Port St. Lucie, FL – Trying to manage property disposition to family members through a will or estate plan can become complex for some people. The best thing to do to start is to get a general overview of the process, and then get legal help to ensure that all documentation is prepared correctly and ready to be executed when necessary. Problems with a will or other important estate documentation can be costly to fix at a later time, or cause arguments among family members if the process is not completed correctly while the testator is still alive.
Government information related to planning for estate distribution and end of life issues
The Florida Bar provides some basic information about probate courts, which are mostly used for distributing property and assets according to a will. According to their consumer pamphlet, a probate court first identifies and gathers the assets of the deceased person. The estate has to pay the deceased person’s debts, then their assets can be given to their beneficiaries, which are usually family members and relatives named in their will. Even if a person dies without a will, the state’s intestacy statute will attempt to give their assets to a close relative like a spouse or child. According to the state’s rules of procedure, the property will be distributed according to either formal administration or summary administration.
Formal administration is required when the deceased person has died within two years of the action and their estate is worth over $75,000. Summary administration can be completed more quickly, but it is only available after two years, or if the value of the entire estate is less than $75,000. A majority of families seeking legal help with property distribution and estate planning will have to go through formal administration in the local probate courts.
Debts will be paid through probate before inheritance is distributed
Paying debts is another significant part of the probate process that concerns many families. Any legit debts that are tied to taxes, expenses related to administration of the estate itself, and property claims must be satisfied before the heirs can receive their share of the estate. The entire process of administering the estate cannot be closed out until all of these debts are paid to creditors.
Estate planning law firms in Florida
Individuals who are considering creating a will or estate plan can benefit from scheduling a meeting with a licensed attorney who focuses on these issues. The Estate, Trust, and Elder Law Firm provides professional guidance to people who are in the process of protecting their family’s interests in real property and finances.
Firm contact information:
850 NW Federal Highway, #1004, Stuart, FL 34994