Estate Planning

When someone passes away, they often leave many of their assets to family members and close friends. Unfortunately, they also often leave debts and other obligations. How is this handled?

Probate is the legal process used for identifying the assets of a specific decedent’s estate and then using those to pay debts or obligations that are still owed at the time of death. Once these have been paid out, the remaining assets are distributed to the beneficiaries of the deceased’s will, or if they die without a valid will (intestate), then in accordance with Florida’s laws. 

Opening the Estate in Florida Probate

The process of Probate begins when either the representative named in the deceased’s will or one of its beneficiaries notifies the court that there is a need to open and process the estate.
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Estate planning is a process that involves the legal structuring of the disposition of one's assets. All couples, whether married or unmarried, should participate in the estate planning process. In fact, estate planning is particularly important for unmarried couples, as they have less legal protection than married couples.
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The probate process in Florida can be extremely complicated. In fact, probate can be a source of great confusion and frustration for those who are unfamiliar with its intricacies. In order to help you understand how probate in Florida works, below are answers to some common probate questions.  

What is probate?

Probate is the process by which a court identifies and gathers the assets of a deceased individual, uses such assets to pay his or her debts, and distributes remaining assets to beneficiaries of the decedent. Probate resolves a decedent’s financial affairs and ensures that his or her beneficiaries inherit assets that they are entitled to.
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In Florida, all lenders are required to go to court in order to initiate the foreclosure process. To begin the process, a lender must file a lawsuit in the circuit court of the county where the property is located. However, the filing of the lawsuit is just the beginning of the process. Below is an overview of how the foreclosure process proceeds in Florida.

 

Summons, complaint, and lis pendens

As noted above, the foreclosure process is initiated when a lender files a complaint with the court.
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A Florida power of attorney is a legal document that gives one individual (the agent) the authority to act on behalf of another individual (the principal). A Florida power of attorney can grant broad or limited powers to an agent. A power of attorney often grants an agent the ability to complete financial transactions for the principal, such as selling property and purchasing stocks.

Requirements

In Florida, a power of attorney must be signed by two witnesses and the principal.  In addition, in order to create a valid power of attorney in Florida, a notary must acknowledge the principal’s signature. There also may be additional requirements depending on the type of power of attorney created, as there are three primary kinds in Florida: general power of attorney, limited power of attorney, and durable power of attorney.

General power of attorney

As noted above, there are different types of powers of attorney in Florida. One such version is the general power of attorney. A general power of attorney grants an agent the authority to perform most legal acts on behalf of a principal. However, the powers granted must be specifically listed in the document.

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Before choosing an estate planning attorney, it’s always a good idea to have an initial conference. During your initial conference, your prospective attorney will ask you questions about your situation and determine the ways in which he or she may be able to assist you. In addition, the initial conference is your opportunity to ask questions and determine whether he or she is the right fit for you. Below are some questions to ask your prospective estate planning attorney during your initial conference.

“Is estate planning one of your main practice areas?” 

This question is important depending on the type of work you need done. For example, if you only need a simple will or power of attorney, then an attorney who specializes in estate planning may not be necessary. However, if you’re dealing with a complicated financial or family situation or a taxable estate, then it is probably a good idea to work with an attorney whose primary area of practice estate planning.

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Before choosing an estate planning attorney, it’s always a good idea to have an initial conference. During your initial conference, your prospective attorney will ask you questions about your situation and determine the ways in which he or she may be able to assist you. In addition, the initial conference is your opportunity to ask questions and determine whether he or she is the right fit for you. Below are some questions to ask your prospective...

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When an individual dies, his or her estate goes through the probate process. During the probate process, the deceased individual's assets are distributed among his or her heirs or beneficiaries. In order to begin the probate process, all interested parties must file a petition with the appropriate court. Below is an overview of the probate process in Florida.

Personal Representative Appointment

Following the filing of a probate petition, the court assesses the validity of the deceased individual's will.

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Estate planning is the process of arranging for the management and disposal of one’s estate during life and after death. Properly drafted estate plans account for both expected and unexpected life events, and they clearly address the way in which assets will be distributed in both life and death. Below is an overview of issues to consider when approaching the estate planning process in Florida.

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