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Posts tagged "Estate Administration & Probate"

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. 

Why should I plan my own funeral?

If you have a favorite outfit you want to be buried in, a specific phrase in mind for your headstone or you do not want to be buried at all, it is a good idea to state these wishes in your will. Like many Florida residents, you may balk at the thought of planning your own funeral. However, there are many good reasons to do so.

Avoiding family conflict over an estate plan

Residents in Florida might want to believe that their family members would not become embroiled in an all-out battle over their inheritances but that is not a safe assumption. The more effectively a person can outline their wishes in a solid estate plan, the better. On top of that, proactive communication with all potential heirs is a must.

Should my loved ones know my passwords in case I die?

Like most people, you may have heard the joke about erasing one’s online search history if one were to die. However, the information stored in your computer and cellphone is no laughing matter if you have important financial data that could potentially affect your loved ones’ inheritance if they cannot access it. You and other Florida residents may be interested in learning about how to manage your passwords for the purposes of estate planning.

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  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
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