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Estate Administration & Probate Archives

Why is it important to avoid probate?

If you are beginning the process of planning your estate, you may have encountered articles and other information about probate avoidance. However, you may not be entirely sure about why it is so important to avoid probate, and how your estate will benefit from this.

Locating assets as the executor of a will

When a person dies, it is often a close friend or family member who is appointed as the executor in the person's will. One of the main duties of the executor is to locate the decedent's assets, including various bank and retirement accounts. People in Florida who are acting as the executor of a will should keep a few things in mind when they're trying to locate assets.

What to do as a will executor

When a loved one in Florida passes away, a person left behind may be surprised to discover that they have been named the executor of the will. This task can come with serious responsibilities, including securing the person's estate and assets, notifying the beneficiaries named, filing necessary tax returns ant introducing the will into probate court.

What are the common reasons for a delayed probate process?

At least a portion of most people's estates need to go through the probate process at the end of their lifetime. Probate can be take time and be costly because of the court administration that is involved.

Planning for Medicaid eligibility in your senior years

You may have health coverage and a decent nest egg, including significant assets and savings, but as most people in Florida know, it does not take long for a medical emergency or long-term health care to completely wipe you out. At the Law Offices of Frye & Vazquez, P.L., we know that you would rather leave an inheritance to your children instead of losing it all if you require significant health care in your senior years. It can also be concerning to think about affording long-term care with a modest retirement income and limited medical insurance.

Personal representatives play an important estate planning role

One of the most important decisions Florida residents are faced with when they create an estate plan is choosing who to appoint to be their executor or trustee. Some people give the matter little thought before appointing a close friend or relative to see that their wishes are followed, but the complex nature of the duties involved merit more careful consideration. Personal representatives make important decisions, contend with strict deadlines and some of the legal and financial issues they deal with are extremely complex.

Wills have executors, trusts have trustees

When a loved one passes away, people in Florida who have been named as executors will often have a lot of questions. Typically, a person will name an executor with a provision in his or her will. In cases where the estate is to be distributed primarily by means of a trust, the person responsible for overseeing the distribution will be named in the trust as the trustee. Either way, the person named has financial duties to the estate and the heirs or beneficiaries.

Gloria Vanderbilt estate worth far less than initial estimates

Some people in Florida might have assumed that when heiress and fashion icon Gloria Vanderbilt died, she left an enormous estate behind. There was speculation that it might be worth as much as $200 million. However, based on probate documents, her estate was valued at $1.5 million, and the majority of that was from her midtown co-op worth $1.3 million. She left the co-op to her oldest son and the rest to her youngest son, journalist Anderson Cooper.

How can you lower your risk of dementia?

A diagnosis of dementia limits your ability to make an estate plan in Florida. Your estate planning documents are likely to face a challenge if there is a question of whether or not you were of sound mind at the time that you drafted them. For this reason, it is a good idea to start your estate planning early. 

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