Where does one's property go when one dies? This is a question asked by individuals in the estate planning process. The answer depends upon whether the individual died testate or intestate, and whether a representative was specified for probate administration. For many individuals in Florida, these terms could potentially be confusing, but the answer lies in whether one has prepared in advance.
Understanding the process of how property will be distributed after death can assist one's decisions about planning. If one chooses a living trust, the successor trustee will receive the titles to property. If a will has been created, it is likely that the executor will handle estate and probate administration. In Florida, people may be wondering more about probate and how it affects the administration of an estate.
In some families, it may be widely accepted that the firstborn child or perhaps the eldest son will handle the estate after the parents pass away. Without much thought, someone may choose an executor based on birth order, but naming an executor is not always that easy. Florida residents who are beginning or revising their estate plans will certainly benefit from making a careful evaluation of those in line for the honor and burden of being their estate executors.
If you want to create a trust, then you may already be familiar with a trust's benefits. It protects your assets and also helps your beneficiaries avoid taxation. All kinds of assets can be in trusts.
In 2013, certain laws about end-of-life assets were permanently altered. The threshold for estate tax was increased, meaning that most individuals will not be responsible for paying such taxes. Other high-asset individuals, including many Florida residents, have options available to them to reduce the amount of taxes paid on their estates at the end of their lives.
Some people may think that they can secure their estate simply by letting their wishes be known to their friends and family. Unfortunately, this informal method does not supersede governmental laws and policies regarding wills and guardianship. One recent news article tells more about how having estate planning documents in place in case of emergency can prevent a lot of unnecessary confusion later. Individuals in Melbourne and other areas of Florida may find this information helpful as they consider their end-of-life planning.
A technological advance is put on hold for the moment in the Sunshine State. Florida governor Rick Scott has vetoed the Electronic Wills Act. Citing vulnerabilities in the legislation, he encouraged the legislature to work on a more suitable bill. For now, estate and probate administration will be handled the traditional way in Florida, using in person notaries and witnesses.
Losing a loved one will naturally be an emotional time for you, and if the deceased person did not have a clear and precise will, complications could arise that can worsen the trauma of the loss. However, an experienced estate planning law firm such as Willian A. Johnson, P.A. in Melbourne, Florida understand the complex emotional and legal complications that such circumstances can bring about. We know that the aftereffects of a loved one's death often bring about emotional clashes between family members, and we aim to address the concerns of all.
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.