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Orlando Probate & Estate Administration Law Blog

You can ask the courts to remove an executor from an estate

One of the most important decisions a person makes while planning their estate is choosing someone to serve as executor or administrator. Unfortunately, people creating an estate plan may not make the most rational decisions, as their emotional attachment to someone might lead them to overlook their flaws.

The person creating the estate plan wants to believe that their loved ones will uphold their legacy. Sadly, some people are too busy or not organized enough to handle an estate, while others are simply too unethical to handle assets and resources without trying to manipulate the situation for their own benefit.

Is it time to divorce your business partner?

You are at the end of your rope with your business partner. What once was a lucrative and agreeable partnership is now anything but. Could it be time to sever business ties? And if so, how to do it?

Business partnerships are often compared to marriages, and with good reason. Just as in a marriage, you are legally yoked to this person, and rise or fall, so are your fortunes. Knowing when it's time to pull the plug may save you future business losses and quite a few sleepless nights. Read on to learn some red flags that indicate a partnership is irretrievably broken.

Resolving a breach of contract fairly

Contracts are essential to almost every form of business, helping individuals and businesses establish boundaries and expectations around their business relationships. However, most relationships run into conflicts sooner or later, whether they are personal relationships or business.

In an ideal world, the terms of a contract help navigate conflicts in business relationships, allowing both parties to look through the terms of their contract to determine how to move forward. In some cases, one or more parties may violate the terms of a contract, which can have significant consequences.

Top tips for probate avoidance

When planning your estate, you may be wondering what goals should be your top priority. When researching online, you will likely come across conflicting or confusing information, and as a result, you may not know how best to move forward.

However, you have likely heard that doing your best to avoid probate is a good place to start when planning your estate. Probate is a process that assets held within an estate typically go through after a person passes away. It is a court-ordered process, and the reason why it can be beneficial to ignore it is because it can be costly and lengthy. Therefore, it limits the time it will take for your beneficiaries to gain their inheritance and the amount of inheritance that they will be able to gain. The following are some top tips for successfully avoiding probate.

Splitting high-value assets in a Florida divorce is complex

 

Let’s say you’ve acquired stocks, investment property, costly artwork, jewelry and other high-value property throughout the life of your marriage. You also have a vested pension plan and built up significant retirement funds. However, for whatever reason, your marriage has simply run its course and the time has come to separate from your spouse.

Protecting your wishes with a no-contest clause

Creating a will and estate plan is an important part of establishing your wishes for your legacy after you pass away. However, simply using these tools is not always enough to make sure that your beneficiaries do not challenge your will when the time comes. In many instances, family members and other potential beneficiaries challenge a will instead of accepting its terms, dragging out the process of distributing your property and potentially draining the value of your estate.

If you suspect that one or more individuals may take issue with the terms in your will and estate plan, it is important to understand the tools you have available to enforce your wishes. One of the tools that may strengthen your will is a well-crafted no-contest clause.

Can my estate plan include unborn beneficiaries?

We can't predict the future nor can we rewrite our estate plans every time anything happens at all in our lives that could affect a decision in our plan. It is important that estate plans prepare for the unknown through careful drafting and alternative terms.

Here is a case-in-point.

Protecting yourself while dissolving your business

Over time, every business reaches the end of its life cycle, and the owners of the business must take the proper steps to dissolve it. Unfortunately, dissolving a business poorly can create lingering complications for the owners and for others involved in the business's activities.

If you believe it is time to close your business down, it is important to protect yourself and others during the dissolution process. With a strong legal strategy and a clear understanding of the steps you must take to comply with the law, you can cleanly close your business and keep your rights secure throughout the process.

Estate planning in 2020: Tips and considerations

The coronavirus pandemic has triggered an increased interest in estate planning. From medical professionals that are on the front line fighting the virus to others that have used the change in regular scheduling to prioritize the matter, this push to get a will in place is something that will benefit those who follow through long after stay at home and shelter in place orders come to an end.

How are mortgages handled in estate administration?

The family home is a major asset for most Americans. Yet it’s becoming increasingly uncommon for aging Americans to own their home outright. Generations ago, a mortgage-free retirement was the norm. Now, it’s a rarity.

As a result, estates frequently include mortgaged real property. Executors are responsible for handling the disposition of the property and any debts that go along with it.

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