After someone’s death, there is no automatic method to distribute their assets to their heirs. In most cases, the estate could go through probate, which helps manage and administer the estate under the court’s direction. This process can involve numerous procedures, such as validating the deceased’s will, appraising their assets and meeting financial requirements before administering the estate. Additionally, these procedures must comply with applicable probate laws, which can be another layer of complexity. However, only eligible estates may go through probate, depending on their sizes and as ..read more

When estate planning, married couples with high-value assets put a premium on their privacy. That’s why they tend to create trusts over wills to do away with the probate process. This gives added protection for their assets and confidentiality. However, creating a trust is not simple because it entails meticulous work. You need to choose the right structure to maximize your assets. In Florida, high-asset married couples can choose from several trust options to manage their estate well. Having a joint revocable trust Couples may opt for a tenancy by the entireties trust. This joint revocable tr ..read more

Have you ever thought about what would happen to your assets and loved ones if you were to become incapacitated or pass away suddenly? The reality is that life is unpredictable. Incapacity or death can strike unexpectedly. When you plan for incapacity and death, you ensure that your wishes are clear and legally enforceable. You can set up certain arrangements, such as trusts, to protect your assets and legacy for future generations. Most importantly, planning for incapacity and death is about protecting your loved ones no matter what happens to you. You provide your loved ones with peace of mi ..read more

Creating an estate plan is an effective way to make decisions and give directions on what will happen to your estate after your death. No matter which estate planning tool you use, such as a trust or will, its enforceability may hinge on its features and functions. Many people use wills in their estate plans, but there is a version that works in tandem with a trust: a pour-over will. This type of will typically covers your residual assets and transfers them into a trust after your death. Using a pour-over will appropriately Before creating a pour-over will, it can be essential to establis ..read more

A will is a part of an estate plan, and when a person passes away, there is a distribution of assets to their heirs through the legal process of probate. Typically, parties look to a decedent’s estate plan for guidance on what they want to happen with their legacies––but what if there is no will present? Who gets the estate if there is no will? In Florida, if a person passes away without a will, all their assets will go to their spouse or closest relatives. State laws dictate the order of succession based on the decedent’s marital status and familial relationships: Married with no children – p ..read more

Following the passing of a loved one, it is now up to you as executor to ensure that their final wishes are respected and fulfilled. However, nobody informed you of the level of commitment the role would require. Suddenly, you find yourself burdened by seemingly endless responsibilities. Before diving deeper into the process, step back and breathe. You might manage estate administration more effectively by taking it one step at a time. Know the responsibilities of an executor Too often, people dive into probate without fully understanding what estate administration entails. Your responsibility ..read more

During probate, an executor appointed by the deceased can have significant responsibilities involving the estate and beneficiaries. As someone appointed by the testator to oversee their assets, the person in this role must complete tasks and comply with regulations as the estate goes through probate. Unfortunately, the executor may make mistakes or commit violations that can be too severe to ignore, potentially warranting the beneficiaries to take legal action. Asking for an executor’s removal If you are a beneficiary of an estate undergoing probate, you can seek the executor’s removal or repl ..read more

Parents constantly worry about what will happen to their kids when they are no longer around. However, for those raising special needs children, their parental journey includes additional layers of concern. Children with disabilities may require extra care and financial support. On top of that, they may not be capable of making reasonable decisions for themselves or getting a regular job. It is not merely a fleeting concern but a deep-seated fear that can overshadow the daily lives of these parents. It is a concern that brings to light the unique challenges and considerations that come with pl ..read more

In the intricate world of estate planning and wealth management, the role of a fiduciary stands as a cornerstone of trust and responsibility. A fiduciary is a personal representative appointed by a principal to act on behalf of the principal when they are no longer alive or capable. The principal or owner of the estate worked diligently to build their wealth and preserve their legacy. They did this to protect and continue to provide for their loved ones. As a beneficiary, it is essential to comprehend the obligations and commitments of those entrusted with managing your interests. A fiduciary ..read more

An inheritance can serve as a financial boost, allowing you to pay for emergencies or make a significant purchase. However, the probate process can be slow, putting your money on hold. At times, the administration of a complex estate could extend probate to more than a year. If you need your inheritance sooner, there may be ways for you to receive it early. Can beneficiaries expedite probate? Estates that have a total value of $75,000 or less can go for summary administration, the simpler, less expensive and time-consuming option. All other estates may need to go through formal administration ..read more