Identify Beneficiaries

When identifying your heirlooms, it is important to consider how you want them distributed. You may already have an idea of who you want to leave certain heirlooms to, but you may struggle with balancing your loved one’s feelings with fairness. Remember that being fair does not necessarily mean dividing heirlooms equally between all beneficiaries. It is important to consider both sentimental value as well as financial value.

It is common to struggle with this decision. It can help to have an open discussion with your loved ones to determine if they have certain preferences. Or, you may be able to leave instructions that give your heirs permission to exchange items among each other if they choose.

Create an Inventory of Your Family Heirlooms

After you have passed away, your personal representative or successor trustee may not be able to differentiate between your family heirlooms and your other personal belongings. A list of your heirlooms can ensure that these assets are preserved and protected. The inventory should include:

• A detailed list of your family heirlooms such as fine china, antique furniture, military memorabilia, and jewelry
• Photos of each heirloom along with a written description of them
• A letter of instruction that explains the importance of each piece and why you have left certain heirlooms to specific heirs

While you may create a list or inventory of items and identify the beneficiary, it is important to follow Florida law’s requirements to make such list a legally binding document.  While your family may still follows your wishes without a legally binding document, a court will not recognize the list of heirlooms to certain beneficiaries if a dispute arises as to the items on that list.

Our Estate Planning Lawyer in St. Petersburg Can Help with Your Plan

Estate planning has many purposes but it is largely to protect the property you have treasured your whole life. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can draft the documents you need to ensure that you, your family, and your property is protected. Call us today at 727-471-5868 or fill out our online form to request a consultation with our experienced attorney and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

While this does present a complicated situation, it is more common than people think. Below, our St. Petersburg probate administration lawyer explains what happens when someone passes away without heirs to their estate.

Florida Law on Escheated Estates

Florida law governs what will occur when an estate has not been claimed and has no known beneficiaries or heirs. When heirs cannot be located, the estate is considered to be ‘escheated,’ meaning any property within the estate will transfer to the state of Florida. This transfer is not automatic and does not happen right away. There are still certain steps that must occur.

The Personal Representative

Even when family members cannot be located, the probate court will still appoint a personal representative, also known as executor, of the estate to handle the probate administration. The personal representative may appoint be an attorney, friend, or an interested individual who petitioned the court.

Notice to Creditors and Beneficiaries

Just as in other probate administrations, potential beneficiaries and creditors must be notified of the death and administration of the estate. The personal representative must publish a notice in a local newspaper circulated in the same county the deceased lived at the time of their death. Any legitimate debts must be paid to creditors before any property in the estate can be distributed.

Inventory of Assets

The personal representative must also locate, inventory, and secure all assets in the estate. This can include bank accounts, real estate, personal property, and other items of value. It is also important to locate any digital assets such as cryptocurrency and social media profiles.

The Search for Heirs 

To ensure that an estate has no beneficiaries, a search for heirs may be required. These searches sometimes involve genealogical research to locate distant relatives who may have an interest in the estate.

Unclaimed Property in Estates 

When heirs still cannot be located after a reasonable search has been conducted, the assets in the estate will be sold and proceeds paid to the state. Even after the escheat process, legitimate heirs who have rights to the property may reopen the administration and assert entitlement to the proceeds within a certain amount of time.  In such situations, there are specific deadlines and requirements heirs must follow.

Our Probate Administration Lawyer in St. Petersburg for Legal Help 

Going through the probate process is always somewhat complex but it becomes particularly challenging when an estate has no known heirs. At Legacy Protection Lawyers, LLP, our St. Petersburg probate administration lawyer has the knowledge and expertise to help you through this situation and make it as easy as possible for you. Call us today at 727-471-5868 or contact us online to schedule a consultation and to get the legal advice you need.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.107.html

Clearly, estate planning is very important but it is not something you should attempt on your own. A St. Petersburg estate planning lawyer can make sure you are aware of state laws and that your documents are properly executed so your wishes are not only clear, but that they are also fulfilled. Our estate planning lawyer outlines some of the most important items to bring you with during a consultation with any attorney.

