When news reached the world of Whitney Houston's untimely death at the age of 48, it came as no surprise to estate planning professionals that her music began selling more strongly than it had in years. The phenomena of an artist who dies only to have his or her estate suddenly increase in value is nothing new. It occurred most recently when Michael Jackson died in 2009. The same thing happened … [Read more...] about Whitney Houston’s Death Sparks Buying Frenzy
An estate executor, also called the personal representative or estate administrator, has to be prepared to perform a number of specific actions when representing an estate. Though you don’t have to be a lawyer or financial expert to serve as an executor, you will need to be able to comply with specific Florida probate laws that direct how you have to act. Here’s a brief list of some of the tasks … [Read more...] about A Quick List of Executor Duties
Being responsible for handling a probate estate can be a daunting task. If you find yourself in the position of being named someone's executor or personal representative, you can go a long way help yourself by anticipating your duties and planning ahead. Here are some helpful tips to help you get started. Consider the appointment carefully. If someone nominates you to serve as the executor or … [Read more...] about 3 Practical Tips to Help Executors
If you ever had a friend or family member who has died and left behind a Facebook account, you may have wondered what happens to that account or who has the right to control it. Legally, there has been no clear legislation that addresses this issue, though lawmakers in Nebraska are currently considering such a law. A bill recently introduced to the state legislature proposes to grant an estate … [Read more...] about Nebraska Becomes First State To Consider Facebook Law
Probate property includes many types of real and personal property that you owned individually. For example, if you owned a house in fee simple, your house would pass to your surviving heirs pursuant to the Florida intestacy laws. However, if you owned a house jointly with a co-tenant, she may have a right to own the entire asset when you die if she had a right to survivorship. Probate property … [Read more...] about An Overview of Florida’s Probate Procedures: Part 3 of 3
Personal representatives and executors have serious legal responsibilities to pay creditors, gather assets, pay federal and any state taxes, distribute probate property to heirs and to wind up probate affairs. Under Florida law, a decedent who dies intestate or without a written will is subject to a judicial appointment of a personal representative. If you are the surviving spouse of a decedent … [Read more...] about An Overview of Florida’s Probate Procedures: Part 2 of 3
When you die someone has to ensure that your wishes are followed during the probate process. Depending on the state in which you live and the conditions under which you die, this person is generally known as either an executive, estate administrator or a personal representative. It is up to the personal representative to manage your estate while the probate process takes place. As a testator—a … [Read more...] about What Is a Personal Representative?
The majority of attorney-drafted wills contain language with which the will maker waives the requirement for the executor to post a probate bond. On the other hand, with a few exceptions, a probate bond is generally required for a personal representative of an estate where there is no will, or where a will does not specifically relieve the executor of this requirement. When a probate bond is … [Read more...] about Probate Bonds: The Pro’s and Con’s
What are the Qualities of a Good Executor? Serving as executor of an estate can be a demanding and complicated job, and not everyone is suited to the task. Here are some qualities to look for when you’re deciding who to appoint: Organized. Your executor will have a multitude of papers to keep track of, a bank account to balance, and potentially investments or other property to manage. In … [Read more...] about What are the Qualities of a Good Executor?