Blog

Blog 2017-10-09T15:59:23+00:00
103, 2018

Who May Act As Trustee Or Successor Trustee?

The choice of a trustee is extremely important, and may have tax consequences. You can name almost anyone as your trustee. Unlike the appointment of a personal representative of a [...]

103, 2018

Who Pays Federal Income Tax On Trust Income?

In most instances, the revocable trust is ignored for federal income tax purposes during the grantor’s lifetime. The income and deductions are reported directly on your individual income tax return. [...]

103, 2018

Does The Trust Provide Protection From Creditor Claims?

In Florida, the trust assets are not protected from the claims of your creditors. During your lifetime the assets in a revocable trust are treated as owned by you, and [...]

103, 2018

How Are A Decedent’s Creditors Satisfied At Decedent’s Death?

Florida’s trust law does not have a specific procedure for identifying and paying creditors at death. The creditors have up to 2 years from the decedent’s death to file claims [...]

103, 2018

How Do I Know If My Assets Are Properly Titled To My Revocable Trust?

The account statement, stock certificate, title or deed will make some reference to the trust or to you as trustee. You might also elect to fund your trust by naming [...]

103, 2018

How Does A Revocable Trust Avoid Probate?

A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to make the transfer [...]

103, 2018

How Is The IRS Involved At A Decedent’s Death?

The decedent’s death has two significant tax consequences: It ends the decedent’s last tax year for purposes of filing the decedent’s federal income tax return, and it establishes a new [...]

103, 2018

What Are The Estate’s Obligations To Estate Creditors?

One of the primary purposes of probate is to ensure that the decedent’s debts are paid in an orderly fashion. The personal representative must use diligent efforts to give actual [...]

103, 2018

Why Does The Personal Representative Need An Attorney?

A personal representative should always engage a qualified attorney to assist in the administration of the decedent’s probate estate. Many legal issues arise, even in the simplest probate estate administration, [...]

103, 2018

Whom Will The Court Appoint To Serve As Personal Representative?

If the decedent had a valid will, the judge will appoint the person or institution named by the decedent in that will to serve as personal representative, as long as [...]

103, 2018

Who Can Be A Personal Representative?

The personal representative is the person, bank or trust company appointed by the judge to be in charge of the administration of the decedent’s probate estate. To qualify to serve [...]

103, 2018

Who Supervises The Probate Administration?

A circuit court judge presides over probate proceedings. The judge will rule on the validity of the decedent’s will, or if the decedent died intestate, and will consider evidence to [...]

103, 2018

Where Are Probate Papers Filed?

The decedent’s will, if any, and certain other documents required to begin the probate proceeding are filed with the clerk of the circuit court, usually for the county in which [...]

103, 2018

Who Is Involved In The Probate Process?

Depending upon the facts of the situation, any of the following may have a role to play in the probate administration of the decedent’s estate: Clerk of the circuit court [...]

103, 2018

Why Is Probate Necessary?

Probate is necessary to pass ownership of the decedent’s probate assets to the decedent’s beneficiaries. If the decedent left a valid will, unless the will is admitted to probate in [...]

103, 2018

What Are Probate Assets?

Probate administration applies only to probate assets. Probate assets are those assets that were owned in the decedent’s sole name at death, or that were owned by the decedent and [...]

103, 2018

What Is Probate?

Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts and distributing the decedent’s assets to his or her beneficiaries. [...]

103, 2018

Is A Trust A Substitute For A Will?

No, in most situations. A trust may be used in addition to a will. This is because a trust can handle only the property that has been put into it. [...]

103, 2018

Is A Life Insurance Program A Substitute For A Will?

No. Life insurance is only one kind of property that you may own, and a will is necessary to dispose of other assets that you own at death. If a [...]

103, 2018

How Long Is A Will Good?

It is ‘good’ until it is changed or revoked in the manner required by law. Your will may be changed as often as you desire while you are sane and [...]

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