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Probate

Reopening a Probate Estate in Florida

By Elder Law, Estate Planning, Probate

If assets are discovered after a probate proceeding has ended, it may be possible to reopen the estate through a motion and possibly a hearing.  When thinking about reopening an estate, you should first consult with an experienced probate attorney who will be able to determine whether the personal representative still has authority to act.  This would depend on the amount of time which has passed since the probate’s closing and applicable state laws.  The fee for reopening a closed estate is around $50 in Sarasota County.  For more information about reopening a probate estate, see the attached fact sheet from the Sarasota Clerk of the Circuit Court’s website.

Fact Sheet

If you have further questions about a probate proceeding or want to reopen a probate estate, contact one of our qualified probate attorneys at (941) 906-1231.

 

 

May 13, 2016
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How to Deposit a Will in Sarasota County

By Elder Law, Estate Planning, Probate

Wills must be filed with the Clerk of the Circuit Court within ten days of a death under the Florida Probate Code.  There is no fee for filing a will.  The Sarasota Clerk of the Circuit Court office is in the Probate Department at 2000 Main Street, Room 102, Sarasota and the Venice Branch is in the R.L. Anderson Administration Building at 4000 South Tamiami Trail on the second floor.

If you are going through the probate process, you will need an experienced probate attorney to represent your interests.  Call our office at (941) 906-1231 for an initial consultation.

May 10, 2016
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Creditor Period in Florida

By Asset Protection Planning, Estate Planning, Probate

During a probate administration, a Notice to Creditors must be published and creditors must be given 90 days to submit claims against an estate.  If there are known creditors for an estate, they must be notified directly by the personal representative to avoid the creditor being granted an extension to file after the 90 day standard period.  If you are trying to avoid probate or need legal assistance during a probate or ancillary probate administration, contact one of our experienced probate attorneys at (941) 906-1231.

May 6, 2016
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Missing Heirs

By Probate

Executors are tasked with locating the heirs identified in estate planning documents but this can often prove difficult and, sometimes, an heir cannot be located.  When this happens, Florida Probate Code directs PRs to determine the worth of the unclaimed assets and, depending on their value, deposit the proceeds with the clerk who will publish a notice to attempt to locate the heir.  If a missing heir finds out that they were to inherit assets, even after their sale, they can contact the Chief Financial Officer and obtain the proceeds from the assets within 10 years of the date of their deposit.

April 12, 2016
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How should I hold or invest estate or trust assets?

By Asset Protection Planning, Estate Planning, Probate

            If you are the personal representative or trustee of an estate, you have certain fiduciary obligations regarding the investment and use of the probate or trust assets.  You should be careful to keep all statements from the estate account and records of activity.  The attorneys at Bach & Jacobs, P.A. can advise you on the prudent investor rule and your responsibilities as a fiduciary to protect against liability.  If you are the designated TTEE or PR for an estate, contact Bach & Jacobs, P.A. at (941) 906-1231 for a consultation.

April 8, 2016
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Does a testamentary trust avoid probate?

By Asset Protection Planning, Estate Planning, Probate

No, a testamentary trust is usually created by a person’s will and has assets transferred to it during the probate process.  These assets are then distributed by the trustee according to the terms of the trust.  One advantage to a testamentary trust is that its administration would be carefully overseen by the courts.  However, this type of trust does not avoid the process of probate which can be costly in terms of time and money.  For advice on what kind of estate planning documents would best serve your individual needs, contact one of our experienced estate planning attorneys at (941) 906-1231.

April 1, 2016
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Rights of Immediate Family Members of a Decedent

By Asset Protection Planning, Elder Law, Estate Planning, Government Benefits, Probate

Florida law does not allow for a total disinheritance of a surviving spouse or surviving minor children.  These family members have the right to claim an “elective share” of assets which usually amounts to 30% of certain probate and non-probate assets.  Surviving spouses who are trying to decide between inheriting under the terms of a will or taking an elective share should consult an attorney to explore the implications of the two options.  Prenuptial agreements can impact the ability of a spouse to take the elective share.

If you have questions about the probate process, contact one of our probate attorneys at (941) 906-1231.

March 30, 2016
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What are Letters of Administration in Florida?

By Elder Law, Probate

Letters of Administration are issued by probate judges and name a personal representative to act on behalf of an estate during probate proceedings.  Many times, these letters are requested by banks to ensure they are issuing funds to the correct people after an account holder’s death.  These letters can take time to receive through the courts so it is essential to consult a probate attorney to review the titling of the decedent’s assets and determine if Letters of Administration and a formal probate administration is necessary.  For advice from an experienced probate attorney, contact our office at (941) 906-1231.

March 22, 2016
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What happens if a beneficiary is underage?

By Asset Protection Planning, Elder Law, Estate Planning, Probate

When a minor child inherits assets in Florida, their parent or guardian does not have the authority to settle, collect, receive, or manage real or personal property if the total assets exceed $15,000.  If the assets inherited exceed this amount, the court can appoint a Guardian Ad Litem who is responsible for managing the probate process and inheritance for the child.  This guardianship can cost time and money as the guardian must petition the court each year for distributions of assets.

To avoid the cost of an unknown guardian helping a minor to manage inherited assets, assets can be passed for the benefit of a minor using a trust.  A known trustee can then be designated to distribute assets to the minor child or for the minor’s benefit in accordance with the trust provisions.  For example, it could be specified that trust assets are to be used to fund the child’s education.

For estate planning services or to set up a trust to ensure your assets are passed to beneficiaries in the way that you desire, call one of our experienced estate planning attorneys at (941) 906-1231.

March 4, 2016
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What does Per Stirpes mean?

By Elder Law, Estate Planning, Probate

Per stirpes is a Latin phrase used in wills to mean that an asset will be passed to the heirs of designated beneficiaries if the beneficiaries themselves die.  If someone plans to leave assets to a friend but that friend dies before they do, the asset would be passed to the friend’s heirs if a per stirpes expression appears in the will.

February 26, 2016
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