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Posts tagged "Estate Administration"

Do heirs & beneficiaries have rights if there is no valid Will?

Do heirs and beneficiaries have rights if there is no valid Will when someone passes away while residing in Florida? When a resident of Florida dies, assets are disbursed according to Florida law. Estate administration is generally filed in the county where the person resided at the time of death. By signing a valid Will, the process of transferring assets to intended beneficiaries goes very smoothly. An estate planning attorney may also offer to store your Will for safekeeping in a fire-proof vault in his/her office for added peace of mind. 

Estate administration can have tax implications even with reforms

Estate administration and tax implications from recent tax reforms are extremely important matters. Now that the end-of-year holidays are behind us tax season is in full swing. As you may know, 2018 is the first year in which the full effects of recent tax reforms apply. This has some experts predicting that issues related to tax returns and tax refunds will be complicated this year.

What's ancillary probate and do I need to care?

Florida is a very popular place, attracting visitors from all over the U.S. and the world. Many of those visitors purchase real estate in one form or another, allowing them to take advantage of the temperate climate in Florida when the weather at home is too harsh to tolerate.

How to choose the right executor for an estate

An important step for a person in Florida who is creating an estate plan is to appoint the right executor. Some people may think of an executor largely as a ceremonial position, analogous to appointing a child's godparents. However, an executor is actually a position that comes with a significant amount of responsibility and requires that someone possess certain skills to be effective.

Some duties of an executor

Florida residents who have been named as executor under a will may wonder what their duties are when the testator dies. As fiduciaries for the beneficiaries and the testator's estate, they must locate, value and secure all assets. This process will vary. Some assets may be accessed on producing a death certificate and a formal authorization from the court. A claim might be required to get insurance assets.

The responsibilities of an estate executor

A Florida resident who has been named as the executor of someone's last will and testament has a lot of responsibilities to fulfill. The executor must ensure that the testator's creditors are all paid off and the remaining property in the estate is correctly distributed to the beneficiaries. While they are not required to have any legal or financial training before beginning their job, they are legally required to execute the estate properly.

What are some of the important tax issues associated with probate?

As the saying goes, nothing is really certain in this world expect death and taxes. Interestingly enough, these two inevitabilities actually converge for personal representatives, meaning those appointed by either a will or a probate court to administer the estate of a recently deceased person.

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