Author: Elf
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What if the deceased owned real estate in more than one state?
If there is no will, probate is usually required in each state where the real property is situated, in addition to the home state. Even if there is a will, after it is admitted to probate in the home state, a certified copy of the will must be submitted to probate in each other jurisdiction…
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What happens if the designated representative does not fulfill their obligations to the estate?
A executor or administrator who fails to fulfill their duty may be personally accountable for any damages incurred during the administration of the estate. Liability can arise from unauthorized or improper sale of assets, mismanagement of estate assets, failure to file timely tax returns, neglecting to collect owed claims and funds, distributing property to incorrect…
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Who is eligible to become a personal representative?
An eligible individual to act as a personal representative may include a partner, guardian, offspring, sibling, trusted relative, or any other person residing in Florida. Additionally, a qualifying financial institution with authority to fulfill fiduciary responsibilities in Florida may also assume the role of personal representative.
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Who is responsible for handling the probate?
The Estate Manager (also known as the “executor” or “executrix” if there is a will, or the “administrator” or “administratix” if there is no will) is appointed as part of the probate proceeding and has the responsibility for managing the estate through the proceeding, making a list of all the assets and debts of the…
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How can I ensure my furry companion is taken care of after I pass away?
It is not possible to leave an estate directly to a pet. If you wish to allocate funds for your pet’s well-being, you must establish a pet trust, designate a trustee, and provide instructions for utilizing the funds towards your pet’s care.
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How can a legal strategy help avoid a conservatorship or guardianship proceeding?
A well-crafted plan utilizes various instruments that can prevent the court from obtaining control over your matters.
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How can I remove assets from my estate without being subject to estate or gift taxes?
What gifts can I make without having to pay gift taxes? What can be done to minimize estate and gift taxes? Various advanced estate planning strategies are employed to minimize estate and gift taxes. There are many factors that must be considered when tailoring a plan that will work best in each client’s situation. However,…
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What if I have a will that was created in a different jurisdiction?
Wills are regulated by the laws of each jurisdiction. You should consult with an estate planning attorney in Florida to evaluate your out-of-jurisdiction will and ensure its efficiency in Florida.
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When should an estate plan be reviewed?
An estate plan should be revised when there are changes in the testator’s beneficiaries, property, or family status (i.e. marriage, divorce, birth or adoption of a child, etc.). This can be done by executing a proper amendment (a codicil) to modify the existing will or by revoking the existing will and then executing a new…
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What information do I need to provide a legal professional to create a will or trust?
First, you will need to provide your family details, such as your current marital status, the names and ages of your children and the other beneficiaries of your estate, if any. These are the persons or organizations who will inherit your estate. If you plan to leave property to your children, you will need to…
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When should I start my estate plan?
The only time that you can prepare and implement an estate plan is while you are alive and have legal capacity to enter into a contract. If you are unable to manage your own affairs or suffer from a disability which affects your legal capacity, your estate plan may be effectively challenged by those who…
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What does the process of estate planning entail?
What does a comprehensive estate plan entail? Estate planning involves the development of a comprehensive strategy and the creation of legal documents to safeguard, preserve, and distribute assets before and after death, benefiting loved ones and charitable organizations. This process considers the impact of state and federal tax laws, as well as administrative regulations. Additionally,…
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How Much Can I Expect to Receive for My Case?
One of the most common questions our legal team for personal injury cases hear is how much a certain case is worth. Without fully reviewing the facts of your case, it is impossible to determine how much you can receive in damages. The value of your case will depend on the severity of your injuries,…
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What is the initial action in commencing a probate proceeding?
The primary crucial step is to assess the estate with a proficient lawyer to ascertain the optimal approach for Probate Administration. Subsequently, you ought to be prepared to compile essential documents such as the Last Will and Testament (if applicable), officially certified copy of the death certificate, inventory of creditors or liabilities, and details concerning…
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How much does Trust Administration cost and how long does it take?
In the state of Florida, Trust Administration is subject to the regulations outlined in Florida Statutes. The cost of Trust Administration from a reputable law firm is typically determined as 75% of the fee charged for probate cases. Therefore, if a probate estate would entail a statutory fee of 3%, the equivalent assets managed through…
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What does the process of Long Term Care Planning entail?
When should I consider planning for long term care? The process of Long Term Care Planning involves making preparations for future care needs, encompassing aspects such as financial planning, estate planning, and healthcare planning. If you anticipate the need for future medical care for yourself or your loved ones at some point down the line,…
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How can I prevent my child’s significant other from obtaining my assets?
If you have specifically mentioned your child in your Will or Trust, then they will inherit your assets solely in their own name – due to the explicit mention. This may expose the inherited asset to potential risks such as previous or future divorces, legal disputes, financial struggles, long-term care facility claims, and other debtors…
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What is the significance of Designating a Recipient for my Individual Retirement Account (IRA)?
To prevent probate, it is essential to assign beneficiaries to your IRA. In the absence of designated recipients for your IRA or Qualified Plan, the usual outcome is that your IRA will go through probate upon your demise – a result that most individuals typically wish to avoid.
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How much time do I have to initiate legal proceedings in a slip/trip and fall case?
The statute of limitations in Florida for a premise liability case is 4 years.
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What is Personal Harm (PH) coverage on an auto insurance policy?
Personal harm coverage is liability coverage that will pay for injury and lost wage damages on behalf of the person or entity causing injuries in an auto accident.
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What is the significance of having “comprehensive” auto insurance?
When an insurer claims that you have “comprehensive” insurance on your vehicle, it usually implies that you possess the minimum necessary coverage to legally drive on public roads. In the state of Florida, this entails having only PIP coverage and property damage coverage worth $10,000. Unfortunately, insurance agents often exploit the term “comprehensive” to create…
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How can I receive compensation for lost earnings following a car crash?
Your coverage for personal injury protection will provide compensation for 60% of lost earnings, up to $10,000 (or $2,500 if there is no emergency medical condition), resulting from injuries sustained in a car accident. The remaining 40% not covered by PIP, as well as any lost earnings exceeding $10,000, will be the responsibility of the…
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What is the 14-day rule?
In order for an injured individual to qualify for PIP benefits following a car accident, they must seek medical treatment for collision-related injuries within 14 days of the incident. If there is no medical treatment for accident-related injuries within the initial 14-day period, PIP benefits WILL BE DENIED.
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What should you do if your property suffers from water damage?
Notify any necessary repairs that require immediate attention on your property. Failure to address water damage properly can leave your home vulnerable to further harm. It is important to keep a record of all expenses incurred for temporary repairs. Capture photos of the initial state of the damage. This evidence will greatly assist in filing…