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.
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.
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.
An inheritance can include a wide range of items, including money and real property. People typically use a will or trust to ensure that their assets are properly distributed after they die, and there are laws regulating the distribution of an inheritance. Readers in Orlando will be interested to learn about a case in which a father has been accused of improperly spending his daughter's inheritance.
Modern families often involve complex relationships, and sometimes this complexity can make decisions difficult during the estate planning process. Individuals creating wills may need to consider stepchildren, divorces, adoptions and other nontraditional family structures. With these issues in mind, our Orlando readers might be interested to hear that benefactors are beginning to use personal values to divide property in their wills.
Estate planners use a variety of legal instruments, such as trusts and wills, to distribute an estate's assets. In the wake of a person's passing, there may be tasks related to estate administration that can involve dealing with claims against the estate. The cases are often more difficult to resolve, especially when more than one court is involved.
One strong argument for why we should all undertake solid estate planning is that it ensures that an estate's assets will be distributed in the ways the creator of that estate desires. But there are many nuances that older Florida residents should be aware of to be sure that what they want to have happen, actually does.
When a family member dies, the administrative process of settling the deceased's estate is called probate. If a person has a detailed will, the process is usually not complicated - any creditors and tax responsibilities the deceased had are paid and any items that the deceased wanted gifted are given to the designated heirs. However, sometimes the probate process reveals things that no one knew about the deceased, and sometimes these things can severely impact the surviving family members. It's a fact that Florida residents need to be aware of.