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.
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.
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.
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.
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.
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.
If your spouse passes away and you owned real property with your spouse as tenant by the entirety, you need to clear the title to your real estate so it is owned by you alone as the surviving spouse through the following steps.
- Record a copy of the death certificate with the Clerk of Court in the county where the property is located.
- File an “Affidavit of Continuous Marriage” with the County Clerk. This form proves that your marriage was valid through your spouse’s death.
- File an “Affidavit of No Florida Estate Tax” (or DR-312 form). A copy of this form is linked below.
Affidavit of No Florida Estate Tax
Following these steps to clear the title to your property will ensure that there are no delays when you later wish to sell the property.
Bach & Jacobs, P.A. assists clients with the transfer of jointly owned real property after a joint owner dies and can prepare the necessary Affidavits and guide you through the process to properly transfer the title.
Florida statutes allow for the creation of pet trusts which can be used to designate who will take care of your pet and leave funds necessary to do so. The trust would appoint a care-taker and a trustee who would observe the care-taker to make sure they are following your instructions and caring for your pet as you specify. A trust protector can also be appointed to ensure the funds in the pet trust are being spent appropriately by the care-taker. The care-taker can be given specific instructions through the trust on how they should care for the pet on a day to day basis and how they should respond to unexpected illness of the pet.
Under Internal Revenue Code, the income of a pet trust is taxable. The trust would be active during the entire lifespan of your pet and after the death of your pet any remaining funds would be distributed to other beneficiaries as you specify. If you have further questions or would like to set up a pet trust, contact us at (941) 906-1231 to discuss the use of a pet trust as part of your estate planning.
In Florida, a personal representative is compensated either in accordance with the desires of the decedent as laid out in their estate planning documents or based on the presumed reasonable fees established by the Florida Statutes. The commission is 3% for the first $1 million in the estate, 2.5% for all above $1 million and not exceeding $5 million, 2% for all above $5 million and not exceeding $10 million, 1.5% for all above $10 million. Additional compensation may be due if the personal representative engages in duties such as selling a home, being involved in litigation, being involved in IRS proceedings, or other extraordinary duties.
If you are personal representative of an estate, you will need an attorney to represent your interests and guide you through the probate process. Contact our office at (941) 906-1231 to speak with an attorney with experience in probate administration.
Florida law does not recognize “no-contest” clauses written into wills or trusts, which means they are unenforceable in Florida courts. No-contest clauses are written to dissuade beneficiaries from challenging the will by threating that anyone who contests the will is no longer entitled to any assets from the estate. Even if a Florida will contains a no-contest clause, it carries no weight in a courtroom which means a beneficiary may contest a will without jeopardizing their rights to an inheritance.
If you are looking to set up estate planning documents to ensure your assets are distributed as you wish, contact one of our experienced estate planning attorneys at (941) 906-1231.
