An explanatory letter is a separate document that you attach to your Will. The purpose of an explanatory letter is to explain the wishes set forth in your Will. When you create a Will, it is wise to include only the specific instructions regarding disbursement of your assets, rather than going into great detail explaining why certain assets are being given to certain beneficiaries. An explanatory letter is the place to include the reasoning behind the wishes you expressed in your Will and make any necessary explanations regarding said Will. Things that you can include in your explanatory letter are: explanations about gifts, final thoughts, and instructions for what to do with a pet. An explanatory letter is not at all legally binding, but can help to clarify your intentions if your Will is in any way contested. It also allows you to have a final say on any personal matters, which can help bring peace of mind to your loved ones.
Florida law gives individuals the power to contest Wills in the cases of fraud, mental incapacity or undue influence. In Florida, you can challenge a Will within the statute of limitations before the probate is complete. Additionally, if the Will has not yet been submitted to the court, you may challenge it. If the Will has been admitted to probate court and you have been notified of the submission and probate administration, then you have three months to file paperwork challenging the Will. However, if you did not receive the notice, then you may file after more than three months have passed as long as the probate process has not been completed.
You are allowed to file a Will contest in Florida if you have evidence that the will is not representative of the decedent’s wishes. You are also able to contest a Will if you have proof of undue influence, incapacity, or fraud. Incapacity refers to a situation in which an individual did not have the mental capacity to understand the document they were signing, and undue influence refers to a situation in which the decedent was coerced or otherwise pressured into signing the Will.
For assistance regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
In Florida, selling jointly owned stock is different than selling another jointly owned asset.
If you and your spouse owned the stock jointly and with the right of survivorship, then when your spouse passes away you automatically become the sole owner of said stock. This means that you are free to do whatever you want with it, whether you would prefer to keep, sell or trade it. As far as taxes are concerned, half of the investment’s tax basis is increased when the first spouse passes away. This means that, if you choose to sell the stock, the capital gains or losses on your half of the investment will be based on what the stock was valued at when you first purchased it. Your spouse’s half, however, will be based on the value of the stock at the time that he or she passed.
Probate proceedings can be very time consuming, make assets inaccessible for months, and involve the filing of documents and information in court that you may want to keep private. There are also legal fees involved in a probate proceeding that may be minimized or eliminated by alternatives to transfer assets after death.
If you have further questions or would like to talk about options for transferring assets outside of probate, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
Probate is the legal process following someone’s death that involves the payment of the decedent’s debts and the transfer of assets to beneficiaries.
The process includes:
- Proving that the deceased’s Will is valid
- Locating and taking inventory of all property of the deceased
- Appraising the property once it is located
- Ensuring that all debts and taxes are paid
- Distributing the remaining property according to the will or as determined by the state if there is no Will.
If you have further questions, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
A big advantage of signing a Lady Bird deed is that it avoids probate of the property after you pass away. In many states, including Florida, there is a Medicaid estate recovery program that seeks reimbursement from probate assets if you received benefits during your lifetime. But with a Lady Bird deed, the property is considered a nonprobate estate and the beneficiaries can inherit the property without having to reimburse the government for Medicaid benefits that you might have received.
An elder law attorney, also known as an elder care attorney, is familiar with the state and federal laws that impact seniors and their well-being.
These attorneys are well-versed and specialize in a range of areas:
- Estate planning
- Powers of attorney
- Medicaid
- Medicare
- Veterans benefits
- Probate and trust administration
- Nursing homes
- Elder abuse and fraud
Elder law attorneys allow you to plan ahead. By meeting with an elder law attorney and setting up documents, you can protect your assets, properly pass your estate to heirs, and name individuals to make health care and financial decisions for you when you are unable.
If you have further questions or wish to set up documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
When a divorce is finalized, a former spouse’s right to an inheritance through Florida’s intestacy laws ends. This means that if a spouse dies without a will and their estate goes through probate, the surviving ex-spouse would have no right to an inheritance if a divorce had been finalized prior to the death. However, if a divorce is still in progress but not finalized at the time of death, the surviving spouse has full rights to their inheritance as defined by Florida’s intestate succession rules.
If someone in Florida dies without a will, their estate is distributed to living relatives following intestate succession laws. In the rare case that someone dies without any relatives including great aunts and uncles, cousins of any degree, or nieces or nephews, their estate would escheat, or be passed to, the state.
Some common questions about Florida’s intestate succession rules regard how certain relatives are treated in the process. Half-relatives, such as half brothers or sisters, are entitled to inheritances as if they were “full” relatives.
If you have further questions about the probate process, intestate succession, or setting up estate planning documents to avoid probate, contact one of our experienced estate planning or probate attorneys at (941) 906-1231.
If someone in Florida dies without a will, most of their assets are subject to the state’s “intestate succession” laws which determine who the beneficiaries will be. Some exceptions are “non-probate” assets such as properties placed in a living trust, life insurance policies, IRAs, retirement accounts, and payable on death accounts which will immediately be passed upon death to the co-owner or a previously designated beneficiary, regardless of whether the decedent had a will. The rest of the decedent’s assets will be passed under the laws of intestacy to their surviving spouse, decedents, parents, or siblings depending on the members of their surviving family. For example, if someone leaves behind a spouse and descendants from only the deceased person and their spouse, the spouse would receive their entire estate. However, if someone leaves behind a spouse and descendants from a prior marriage to someone else, the spouse and descendants would each inherit ½ of the estate.
If someone you love has recently passed away and you need guidance on what to do next or who will inherit the estate, contact our office at (941) 906-1231 to speak to one of our attorneys.
