J. Kelly Kennedy, Attorney/CPA, PLLC

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April 2017 Archives

Why should Winter Park residents think about avoiding probate?

Probate is a term often thrown around when discussing estate administration, but what does it mean? Probate, in terms of estate administration, is the process in which a person's assets are transferred out of their ownership and into the ownership of the appropriate heir(s). Several estate administration tools are available to shorten the probate process and get a loved one's asset into the possession of the deserving person or parties. Usually, these issues come to light after a person passes away, but they can be arranged before that day comes.

Florida's adult adoption law can affect trust administration

Since adoption and trust administration are governed by Florida state law, every state handles these issues a little differently. One may not initially think that an issue of family law would impact issues in trust administration, but the two have crossed paths in Florida more than once. Recently a FL appeals court handed down a decision concerning adult adoption and its impact on trust administration. This isn't the first time decedents have been impacted by an issue of family law, according to court records.

Preparing a DIY will is not always a family's best option

Thinking about life after oneself can be a heavy and unimaginable idea. The thought of leaving everyone you love in this world is most people's worst nightmare. However, the reality is that we all leave this world at some point in time. Preparing yourself, your family and even your business for that day can be the best thing a person can do for themselves and their loved ones.

Paying creditors and the IRS is part of probate

Before an estate can be formally administered, there are certain things the deceased's personal representative will need handled first. In Florida, probate is often necessary in order to fully and adequately close out an estate. During probate, the decedent's family members will have the opportunity to file objections to any claims anyone makes on the estate if they feel it is appropriate. Creditors and the IRS will also have the chance to collect any funds owed them.

What to know about FL inheritance after death of a loved one?

Loved ones can accumulate assets over years of hard work and accurate financial planning. Sometimes, a loved one leaves this world and their possessions behind. Many people have detailed estate plans for what to do with their worldly possessions. Others may not have indicated such a specific plan. In both situations, the heirs to an estate or inheritance have certain rights.