Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts and distributing the decedent’s assets to his or her beneficiaries. Probate administration only applies to probate assets. ...
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Month: May 2020
What is a Personal Representative?
The Personal Representative is the person, bank or trust company appointed by the judge to be in charge of the administration of the decedent’s probate estate. The Personal Representative has a legal duty to administer the probate estate pursuant to Florida law. The...
Gift Tax
In 2020, the first $15,000 of gifts made to a donee in any calendar year qualifies for the “annual exclusion” if the gift is a present interest. A married couple with a spouse’s consent can make gifts of $30,000 per year per donee without incurring the gift tax. The...
Ways to Title Property in Residential Real Estate
Sole Ownership Is the simplest form of real estate ownership. It is generally held by unmarried individuals or married individuals who wish to assume sole title in non-homestead real property. While Sole Ownership provides owners with the most simplistic option for...
Health Care Surrogate
A Health Care Surrogate is a document in which the principal designates someone else to make health care decisions if the Principal is unable to make those decisions. Unlike a Power of Attorney, a health care surrogate decision-maker has no authority to act until...
Estate Tax
The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own at the date of your death. The fair market value of these items is used, not necessarily what you paid for them or what their values were...
Power of Attorney
A Power of Attorney is a legal document delegating authority from one person to another. In the document, the Maker of the Power of Attorney (the “Principal”) grants the right to act on the Maker’s behalf as their “Agent”. What authority is granted depends on the...
Guardians
Under Florida law, there are two types of guardianships for minors. The first type of guardian of a minor is called a Guardianship of the Person. Guardianship of the person is when someone other than a minor’s parents is given authority to make health care,...
Contingent Trusts
A Trust is a relationship where property is held by one party for the benefit of another party. There are many different types of Trusts. The scope of this section is limited to a discussion of Testamentary Contingent Trusts. The provisions of a Testamentary...
Living Will
A declaration of Living Will specifies a person’s wishes as to the provision or termination of medical procedures when the person is diagnosed with a terminal condition, has an end-stage condition, or is in a persistent vegetative state. If a person is unable to...