Any Current or Previous Estate Planning Documents

If you have any previous versions of estate planning documents, such as a will or trust, it is important to bring these with you, even if you want to draft an entirely new document. If you have current documents that you want to update, including any incapacity planning documents such as a healthcare surrogate or a power of attorney, you should bring these documents as well. While this may give the attorney a starting point for updating your plans, the attorney can also address what to do with any old documents once you’ve executed your new documents.

An Inventory of Your Assets

It is important to consider any and all assets you own, whether individually or jointly, and any debt when preparing your estate plans. Before meeting with the attorney, it can be helpful to prepare a list or inventory of all your assets and how they are titled.  Common types of assets include but are not limited to the following:

• Bank accounts
• Real estate properties
• Retirement accounts such as pensions, IRAs, and 401 (k)s
• Investment accounts, including mutual funds, stocks, and bonds
• Business interests
• Details of life insurance policies
• Collectibles such as art and jewelry collections
• Other personal property of substantial value
• Debts such as mortgages, loans, and credit card balances

Documents Related to Your Assets

In addition to an inventory of your property, it is also important to bring any documentation related to your assets. This may include the deeds for real estate, titles to your vehicles, banking statements, agreements for any business entities, and other documents providing additional details about the property.

Beneficiary Information 

It is also important to bring all of the details of the beneficiaries you want to include in your plan. List their names, phone numbers, addresses, and their relationship to you.

Previous Tax Returns 

Your tax returns are a great source of information for your estate planning lawyer, as it can provide them with a detailed overview of your financial situation. Additionally, your previous tax returns can help a lawyer determine if your estate will be subject to federal taxes after you pass away.

Schedule a Consultation with Our Estate Planning Lawyer in St. Petersburg Today 

If you are thinking about estate planning, do not wait to contact our experienced St. Petersburg estate planning lawyer. At Legacy Protection Lawyers, LLP, we can answer your questions, help you identify your goals, and create the documents you need to achieve them. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

While the majority of a person’s estate must go through probate after they pass away, there are several exemptions to the law. Below, our St. Petersburg estate planning attorney explains what these are in greater detail.

Jointly Owned Property with Right of Survivorship 

Property that is jointly owned with a right of survivorship transfers directly to the surviving owner when another owner passes away. For example, a married couple may own a home together. If one spouse passes away, the surviving spouse would immediately inherit the home and become the sole owner. Jointly owned property with a right of survivorship can ensure that surviving owners do not have to wait for probate to receive property.

It is critical that jointly owned property with rights of survivorship uses the correct legal language, because if it does not, it may result in a joint ownership without rights of survivorship. If property is not titled properly, the property may be subject to probate and create issues for the surviving owner.

Beneficiary Designations 

Certain assets such as retirement accounts, life insurance policies, and other investment accounts include a beneficiary designation. After a person passes away, the property is then transferred directly to the beneficiary and is not subject to probate.  It is important not to skip the beneficiary designation if your goal is to avoid probate. Although not as frequently discussed, beneficiary designations can also be added to checking, savings or money market accounts, which is referred to as a “payable-on-death” designation, and they can also be added to a brokerage or other taxable investment account referred to as a “transfer-on-death” designation.

Revocable Trusts 

When establishing a revocable trust, you retitle certain property into the name of the trust. The assets that you re-title into your revocable trust during your lifetime transfer to your beneficiaries at your death without having to pass through the probate court system. For example, if you own a home, you can create a revocable trust during your lifetime and retitle the residence into your revocable trust. After you pass away, the successor trustee will distribute the property according to the instructions within the trust without needing to go through the probate court system.

Our Estate Planning Attorney in St. Petersburg Can Advise You of Your Options 

When planning for your estate, there are many ways you can help your loved ones avoid the lengthy and expensive probate process. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning attorney can outline the options available, help you determine which one is right for you, and ensure that you and your family are protected. Call us today at 727-471-5868 or fill out our online form to schedule a consultation with one of our experienced attorneys and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

Although there is no real way to expedite the process, probate sometimes becomes so lengthy because delays occur. Below, our St. Petersburg probate administration attorney outlines some of the most common delays and how to avoid them.

