A previous post here addressed the provision of a spouse's elective share in terms of the administration of estates in Florida. Spouses can choose to keep whatever they have been devised in the decedent's will or trust, or they can opt for the elective share, which in Florida is set at 30 percent of the estate. The public policy behind elective or spousal shares is to protect spouses and children from being completely disinherited by a will. While the law generally prevents disinheritance in this way, spouses can waive their rights to the elective share. But, how does a Florida resident go about doing this, and why would someone want to.
How do spouses waive their rights to an elective share?
What happens in Florida if an heir can't be located?
What are the possible tax filings necessary for a Florida estate?
What happens in Florida when an estate owes money?
When many people think about wills, probate, or the administration of someone's estate, they typically think about what property has been left and the beneficiaries to whom it has been bequeathed. However, as this blog has touched on before, in the context of a discussion about the role of a personal representative, there are a few other steps that go in finalizing a Florida estate's administration. One of these steps is dealing with any creditors who may be owed money from the estate.
What does a Florida attorney do in will probate cases?
This blog has extensively discussed various forms of estate planning including trusts, wills and other documents designed to make decisions easier and cut red tape faster in case of a loved one's passing or incapacity. But what happens when there is a will and it needs to be administered through the probate process? You may be vaguely aware that many people hire attorneys to handle this procedure. But what exactly do lawyers do during probate?
Florida heirs should not become too involved in will creation
Many people have older parents who have moved to Florida. Because it is a destination for so many retirees, the state is often the venue for people who need to create, change or update their wills. As people get older, they often have less confidence in their ability to do complex tasks, and less patience for dealing with them. As a result, it is often the case that elderly people ask their adult children or grandchildren to aid them in such situations. The updating of a will as part of an estate plan is one such task, but there are pitfalls for potential heirs who become involved in the actual estate planning process.
How do creditors fit into Florida estate administration?
Whether one is the personal representative of someone else's estate or is in the midst of preparing his or her own estate plan, one issue that will need to be dealt with is creditors. Given the realities of modern life and the economic situation many people find themselves in, few individuals are going to die with no debt in their names. So what happens when an estate is administered in probate and there are creditors who are owed money?
Estate administration: what is an "elective share" in Florida?
Previously, this blog has discussed what wills are, as well as what happens if someone dies without a last will and testament. There are other special cases as well, however, including what is called an "elective share" or sometimes a "spousal share." As a public policy matter, elective shares are meant to prevent the intentional or accidental disinheriting of a spouse (and sometimes children) by a person's last will and testament.
Who inherits in Florida if there is no will?
A person who dies without a will is said to have died "intestate." When that happens the distribution of the decedent's property is governed by Florida's intestacy statute. If the decedent was married but had no children, all the assets pass to the surviving spouse. If there are children, grandchildren or any other descendants of the decedent still living, and the surviving spouse has no children by anyone else, the spouse also gets the entire estate.
Estate planning: What is Florida "summary administration?"
There are several types of estate administration in Florida law. One type, called "summary administration," which tends to be faster and simpler than traditional probate may be available in certain circumstances. It can be used whether there is a will, or the decedent died intestate, and for both resident and non-resident estates. The main requirement that must be met for an estate to qualify for summary administration is that the total value of the estate that is subject to administration. That is, everything that is not exempted by law, $75,000 or less. Summary administration can also be had, regardless of the value of the estate, as long as the decedent has been dead for over 2 years.