The answer is it depends.  A specific devise is a gift of a particular probate asset, such as:  my car; or a specific dollar amount in cash.  A specific devisee is the person entitled to receive the specific devise from the Personal Representative of the estate. The general rule is that the specific devisee is …

Estates are usually comprised of different types of assets such as real estate, cash, and marketable securities including, stocks, mutual funds, municipal bonds, and corporate bonds. During the estate administration, an estate attorney may recommend to the Personal Representative to make partial distributions to the beneficiaries. A partial distribution is an interim distribution to the …

Generally, the answer is no.  Rather, you should name individuals or trusts for individuals as the primary and contingent beneficiaries.  This is the most efficient way to pass life insurance benefits in an asset protected manner. After an insured dies, the named beneficiary or beneficiaries present to the life insurance company, a death certificate with …

What is an intra-family loan?  An intra-family loan is a loan from one family member to another. A typical example is a loan from a parent to an adult child. For example, John is a school teacher who also tends bar on Friday and Saturday nights at a local restaurant.  He and his wife, Ruth, …

What is a Corporation Fiduciary?   A Corporate Fiduciary is a bank that qualifies under federal or state law to act as Trustee or Personal Representative of a decedent’s estate.  In short, the bank is entrusted with assets to manage and administer in accordance with specific guidelines and instructions given by one’s Last Will, Trust, or …

The general duties of the Personal Representative include collecting and gathering assets, serving notice on reasonably ascertainable creditors, paying legitimate bills of the decedent and the estate, and making distribution in accordance with the last will or the intestacy statute. Another significant duty (a sub-category of paying legitimate bills) is filing all required income tax …

Frequently during probate litigation, there is a delay in the appointment of the Personal Representative. The reasons for the delay could be:  a challenge to  the validity of the purported Last Will; whether the named Personal Representative qualifies (such as the person named may be a convicted felon); objections or caveats by interested persons to …

In most instances the administration of a trust or estate after the death of a family member or donor follows the guidelines of the will or trust governing the disposition and proceeds without dispute or litigation.  Estate attorneys usually draft clearly and comply with client’s instructions. There are some instances, however, when disputes arise between …

The Personal Representative has an obligation to pay the decedent’s administrative expenses and obligations to creditors that have file timely claims.  What is the order of the priority when a Personal Representative addresses the payments of claims? The answer is contained at Florida Statute 733.707.  This statute sets forth the order of priorities as follows: …

The elective share is the statutory amount that a surviving spouse may elect to receive from his or her spouse’s estate regardless of the terms of the deceased spouse’s will. The surviving spouse’s right to elect against the spouse’s will is specified at Section 732.201 et seq. of the Florida Statutes.  Florida Elective Share Statute. …

SUBSCRIBE

Enter your email address below and press enter

ADD TO GOOGLE / YAHOO / RSS FEED