We have written before in this blog about guardianships, which can protect a person’s well-being or property if he or she is no longer able to do so, due to dementia or other health reasons. However, in the wrong hands guardianship can lead to a person being exploited or abused. This is why it is important that the guardian be a person who can be trusted.
We have spoken before about personal representatives, also known as executors, and their role in the probate process in Florida. Serving as a personal representative for a person’s estate after he or she dies is an important job, and not one to take lightly. The personal representative is responsible for distributing the assets to the proper heirs and dealing with creditor claims.
Depending on what stage of life a person is in when he or she passes away, he or she may die with several unpaid debts. While it may be nice to have the mortgage and business loans paid off before death, life is often less tidy than that.
A common expectation for many people setting up their estate plan, or updating their existing plan, is that their spouse and children will continue to live in the family home if the testator dies first. Few would like the idea of creditors getting their hands on the house and selling it, leaving their family out on the street when they are gone.
How long the probate process takes in Florida depends on several factors. One of the most important factors is the size of the estate. It may make sense to hear that the larger the estate, and the more beneficiaries named by the decedent, the more complex probate likely will be.
As adults, most of us make our own decisions about where we live, how we spend our money and when it is time to go to the doctor. But someday, illness, age or disability may leave us unable to continue to keep full control of our lives.
Creating an estate plan is an important duty for everyone, not just for wealthy people or those with young children. Once you are gone, it is time for the estate plan to turn into action.
We often refer to the probate process in this estate planning blog. Our readers who have never had a loved one’s estate go through probate may have heard the term before, but wonder what it actually means to go through probate.
Though many social media sites seem to be aimed at tweens, teenagers and young adults, people of all ages enjoy services like Facebook, Google Plus, Twitter and Instagram. One survey estimates that 88 percent of Americans aged 50 to 64 are online in some form. Many of them upload photographs and personal data like bank account information, in the hope that this data is secure online.
Back on Sept. 17, we discussed common mistakes too many people in Florida make when it comes to their estate plan. Today, we will add a few to the list that readers will want to avoid while drawing up or amending their plan. Hopefully, with the right estate planning attorney to help, none of our readers will fall into the following traps.