Missing Documents 

Probate courts require the original will, certified copies of the death certificate, affidavits and petitions. When these are not properly executed, it can create a delay as the court will have to resolve the issue. Common mistakes include wills that are not properly signed or witnessed, incomplete inventories, and missing affidavits for self-proving wills. Every instance of missing information will require additional hearings and requests for corrections.

Challenges with Personal Representatives 

Personal representatives are appointed by the probate court to oversee the administration of the estate. They are either designated by the decedent in the decedent’s will, or in the absence of a will, the person with preference for appointment under Florida law. When a personal representative is unprepared, unwilling, or unqualified, it can create delays in a case. Even skilled and good-intentioned personal representatives can find asset management, accounting, and deadlines challenging. Replacing a personal representative and disagreements among co-personal representatives all create delays during probate.

Contested or Unclear Will Terms 

Vague language used in a will or evidence of improper execution, lack of capacity, or undue influence can trigger a lawsuit. When a will is contested in Florida, a case moves from being routine administration to an adversarial court case that typically requires depositions, other forms of discovery, mediation, and potentially a trial. All of these can delay probate anywhere from a few months to a few years.

Creditor Claims 

There is a very clear timeline for notifying reasonably ascertainable creditors so they can file a claim against the estate, if necessary. Settling debt can take time but additional delays can occur if a claim filed by a creditor is disputed. For example, if the personal representative has reason to believe the debt is not valid, the dispute will need to be resolved and this also takes time.

Scheduling of the Court 

Although the scheduling of the court is not within your control, it can impact how long probate takes. Most matters are handled efficiently by the courts but complicated estates, motions, and disputes may not be scheduled for weeks, or even months. Procedural mistakes, such as failing to provide proper notice, can also create delays during probate.

Our Probate Administration Attorney in St. Petersburg Can Help You Through the Process 

Delays are sometimes a part of probate but it is also possible to move through them quickly, or avoid them altogether. At Legacy Protection Lawyers, LLP, our St. Petersburg probate administration attorney can help you through the process, resolve any dispute that arises, and ensure no mistakes are made that could delay proceedings. Call us today at 727-471-5868 or contact us online to schedule a consultation with our experienced attorney.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html

Durable Power of Attorney 

The most common type is a durable power of attorney. With these documents, a person is designated as an agent to make medical and financial decisions for the incapacitated individual. A durable power of attorney remains effective until it is revoked by the principal, if they have the mental capacity, the court, or a court-appointed guardian. A durable power of attorney can also include an expiration date and the document is no longer effective after this date.

Medical Power of Attorney 

As the name suggests, a medical power of attorney gives another person the authority to make healthcare decisions on your behalf. No one can predict the future and a situation may arise when you are unable to make decisions for yourself. For example, if you are in a coma after a car accident, your agent named in a healthcare power of attorney can make decisions regarding the treatment you will or will not receive. You can also write down your medical wishes to ensure they are respected and to relieve the burden on your family.

Limited or Special Power of Attorney 

A limited or special power of attorney gives your agent authority over specific and restricted matters. For example, you may have a successful business but you have to leave the country for personal reasons for an extended amount of time. A limited power of attorney can give your agent the authority to make decisions and run the business on your behalf while you are away. However, if you become incapacitate during your lifetime, this is not the power of attorney to be used.

Our Advance Directive Attorney in St. Petersburg Can Explain Your Options 

Drafting a power of attorney can help protect you and your family, but there are many different types available. At Legacy Protection Lawyers, LLP, our St. Petersburg advance directive attorney can outline your options, help you determine which one is right for you, and ensure your plan is executed properly so your wishes are respected. Call us today at 727-471-5868 or fill out our online form to request a consultation and to get more information.

Source:

flsenate.gov/laws/statutes/2010/709.08

Unfortunately, personal representatives can make mistakes. When they do, it can not only create delays during probate. It can also result in litigation and the personal representative being found personally liable for their mistakes. Below, our St. Petersburg probate administration attorney outlines the most common mistakes made by personal representatives.

