulnerable to scams that could threaten the assets the elderly person has worked so hard to accumulate. Undue influence is the legal term for wrongfully persuading or otherwise tricking a person into changing his or her end-of-life documents, and it is unfortunately a problem in Florida and throughout the country.
The distribution of assets to an estate's heirs is the primary purpose of estate administration. Estate planning should also include asset protection, which involves preventing these assets from being used in ways the estate's owner did not intend. Readers in Orlando will be interested in an estate dispute involving a murder conviction.