Executors of estates are often close relatives of the deceased persons, and may not familiar with the tasks involved. In fact, the prospects may seem overwhelming, but estate administrators in Florida need not despair because legal guidance is available. The primary responsibility of the executor of a will revolves around the management of the deceased's financial obligations. The responsibilities include asset distribution as directed by the will.
You've heard about the importance of having a will, but important messages bear repeating.
A power of attorney is a document that typically forms part of a person's estate planning. People nationwide, including in Florida, usually draft such a document to protect their interests when they become unable to do it themselves. A person would choose a trusted individual -- which could be a friend, relative, lawyer or other individual -- to make decisions on his or her behalf when he or she becomes incapacitated.
In 1993, the Omnibus Budget Reconciliation Act of 1993 (OBRA-1993) was enacted to overhaul Medicaid. This allowed parents, grandparents, guardians or courts to establish self-settled Special Needs Trusts for individuals under 65 years old who have disabilities. However, until the signing of the Fairness in Medicaid Supplemental Needs Trusts as part of the 21st Century Cures Act in December, people with disabilities nationwide, including in Florida, could not establish such trusts on their own -- regardless of their levels of disability.
Many people go through life making lists to help them plan major events such as weddings and more. Retirement is such an event that needs careful planning, and making a to-do list can ensure nothing is left unaddressed. Florida residents may want to start with giving serious thought to the desired retirement age -- considering that a couple of extra years can provide a significant boost to retirement savings.