Probate is a common term. However, what it entails may not be as commonly understood. Loved ones facing the loss of a family member may wonder what the probate process involves. In general, the probate process is a court-supervised process that gathers assets, pays debts and distributes assets to beneficiaries when an individual passes. In Florida, there are different types of probate administration, including summary administration and formal administration.
There are endless reasons one may potentially like to set up an estate plan. Whether to benefit while you are alive or after you have passed away, estate plans are helpful to ensuring one's assets stay on track with one's financial goals. Once wealth has been amassed, it is important to manage it responsibly to ensure that it is maintained at a steady rate of growth.
When a person thinks about taking care of their loved ones, what items come to mind? Of course being there for someone emotionally is a significant part. However, there is also the financial portion of caring for loved ones that can give caretakers pause. When the roles are reversed and a caretaker is now the person who needs care, how can these wishes be carried out?
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.
When a Floridian thinks about their estate, and the assets they may have earned or acquiesced over the years, it can be a lot to think about! That is why estate planning is perfect for getting a handle on a person's financial situation.
When thinking of preparing an estate plan, it is good to know that this process is entirely flexible. This means that whatever goals one wishes to accomplish with an estate plan, it is very possible that these goals can be achieved, if the estate is formatted correctly. Many owners of large estate have heard about the benefits of trusts and how these trusts an manage and allocate assets both now and in the future. There are several different types of trusts, two of which are popular with Florida estate owners.
Many people consider relocating to a warmer part of the country throughout the year. This makes Florida a perfect place to own rental property. When those people begin looking for a place to rent, you want to be ready.
Although many people will go through a range of personal issues after a loved one dies, there will be legal issues that need to be addressed as well; namely carrying out the provisions detailed in a will or other estate planning documents. In many estate plans, a "personal representative" will be appointed - otherwise known as the executor of the estate. It is this person's job to initiate the probate process, among other duties.
They way estate planning is handled from top-to-bottom is in response to how legislation can affect the estate. Laws can determine how much and why certain people are taxed on their assets. Estate tax responsibilities have not changes much in recent years. However, the current president-elect has outlined an overhaul of the system in which estates, wills and trusts are taxed.
Since Florida is a state where elderly people often come to retire, it is likely not a surprise that many residents of Polk County have wills and other estate planning documents which assume an out-of-state relative, perhaps a loved one from back home, will serve as personal representative following the Florida retiree's death.