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December 2015 Archives

Common kinds of fiduciary duty

It is common when drawing up estate plans to name someone to take care of and oversee these plans in order to ensure that the testator's wishes are explicitly followed. This person is usually known as an executor, depending on the types of estate plan documents that have been developed. Once named, the executor has a fiduciary duty to always act in the best interests of the testator. Fiduciary duty can vary depending on the estate plan, so here are two everyday examples of fiduciary duty regarding certain estate planning documents.

Is there a difference between summary and formal administration?

If an individual living in Florida dies without owning any property or other asset in their name alone, it may be possible to avoid going through the probate process. However, if that person did indeed own property or other assets in their name alone, then their estate must go through probate. But many Florida residents may not know that an estate may qualify to go through the probate process in one of two ways. But what are these ways and how are they different?

Are different kinds of Powers of Attorney available in Florida?

Some people have an unnatural fear about powers of attorney. This fear stems quite naturally from the misconception that once a POA has been invoked, it can never be rescinded. And while this isn't factual, these people should also know that there are several different kinds of POAs available in Florida and each can suit some very specific needs. But what are these POAs and what are their limitations?

Important estate planning documents for unmarried Floridians

Just because someone is single doesn't mean that they can't benefit from good estate planning. Even a person who is not married may still possess considerable assets that must be properly dispersed. If an unmarried Floridian passes away without a proper estate plan, then his or her assets will be distributed according to Florida law. That means that assets may be arbitrarily divided among the testator's closest surviving relatives or absorbed by the state, if there are no living relatives. So here are a few important estate planning tools that single Floridians should consider.

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