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.
You are free to disinherit your children in your estate plan if you would like to do so. You can do it for any reason or for no reason at all.
One thing to remember, however, is that a lack of clarity can lead to estate disputes. It's best to be open and honest with your children about what your intentions. If they're not sure, they can make assumptions that lead to disputes you could otherwise have avoided.
After losing a loved one, the prospect of navigating probate can be daunting – all the more so when they owned property in multiple states. It’s a common scenario in Florida, where many people own vacation properties. Frequently, their primary residence is in another state. Their will, family members and personal representative (sometimes called “executor” in other states) aren’t in Florida. Nonetheless, separate probate proceedings – called “ancillary probate” – may be necessary to deal with the Florida property.
Guardianship can have several different meanings. One of the most common forms of guardianship involves a non-parental adult stepping in to care for a child after the death of their parents or the state's revocation of their parents' authority. However, guardianship can also benefit adults with health or cognitive issues.
It is possible for individuals to seek guardianships over those with severe cognitive impairment, dementia or other extreme physical and mental health issues. When someone is no longer capable of providing care for themselves, the courts in Florida may decide that a guardian would be better able to manage their finances and make legal and medical decisions on their behalf.
You have plenty of assets, but you have found that the items you're most concerned about don't truly have that much value. These sentimental items are important to you.
Whether it's something like a military award or as simple as your childhood toy, you can still account for how that item is taken care of in your estate plan.
There is more to a piece of property than its utility. As families create memories there, they develop a value beyond dollar signs and market estimates. Whether it’s a long-held home, a treasured piece of land or even a vacation condo, how can you ensure a piece of property will go to someone that appreciates it in every way?
Listing real estate for sale can be a stressful, protracted process. Between showings and signings, there is so much to worry about and handle. You probably want to maximize how much you can make on the sale while also minimizing the last-minute investments and work you do on the property.
While you worry about that unsightly popcorn ceiling or getting rid of outdated fixtures in the kitchen, don't overlook one of the most important aspects of your home, which is its title. Depending on how you assumed title for your property, there may be some legal complications that could increase the amount of work or length of time required for you to successfully transfer the property to someone else.
Imagine you are part of a lawsuit in New York or California, and at the conclusion, you receive a significant monetary judgment. But the case took a long time to resolve, and the defendant has since moved to Florida. All their assets are now in the Sunshine State – meaning if you want to collect what you are owed, it has to happen in Florida.
Divorce can come with plenty of financial setbacks. But when one partner loses their job amidst the separation, it can cause significant stress and anxiety for everyone involved. The loss of a job can create a sense of financial uncertainty, as some may not know when they'll find a new source of income.
Sometimes, the spouse who lost their job may worry about how their unemployment could get viewed by the court. As such, their current standing could have a significant impact on the outcome.
Serving as the administrator of someone else's estate is in some ways an honor, but it is also often very stressful. You will have to fulfill financial and legal obligations on behalf of your deceased loved one while also dealing with the demands and wishes of their surviving family members and beneficiaries.
Sometimes, the people handling an estate overlooked a very important aspect of the process, which is the settlement of outstanding debts. Before you do anything else with assets from the estate, you have an obligation to creditors to repay them for money owed by your deceased loved one. Knowing which debts you must pay can help during the estate administration process.
Contact us today to schedule a consultation with one of our experienced attorneys. We have offices in Casselberry and Orlando.
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Casselberry,
FL
32707
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Orlando,
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32837
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