When it comes to probate proceedings in the state of Florida, the personal representative has a right to fair compensation. This is a payment for the time and effort required to manage the deceased’s estate. Determining this compensation can happen in a few ways, either before or during the probate process. Deceased wishes The deceased may have specified the personal representative’s compensation in his or her estate plan. Alternatively, before the individual’s passing, he or she and the personal representative can draw up a contractual agreement outlining the payment terms. Heirs input The pe ..read more

Wills and probate are subjects that often come with a fair share of myths and misconceptions. These myths can lead to confusion and misunderstandings about the process of distributing a person’s assets after their passing. Understanding the truth behind these myths is important for effective estate planning in Florida. It will assist you in making informed decisions and ensuring that you distribute your assets according to your desires when the time comes. You do not need a will if you do not have many assets Some believe that if they have few assets or their estate is small, they do not need ..read more

Some assets will not have to go through probate because they are not part of your estate. However, sometimes non-probate assets manage to become part of an estate anyway, such as your life insurance policy. Since you may count on your surviving family members getting your insurance payout soon after your death, you should know about any situations that may cause your life insurance to end up in your estate and thus into probate. When the beneficiary is your estate According to the Florida Courts website, your life insurance policy goes through probate if the assigned beneficiary on the policy ..read more

Probate is a court process administering the distribution of assets belonging to someone who recently passed away. Anything the decedent owned at the time of their death belongs to their estate until the probate process concludes. What property goes through probate? Any and all property is eligible for the probate process with a few exemptions. The most common assets seen in probate court include: Real estate Bank accounts, including checking, savings and certificates of deposits Vehicles Personal property If the deceased had a valid will in place at the time of their passing, the probate proc ..read more

It is natural to worry about providing for your family after you die. Even if your estate does not contain a lot of wealth, it still can help your loved ones and give them some closure. The good news is that Florida allows for quicker ways to carry out probate, such as summary administration. This form of probate may speed up the inheritance of your estate to your loved ones. However, not all estates are eligible for summary administration. Per state law, here are some steps which could prepare your estate for this form of probate. Check the value of your estate Florida grants summary administ ..read more

When you agreed to serve Aunt Polly as the executor of her estate, she was in good health, so becoming her personal representative seemed years away. Unfortunately, Aunt Polly died much sooner than expected. Here are five tips to help you administer her estate successfully. 1. Obtain the important documents As a personal representative for your aunt, you must obtain her will and file a copy with the probate court. Note that if she had a living trust, you may be able to avoid probate altogether and distribute the assets immediately. Next, you must make funeral and burial arrangements. The funer ..read more

Some people bypass probate by creating a trust to hold assets until beneficiaries can receive them. However, this does not mean someone cannot go to court to contest the terms of a trust. Sometimes a family must deal with a legal battle over who gets money or property in a trust. Smart Asset describes the common reasons that someone may bring legal action against a trust. Coercion or incompetency In various instances, family members or potential beneficiaries feel that a trust grantor created or modified a trust under coercion or there was undue influence. Sometimes this happens because the gr ..read more

After you die, the probate courts determine how to divide your estate. The process is extensive, which can delay the distribution of your assets to your beneficiaries or increase emotional turmoil amongst the family. Luckily, there are several things you can do to ensure the process runs quickly and seamlessly. In some cases, your family might be able to avoid probate altogether. 1. Create a valid will A last will and testament is one of the most important documents for probate. Florida recognizes valid wills as written documents that you signed in front of two witnesses. Getting your will not ..read more

You may never have heard of ancillary probate and have no idea what it means. However, if you are the administrator of an estate of a person who owned property in Florida, ancillary probate is a topic you may have to deal with. Therefore, you should understand what it means and how it applies to the situation. Ancillary probate becomes an issue when a resident of another state dies and his or her probate assets include property in Florida. Probate courts can only handle property that is in their jurisdiction. Therefore, in addition to the primary probate in the decedent’s state of residence, a ..read more

There are many opinions about the probate process. The one thing that is a fact is that it is the legal process by which the state of Florida carries out your last wishes and legally administers your estate. Beyond that, everything you hear is mainly just individual’s ideas of what the process is and is not. You should look at probate with fresh eyes to see what you think about it being good or bad. The American Bar Association explains probate recognizes the legality of a will and gives power to the executor to carry out the directions in the will. It ensures that things progress as you wante ..read more