Section 732.901 of the Florida Probate Code codifies the legal requirements for custodians who locate a decedent’s will. This section of the Florida Probate Code requires the custodian who locates a testator’s will to file it within 10 days after he learns of the testator’s death. A custodian must deposit a decedent’s will with the local circuit court in the county of the decedent’s death or … [Read more...] about Duties of Custodians Who Locate Wills
A handwritten or holographic will may not be valid in Florida if created in another state. Holographic wills in most states – including Florida – are strictly construed, and they must comply with the Florida Probate Code’s testamentary requirements for holographic wills. Similarly, nuncupative wills may not be valid in Florida if created in another state. Under Florida law, in limited exceptions, … [Read more...] about No Reciprocity for Holographic and Nuncupative Wills in Florida
State laws govern the probate procedures for residents in their states. In Florida, the Florida Probate Code is Chapters 731 through 739, Title XLII of the 2011 Florida Statutes. The Florida legislature’s statutory code provisions set forth the legal requirements necessary for residents to create valid wills in Florida. However, for cases when you were a resident in another state but subsequently … [Read more...] about Your Out-of-State Will May be Invalid in Florida
According to the Florida Probate Code, to create a valid will in Florida, you must comply with the witness and testamentary requirements. Recognizing what Florida requires in creating a valid will within its jurisdictional boundaries, how do Florida courts treat wills that were created in other states? For example, imagine you created a will in Alabama but later decided to move to Florida. If your … [Read more...] about How do Florida Courts Treat Wills Created in Other States?
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
If you die with a written will in Florida, you die testate, and your will dictates who inherits your property. If you die without a will, your state’s intestacy laws govern the disposition of your probate property. The Florida Statutes provide an order of priority establishing who has a right to receive your property when a decedent dies without a written will. A personal representative or named … [Read more...] about An Overview of Florida’s Probate Procedures: Part 1 of 3
Before we discuss what happens to payable on death accounts following someone’s passing, let’s define what this process is. A payable on death (POD) account is an instrument that is designed by banks and credit unions. They provide a form for account holders to fill out in order to list beneficiaries who will receive funds upon their passing. These funds are transferred immediately when a death … [Read more...] about What Happens to Payable on Death Accounts Following Someone’s Passing?
Here are six suggested will substitutions to consider in order to avoid probate nightmares: Annuities: Death benefit annuities are accounts that pass to named beneficiaries and are tax-deferred. While this process avoids probate, there area associated estate tax inclusions for valuation purposes. The beneficiary has a choice between receiving a lump sum payment, or receiving monthly annuity … [Read more...] about Ways to Avoid Probate Nightmares Part 2
In most cases, people expect to live comfortable off their retirement while expecting to leave portions of what is left to those listed in wills. Why would this not be an expectation considering how hard people work to build up assets and gain property throughout their lives? If this sounds like you, and you are concerned about the assets and properties you have accumulated, consider legacy … [Read more...] about Ways to Avoid Probate Nightmares Part 1