Author: Elf
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Who Serves as Personal Representative Of a Florida Probate Estate If There Is No Will?
What Happens in an Estate When Someone Dies Without a Will? What occurs when an individual passes away without a will? In the absence of a will, as per Florida law, the surviving spouse assumes the role of personal representative of a Florida probate estate. However, in the event that there is no spouse, the…
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How does the process of starting a probate estate without a valid will in Florida begin?
In Florida, an intestate estate is initiated when the beneficiaries or creditors request the designation of a personal representative by submitting a petition for administration to the probate court. Given that probate is a legal procedure, it is advisable to seek assistance from an attorney to initiate the intestate probate proceeding.
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What Happens in an Estate When Someone Dies Without a Will?
If a resident of Florida passes away without a will, then they are said to have an intestate estate. Since there is no will, the Florida Probate Code determines who will receive the assets of the deceased’s estate through probate, as well as who will be given priority in appointment as the personal representative, instead…
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What is a Testate Estate?
If a [state] resident dies with a will, he or she has died testate. The will names the personal representative and beneficiaries of the estate. Making a will is the means by which an individual determines the beneficiaries who will inherit his or her property at death and the personal representative who will be responsible…
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What Is a Testamentary Trust?
Not all wills have trusts, but when a trust is created by a will the trust is referred to as a testamentary trust.
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Who Appoints the Personal Representative in Florida Probate?
The probate court appoints the personal representative whether the deceased died with a will or without one. Legal professionals often refer to this individual as the PR. The testator’s will should name a financial institution or a trusted resident of Florida as the personal representative and trustee, and it should list several alternates to serve…
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Who can be appointed as a Personal Representative?
The personal representative is the individual, financial institution, or trust company designated by the court to manage the matters of a deceased person’s estate in Florida. The outdated titles of administrator and executor are no longer employed in Florida.
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Where should I store my will once it has been signed?
Once a will has been signed, it should be stored in a secure location such as a safe or a safe deposit box at a financial institution. It is important for the person who signed the will to keep the original document in a secure place, as the original will need to be presented to…
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What Are the Requirements For Signing a Will in Florida?
The requirements for signing a will in Florida are that the Sunshine State resident must sign the will at the end of the document in the presence of at least two witnesses who are both present at the same time and place as the person making the will and who also sign the will as…
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When is the appropriate time to initiate bankruptcy proceedings?
Opting for bankruptcy implies choosing a pathway toward attaining financial freedom. Commencing your case in a timely manner can save you from avoidable losses or obligations pertaining to debts that are eligible for discharge through bankruptcy. Deciding to initiate bankruptcy proceedings is often one of the most challenging decisions an individual faces during their lifetime.…
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What is the concept behind Chapter 13 Bankruptcy?
Chapter 13 is a type of reorganization bankruptcy often mistakenly called the repayment Bankruptcy. A reorganization may involve eliminating a second mortgage, pursuing a modification of your home loan through the Mortgage Modification Mediation Program, getting up to date on missed mortgage payments or association fees, and potentially reducing the loan amount on investment property.…
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Who is eligible to file for Bankruptcy?
Any individual residing, domiciled, or owning property or a place of business in the United States may file Chapter 7. A company may also file a Chapter 7. The recent bankruptcy legislation incorporates a “means test” which evaluates income versus expenses to determine eligibility for Chapter 7 bankruptcy. At present, there are no prescribed lower…
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What is Bankruptcy?
Bankruptcy is a legal recourse available to most individuals and businesses faced with financial distress. It is widely used in our country as a means to obtain financial freedom, protect assets, or obtain a fresh start. Bankruptcy is governed by the Federal Rules of Bankruptcy Procedure and local bankruptcy court rules. Chapter 7 is the…
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Why is TIME so crucial after an arrest?
Time is not on your side after an arrest. You need to understand your options and have your legal representative initiate the preparation of your defense as soon as possible. Getting ready and being prepared are your most powerful defense strategies.
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What about a Lawyer’s Opinion?
A lawyer’s opinion is based on a search of the public records. So, once again, even the most exhaustive search of these records may not reveal everything. Unlike a title insurance policy, the Johnson Law Office & Title Services is not liable if you should suffer loss because of ‘hidden hazards’ in the title.
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How does title insurance protect my investment if a claim should arise?
How does title insurance safeguard my investment in the event of a claim? In case a claim is filed against your property, title insurance will provide you with a legal defense as per the provisions of your policy. It will cover all expenses related to court proceedings and associated fees. Furthermore, if the claim is…
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What is the potential loss if a claim is filed against my property?
It depends on the claim. In an extreme scenario, you may risk losing all your home and property – and still have an obligation to settle the remaining balance on your mortgage. While most claims are not as severe, even a minor claim can result in wasted time, expenses, and frustration, and you might be…
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Why is transferring ownership of a property in real estate distinguishable from transferring ownership of other belongings, like a vehicle?
Why does transferring ownership of real property differ from transferring ownership of personal property, such as a vehicle? Why is transferring the title to real estate distinct from transferring the title to other items, like a vehicle? Since land is enduring and can have numerous owners throughout time, different rights associated with the land (such…
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What is a title?
A title refers to the underpinning of property ownership. It signifies the proprietor’s entitlement to possess and utilize the property. A title is the basis of property ownership. It is the owner’s entitlement to possess, utilize, and convey the property. A title is the basis of property ownership. It represents the owner’s entitlement to possess…
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What are the estate tax rules in Florida?
There is no estate tax or inheritance tax in Florida. However, residents of Florida may still be subject to Federal Estate Taxes.
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How Can I Make Plans for My Pet?
In the state of Florida, you can safeguard your pet’s future after your passing or inability to make decisions through a pet trust. Pet trusts are legitimate papers that ensure your pet’s financial support, care, and well-being. A human beneficiary is not mandatory, but it is necessary to name a reliable trustee (or permit the…
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Why is estate planning important for business owners?
Who should consider estate planning? An estate plan can keep your business and personal assets out of probate court, making the transition of your assets much smoother for your family members. Additionally, by creating an estate plan, you will have full control over what happens to your business and other assets after you die or…
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What other elements are involved in my estate plan?
Powers of Attorney are crucial documents to execute when finalizing your estate plan. If you are unable to make decisions without a Durable Financial Power of Attorney, a court will have to appoint a guardian to handle your affairs, pay your bills, and manage your property and investments. Guardianship proceedings can be lengthy and costly,…
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How frequently am I able to submit a bankruptcy claim?
The frequency of filing for bankruptcy is determined by your previous bankruptcy filings and the specific type you plan to submit. For instance, filing for Chapter 7 is possible after eight years from a previous Chapter 7 filing, or six years after a Chapter 13 filing. Similarly, Chapter 13 can be filed four years after…