When a friend or loved one passes away, you may feel overwhelmed with emotion at the loss. During this hard time, it can be difficult to make important decisions regarding the deceased's estate and property. If you are the estate administrator, you are responsible for overseeing the estate as it travels through the probate process. Probate is supervised by the court and ensures the property is taken care of and is distributed to the beneficiaries intended by the deceased.
The thought of planning one's estate can be overwhelming for some. They might think the process is more difficult than it actually is, or they could feel uncomfortable at the thought of facing their mortality. If you are like some Floridians who are putting off writing their wills, you might wonder if you can just tell your loved ones how you want them to divide your estate after you are gone. But is this a good idea?
As you know, it is important to have a solid estate planning strategy in place to protect your assets and the inheritance you want to leave to your loved ones. At the Law Offices of Frye & Vazquez, P.L., we have a full understanding of the different types of wills and trusts available to Florida residents, and that some types are stronger and less easily contested than others.
As you know, planning your estate and your loved ones' inheritance can be complicated in even the best of circumstances. What if you are concerned that a mental incapacity will compromise your decision-making abilities in the future? It may be wise for you and other Florida residents to consider a durable power of attorney, but what exactly is it?
When you choose to accept the responsibility of becoming the trustee of a trust or the executor of a Florida estate, you become a fiduciary. What this means is that you must work for the benefit of the trust or estate in performing your duties rather in your own interests. In other words, you must follow the wishes of the trust's grantor or the estate's decedent.
At the Law Offices of Frye & Vazquez, PL, in Florida, we know how hard you work throughout your life to accumulate wealth. We also know how hard you work to protect this family wealth so that you can pass it on to your heirs. The last thing you want is for your estate to have to pay a huge estate tax and your heirs to each have to pay an inheritance tax.
Like many Florida residents, you have done your estate planning carefully, so your loved ones will have an inheritance to enjoy after you are gone. Also like many others, you may have a moderate to significant amount of debt. Naturally, you would not want your children to inherit your debt in addition to their inheritance. Will your family members be on the hook for your outstanding debt after your death?
Whether you have been divorced or widowed, if you now find yourself happily connected with a new partner, you may well be considering getting remarried. While certainly remarriages are no longer uncommon in Florida and they can definitely be extremely happy and fulfilling, they can also come with some unique issues to address. Among these issues is proper estate planning, especially if one or both partners has children and possibly even grandchildren already.
When you are coming to terms with your parents' mortality, getting their estate affairs in order and protecting them from financial abuse are priorities. However, you and other Florida residents with aging parents may also be concerned about their emotional and physical well-being. For many, the challenges during the golden years can lead to depression and isolation. You and your relatives may play a vital role in helping your parents age with dignity and continue to feel useful and important to the family.
One of the main responsibilities that comes with administering an estate in Miami is answering any claims made against it. This can include action taken by creditors to try and collect debts, or it may be legal action initiated by a decedent's former associates. Upon one's death, his or her personal representative takes control of his or her affairs as he or she stipulated. Thus, any contracts or agreements one entered into while alive must be now recognized and enforced (or, in certain cases, challenged) by his or her estate.