When a person in Polk County dies, their estate becomes subject to their estate plan. But what happens if a person becomes incapacitated? They are still alive, but they cannot handle their own financial affairs or make other types of decisions for themselves for as long as they are incapacitated. In this case, a durable financial power of attorney may be effective.
If you are considering making or changing your will, you may have given some thought to who your executor should be. Maybe a friend or relative is making their will and has asked you to be their executor. What exactly is an executor and what do they do? This blog post will provide a brief answer to these questions.
We looked last week at a situation familiar to many Winter Haven and Lakeland residents: that of "snow birds," retirees and elder folks who live in Florida during the winter and move to northern states during the summer months. As we noted, questions of residency may arise when a snow bird passes away and may have serious tax implications if not anticipated. That's not too hard to understand, so our readers may wonder why bother enlisting a legal professional to assist with estate administration on behalf of their elder family members at all?
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.