Failing to Communicate Effectively 

Effective communication is critical during probate and ensures it will be successful. Personal representatives must communicate regularly with creditors, beneficiaries, and other important parties during the process. When they fail to do this, beneficiaries may feel left out, which can lead to frustration and the personal representative’s actions may even come under suspicion. A lack of transparency can result in disputes and mistrust among beneficiaries, which can strain family relationships and even result in legal challenges.

Mismanaging the Property in the Estate 

Failing to properly manage the property in the estate is more common than people think. Personal representatives may fail to ensure property is properly secured, make uninformed financial decisions, or fail to accurately appraise assets, which can all reduce the value of the estate and lead to beneficiary disputes.

Insufficient Record-Keeping 

It is critical that personal representatives keep detailed and extensive documentation to avoid financial discrepancies and legal challenges. They may maintain meticulous records of all transactions, decisions, and communications. This includes creating a full inventory of assets, beneficiary distributions, and payments made to creditors. Failing to keep detailed records can not only delay probate but it can also result in legal action against the personal representative.

Mishandling Beneficiary Disputes 

Beneficiary disputes sometimes arise during probate administration and it is essential that personal representatives handle these appropriately. Failing to maintain neutrality, facilitate open discussions, and foster compromise can all result in long delays. These tasks may be very challenging for a personal representative on their own. In these cases, it is important that personal representatives attempt to allow a third party, such as a neutral mediator, to handle the dispute so it can be resolved quickly.

Failing to Work with a Probate Administration Attorney in St. Petersburg 

For personal representatives in Florida, working with an attorney is not merely a recommendation. It is required by law. If you are heading into probate to administer someone’s estate, our St. Petersburg probate administration attorney can help. At Legacy Protection Lawyers, LLP, our experienced attorneys can guide you through probate, provide the legal advice you need to ensure all tasks are completed properly to avoid disputes and delays, and make the entire process as easy as possible for you. Call us today at 727-471-5868 or fill out our online form to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html

Although locating your loved one’s assets may seem like a fairly easy task, this is not always the case. Below, our St. Petersburg probate administration attorney explains in greater detail.

Review Estate Planning Documents 

If your loved one created an estate plan, these documents can provide a great deal of insight to the assets they owned. Review any will they left behind to determine if there is mention of real estate, bank accounts, or collections, or other valuable items. If your loved one established a trust, it may hold property and outline how it is to be managed. If you are having trouble locating these documents, ask your loved one’s attorney or financial advisor.

Financial Records 

Locating the property of your loved one will require more than just a review of their legal documents. Their financial records can also help shine a light on property. For example, your loved one’s checkbooks, bank statements, and online banking accounts may reveal accounts you were not aware of. Your loved one’s mail, email, and digital storage can also review certain assets, and their previous tax returns may show investments and other income sources you did not know existed.

Real Estate and Personal Property 

Locating real estate and valuable personal property can become complex, particularly if you are not aware of your loved one’s holdings or you do not have direct access to certain records. Your local county records can reveal property deeds for real estate owned by your loved one. You may also have to search for boat registrations, car titles, and other valuable property that may have been overlooked. If your loved one had a safety deposit box, you should speak to the financial institution about accessing it. People often leave their most valuable possessions in these boxes.

Digital Assets 

Today, not all property is physical and people often have many digital assets, as well. Your loved one’s email may provide clues about online portfolios or digital investments. Locating a digital wallet for cryptocurrency can also become complicated. You may need to look for digital keys, paper wallets, and other documentation. Sometimes, social media accounts can offer important information, such as the purchase of investments or the sale of property.

Our Probate Administration Attorney in St. Petersburg Can Help 

It can seem daunting to try and locate assets after losing a loved one but the above steps can ensure they are properly located and handled. If you need help with the probate process or need assistance with locating assets, our St. Petersburg probate administration attorney can help. At Legacy Protection Lawyers, LLP, our seasoned attorney can provide the legal help you need and can provide the guidance you need every step of the way. Call us today at 727-471-5868 or contact us online to request a consultation.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html

What Happens During Probate? 

