Probate is the distribution of an estate after someone has passed away. It is usually a lengthy and expensive process that can cut into the value of the estate and cause a lot of stress for family members in the months or years after a death while everything is being sorted out.
For many of us, issues surrounding probate and estate administration are unfamiliar. Issues regarding distribution of property or documenting the inventory of an estate are handled all the time by professionals in the field, but rarely by individuals. This means that working with a Florida attorney with substantial experience in probate and estate administration matters is often a wise decision.
When a loved one dies, many people are unprepared for all the tasks that they are faced with. In addition to the personal loss of a beloved family member, there is a lot of work to be done regarding the probate and estate process. Many Central Florida residents opt to take on this burden themselves, but this can often backfire.
Estate administration isn't always a simple matter of the distribution of assets to the heirs. Anyone who has ever served as an executor in Florida is familiar with the numerous steps in between the time the will is created and the actual execution after the testator's death. Even with a small estate and a very clearly written will, unforeseen probate issues and expenses can arise.
Orlando families working out how their patriarchs and matriarchs will pass on assets after death may want to hear what one respected financial adviser has to say on the matter. To start, avoiding errors caused by the process's complexity is the first step to successful estate planning. After that, making sure the correct paperwork is filed and updated to reflect any changes in circumstances should be at the top of a family's estate administration tasks.
Estate planning is not a comfortable topic for a lot of Florida residents. Only 43 percent of Americans have a will although most people understand that a beneficiary must be designated or default state regulations, such as probate court, come into play. Some people don't understand the value of assets they have, such as insurance policies, and have people designated as beneficiaries people with whom they were once close, but are no longer.