It is possible for a person to pass away prior to paying off a credit card or private student loan balance. If Florida residents owed money to creditors when they die, those creditors may file a claim with the decedent's estate. Surviving family members aren't...
When people in Florida go to a bank or an investment advisor to set up a new account, they may be asked about their beneficiary designations. While these conversations often take place outside the estate planning process, they can have a significant effect on the...
Have you prepared a health care proxy yet? Do you have someone to make your medical decisions if you can’t? This important legal document only is effective when a person requires medical treatment and a physician decides that you do not have the ability to...
It is possible that Florida residents will have debt when they pass away. However, it is generally not a surviving family member's responsibility to pay off student loan, credit card or other balances that remain after a loved one dies. Generally speaking, the...
Some people in Florida may want to use both a will and a trust in their estate planning. A will can appoint an executor and a guardian for minor children. While a will can also be used to pass assets, a trust gives an individual more control over how those assets are...
In Florida, a Trustee has an ongoing legal obligation to inform the Trust beneficiaries of the administration of such trust. The Trustee must keep accurate records of all the income, disbursements and expenses of the Trust. Those records should be kept in a safe...
Many parents or other relatives set up special accounts for minor children at financial institutions called UMTA accounts. These are a way to save for a child’s future and sometimes have tax advantages for the donor. The donor then becomes the custodian of such...
In Florida, a personal representative, also sometimes called an administrator or an executor is authorized to receive a fee for their services in handling an estate. In family based estates, sometimes the personal representative will elect to waive their fees. The...
When a person dies in Florida, a family member or another appointed person will be responsible for starting the probate process. If the deceased individual left a will, the first step in the probate process is to read it. The will may contain important information...
Some people who have both a will and a trust as part of their estate plan might wonder whether they should appoint the same person as executor and successor trustee. In some cases, state law may limit this. For example, in Florida, a non-resident executor must be...
