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Estate Administration Archives

A standalone will plus a testamentary trust can simplify probate

Sometimes a person creates a pour-over will that is supposed to place their remaining assets in a revocable trust, they sometimes fail to first fund that trust. However, merely having such a trust can simplify the probate process. This is because the executor of the person's estate, as the trustee, may be able to transfer all of the person's assets that are subject to the probate process to him or herself and then administer the estate within the trust, making it a private process, unlike probate.

What happens when there's a title issue with your home?

Most people barely notice the cost of their title insurance premium when they are closing on their home. After all, compared to the six-figure price tag of your home, that $1,500 or so seems unimportant. However, that title insurance premium can help protect you from the loss of your most important investment and biggest purchase. Some people wonder why title insurance is compulsory on financed homes. The reason why is simple: If there is an issue with title, your mortgage company could lose out on all the money paid toward the purchase of the home.

How long does the probate process take in Florida?

After a person in Florida passes away, there are certain legalities that must be met. Unless a person has a trust, his or her property will have to go through the probate process. This is true if a person had a will, or if he or she died without a will (known as intestacy.) Probate is the process by which, through the court system, the deceased's assets are identified and collected. The deceased's remaining debts are paid out of the funds of the deceased's estate, and the remaining assets are then distributed to the deceased's heirs.

Typical functions of a will executor

An executor is an individual named in a testator's will who is charged with taking care of any legal and financial responsibilities that the deceased individual needs to settle. This can include paying any outstanding taxes for the testator's estate, settling any debts for the estate and selling off any property that is required. Because of the personal nature of this type of activity, an executor is usually either a close family relative or a close family friend of the testator.

What usually happens during the process of probate?

It is only after someone's death that the process of actually settling their estate and distributing their assets can begin. For most beneficiaries, this means that their family member's estate documents will need to go through probate. But to many Florida residents, the process of probate can sound very mysterious. So what exactly happens during the process of probate?

Tips that can help someone choose the right executor

Picking the right person to act as an executor of an estate is not a simple task. Many times people who seem to be a logical choice, such as a spouse or a son or daughter, may not have the qualities needed to properly take care of a testator's estate. But, there are some guidelines that can help a Florida resident choose the proper executor.

Preparing for baby? Three tips to get your finances in order.

Getting ready for a baby is an exciting and terrifying time. Putting together a crib and changing table prove to be bonding experiences of epic proportions for parents. This is true both with the emotional it's-really-happening as well as the typical putting-together-furniture-is-so-frustrating issues.

What are some steps executors in Florida can take?

Being an executor of an estate in Florida can be a little intimidating. After all, there's a lot of responsibility that's abruptly thrust upon that person. One moment, they're living their normal life, and then suddenly they have to make significant decisions about the estate for a family member or friend who has just passed away. Moreover, they will probably have to go to court and take the estate through probate. But what general advice can an executor follow to help them as they perform their duties?

Simple estate planning steps that can provide real benefits

Most Florida estate planning experts agree that Floridians do not need to be wealthy to enjoy the benefits of a good estate plan. A good estate plan can help ensure that all of the testator's wishes are properly carried out. However, it also does not matter if the testator is a financial mogul or only has more modest resources. There are still certain steps that everyone can take to help ensure that their wishes are carried out.

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