During probate, the property of the deceased is inventoried and valued. Creditors can make claims against the estate for unrecovered debt, taxes are paid, the will is confirmed if the decedent left one, and ultimately, the remaining assets in the estates are distributed according to the terms of the will or the intestacy laws of the state. There are different types of probate in Florida, depending on the size of the estate and the length of time that has passed since the death.

What Property is Subject to Probate? 

Generally speaking, any property owned by the deceased person, is subject to probate. However, there are certain exceptions. These include co-owned property with a right of survivorship, accounts with beneficiary designations, payable-on-death and transfer-on-death accounts, and property placed in a trust.

What Does a Personal Representative Do? 

The personal representative plays a very big role during probate. The personal representative administers the estate according to the law and the decedent’s instructions. They are either named in the decedent’s estate plan or the court will appoint them. When administering an estate, the personal representative is responsible for the following:

• Identify, gather, value, and safeguard the assets within the estate
• Publish a notice to creditors
• Defend will contests, trust challenges, and other legal disputes
• File tax returns and pay taxes
• Pay administrative expenses
• Provide accounting to beneficiaries
• Distribute property to beneficiaries
• Close probate administration

How Long Does Probate Take? 

The length of the probate process can vary, depending on the type of probate that is necessary. Formal administration, which is the most common type, can take one year or more, depending on if there are disputes and the complexity of the assets. Summary administration can take anywhere from a few weeks to a few months, but this type of probate is reserved for smaller estates.

How Much Does Probate Cost? 

The cost of probate varies depending on a number of factors. The cost can range from a few hundred dollars to hundreds of thousands of dollars. The costs of probate include court fees, attorney’s fees, personal representative’s fees, and others. Florida law outlines a sliding scale for both attorneys and personal representatives based on the size of an estate.

Do I Need a Probate Administration Attorney in St. Petersburg? 

Although everyone is advised to work with a St. Petersburg probate administration attorney, it is required for certain individuals, such as personal representatives. At Legacy Protection Lawyers, LLP, our seasoned attorneys can guide you through the process, provide the legal advice you need, and make the process less stressful for you. Call us today at 727-471-5868 or fill out our online form to request a consultation so we can review your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html

The trustee will take control of the trust after you pass away. They have a legal duty to follow the instructions within the trust and distribute the property accordingly. Choosing your trustee is one of the most important steps when establishing a trust. Below, our St. Petersburg trust planning attorney provides some tips to follow.

Important Considerations when Choosing a Trustee 

There are many important factors to consider when choosing a trustee. Although you can choose any trustee that is at least 18 years old, there are some characteristics your trustee should have. These include:

• Trustworthiness: Your trustee will have access to any property you placed in the trust and they will have little oversight. If you have any questions about a person’s trustworthiness, it may be best to appoint another person as trustee.
• Financial intelligence: Your trustee does not have to be a financial expert. However, they should have a basic understanding of finances, be able to make good financial decisions, and know how to manage a budget.
• Commitment to the trust: No one wants to think about it but trustees sometimes face pressure from other relatives to administer the trust in a way that differs from the instructions you left. Other family members may want to challenge how the trust is being managed. It is important to choose someone who will remain committed to the trust and the instructions you left within it.
• Willingness: Administering a trust can take a great deal of time and effort, particularly if the trust has a high net worth, multiple beneficiaries, complex assets, or if there is a dispute. Anyone you choose as trustee should be willing to take on the role.

Does the Trustee Have to Be a Family Member? 

Your trustee does not have to be related to you. Although many people choose loved ones, there are other options. People often choose a professional who has no relation to the family, usually an accountant or attorney, to take on the role of successor trustee. Trust companies and banks also administer thousands of trusts for grantors. These professionals can provide a high level of financial and legal expertise to ensure the trust is administered properly.

Our Trust Planning Attorney in St. Petersburg Can Provide the Advice You Need 

There are many decisions to make when establishing a trust and choosing a trustee is just one of them. At Legacy Protection Lawyers, LLP, our St. Petersburg trust planning attorney provides the sound advice you need so you can make informed decisions and have the confidence you need going forward. Call us today at 727-471-5868 or contact us online to request a consultation and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html