Being appointed as the Executor or Executrix of someone’s estate is a notable honor, a testament to the trust they place in you to carry out their wishes. While some may assume that the default choice for an Executrix is a family member, actually, in most cases, the Executrix can be anyone – a friend, an attorney, or a […]
Unfortunately, life insurance policies are not a substitute for a Will. Envision your 𝐖𝐢𝐥𝐥 as a 𝐆𝐞𝐧𝐢𝐞, awakening after your final rest to speak your truth, providing a clear roadmap for the transfer of your hard-earned assets. On the other hand, a life 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐨𝐥𝐢𝐜𝐲 is a direct agreement between you and the insurance company.
Acquiring a Florida death certificate is an essential task that needs to be completed for various purposes, including: ✔ Transferring titles for real and personal property.✔ Resolving pension claims and securing life insurance benefits.✔ Formally initiating probate or administration proceedings for the deceased’s estate.✔ Closing bank accounts associated with the deceased. Florida offers two types
Coping with the passing of a loved one is challenging, and it can be even more intricate when you discover that they owned property in Florida. To either sell the property or transfer its ownership to heirs, title insurance will require the completion of a Florida Probate. Unfortunately, some families assume that a probate carried
The origin of probate can be traced back to ancient Roman law, which recognized the importance of having a legal process to ensure that a deceased person’s property was properly distributed. The word “probate” originates from the Latin word “probare,” which means “to prove.” Essentially, probate is the court-supervised process by which a judge officially
A personal representative is a person or legal entity appointed by a judge to take charge of managing the probate estate of someone who has passed away. If the person who passed away left a will, it will specify who should be chosen as the personal representative. Who can be a Personal Representative (PR)? To
When an individual passes away, their existence becomes frozen in time, preserving all its original characteristics. Probate assets consist of assets that were held solely by the deceased at the time of their death or jointly owned by the deceased and one or more individuals but did not have a provision for automatic transfer of
A power of attorney is a legally binding document that grants someone else the authority to act on your behalf. When you create a power of attorney, you are giving another person (referred to as your “agent”) the responsibility and trust to make decisions and take actions for you. This means that your agent can
Have you ever been curious about the process of filing a Will with the courts? If you’ve wondered when and how this important step takes place, you’ve come to the right place. Let’s dive in and unravel the mysteries surrounding the filing of Wills with the courts! 📜 The Meaning of Deposit: Depositing a Will
Assuming the role of a personal representative carries immense responsibility. These individuals are entrusted with the task of administering an estate in strict compliance with the law. Here is an outline of their obligations: 🔍 Identify, assemble, and safeguard the assets subject to probate proceedings. 📰 Issue a Notice to Creditors, published in a local
🔑 Understanding the concept of post-transfer responsibility for carrying costs is crucial as a beneficiary of inherited property. 💰Carrying costs refer to the ongoing expenses that property owners must bear, typically on a monthly basis. These costs include mortgage payments, homeowners insurance, utilities, property taxes, and any applicable homeowner association (HOA) fees. 📜During the estate
When considering estate planning, many individuals focus on drafting a will or creating a trust to manage asset distribution after their passing. However, there are several other additional documents we should think about when crafting an estate plan tailored to your individual needs. Here are a few examples: Living Will: This document articulates in writing a
