Every spring (or perhaps more often, depending on your employment in Miami) you go through the annual ritual of paying your taxes. Given all of the confusion that is often involved in paying your own taxes, imagine how much more there may be if you have to file a return for the estate of a deceased loved one. The stress associated with it may make you want to forget about the task altogether. Yet what happens if you do?
As the probate process begins for the estate of your loved one in Miami, you will likely immediately learn of the importance of a personal representative. A personal representative is the one appointed (either by your loved one in his or her will, the court, or your own nomination) to oversee the administration of the estate. Yet a personal representative's authority is not automatic; it must first be granted by the court through the issuance of letters of administration. As that process is taking place, you may question who is managing your loved one's estate.
Estate planning experts in Miami encourage you to begin considering the matters of your estate early on in life. The first step in that process may be to create a will. Many of those that we here at The Law Offices of Frye and Vazquez, P.L. have worked with over the years, however, have had to find out the hard way that estate planning is a process, not a singular event. As changes occur in your life that affect your income, savings and property holdings, as well as your marriage and family, you will want to revisit your will to see if changes need to be made to reflect your current situation. Yet what if you fail to do so?
Florida residents who are dealing with matters of legal guardianship or conservatorship may wish to know the differences between the two categories. Though they cover similar purposes, they do apply to different situations.