5 Reasons to Review Your Estate Planning Today:

  1. Pay-on-death beneficiaries sometimes fail. Due to a change in computer software or a merger, it is possible for a financial institution to lose your pay-on-death beneficiary designations. As such, it is good practice to confirm designations with your financial institution at least once per year.
    estate planning
  2. There may be out-of-date contact information for the individuals named on your advance directives. Further, those individuals, due to a change of circumstance in their own life, may no longer be able to act on your behalf. In such a case, it is important to choose new fiduciaries with the ability to serve.
  3. Your intent may have changed. For example, as your children get older, they may become more viable candidates to act as fiduciaries during your lifetime or upon your passing.
  4. You are forced to locate your documents. It is important that you know where estate planningyour original estate planning documents are held, as well as any copies that have been produced. In an emergency situation, being unable to locate your advance directives could cause a delay in making important health care decisions. Additionally, upon your passing, the inability to locate your estate planning documents could cause a delay in probating your estate.
  5. Attorney Randall D. Baskin

    Attorney Randall D. Baskin

    A change in life situation, such as a change in wealth, relocation, divorce, birth or death, could drastically alter your estate planning. It is important to review your estate planning documents to ensure that they still reflect your wishes in light of any life changes. As your life evolves, so should your estate plan.

For additional information, please contact BaskinFleece at 727.572.4545.

 

 

How Is a Personal Representative Compensated?

Randall D. Baskin

Attorney Randall D. Baskin

Pursuant to Florida Statute § 733.617, a personal representative is entitled to a commission payable from the estate assets, without order of the Court, as compensation for ordinary services. The commission shall be based on the compensable value of the estate, which is the inventory value of the probate assets and the income earned by the estate during administration. A commission computed on the compensable value of the estate is presumed to be reasonable compensation for a personal representative in formal administration as follows:

1) At a rate of 3 percent for the first $1 million;

2) At a rate of 2.5 percent for all above $1 million and not exceeding $5 million;

3) At the rate of 2 percent for all above $5 million and not exceeding $10 million;

4) At the rate of 1.5 percent for all above $10 million.

Tampa lawyersIn addition to the previously described commission, a personal representative shall be allowed further compensation as is reasonable for any extraordinary services performed.

For additional information, please contact BaskinFleece at 727.572.4545

This blog is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

Baskin Fleece Named in U.S. News & World Report’s “Best Law Firms”

U.S. NewsBaskin Fleece was included in the 2017 “Best Law Firms” list by U.S. News & World Report and Best Lawyers©. Baskin Fleece received a tier two distinction for the St. Petersburg metro area in the field of trusts and estates litigation. Those honored in the “Best Law Firms” list are recognized for “professional excellence with persistently impressive ratings from clients and peers.” Selection is based on lawyer and client evaluations, peer review from leading attorneys, and review of additional information provided by law firms. To be eligible, firms must also have a lawyer who is included in the 22nd  edition of The Best Lawyers in America, a list which honors the top four percent of practicing attorneys in the country.

To schedule an appointment with a Baskin Fleece attorney, call (727) 572-4545. For more information about Baskin Fleece, visit www.BaskinFleece.com.

 

 

What Does a Personal Representative Do?

Personal Representative

A personal representative is a fiduciary appointed by the judge to be in charge of the administration of a decedent’s estate. In Florida, the term “personal representative” is used instead of such terms as executor, executrix, administrator and administratrix. A personal representative is under a duty to settle and distribute the estate of the decedent in accordance with the terms of the decedent’s will, if any, and the Florida Probate Code, as expeditiously and efficiently as is consistent with the best interests of the estate.

More specifically, a personal representative must:

  • Identify, gather, value and safeguard the decedent’s probate assets;
  • Publish a “Notice to Creditors” in a local newspaper in order to give notice to potential claimants to file any claims against the estate in the manner required by law;
  • Serve a “Notice of Administration” to provide information about the probate estate administration and notice of the procedures required to be followed by those having any objection to the administration of the decedent’s probate estate;
  • Conduct a diligent search to locate “known or reasonably ascertainable” creditors, and notify these creditors of the time by which their claims must be filed;
  • Object to improper claims, and defend suits brought on such claims;
  • Pay valid claims;
  • File tax returns and pay any taxes properly due;
  • Employ professionals to assist in the administration of the probate estate, for example, attorneys, certified public accountants, appraisers and investment advisers;
  • Pay expenses of administering the probate estate;
  • Pay statutory amounts to the decedent’s surviving spouse or family;
  • Distribute probate assets to beneficiaries;
  • Close the probate estate.
Randall D. Baskin

Attorney Randall D. Baskin

A personal representative is authorized to hire an attorney to assist with the administration of the estate and is not required to use their own funds for any costs associated the administration of the decedent’s estate.

For additional information, please contact BaskinFleece at 727.572.4545.

 

This blog is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

What is a personal representative’s compensation?

money and compensation

The personal representative, the attorney, and other professionals whose services may be required in administering the probate estate (such as appraisers and accountants), are entitled by law to reasonable compensation.

Estate expenses: The personal representative’s compensation is usually determined in one of these five ways:

personal representative1. As set forth in the will; 

2. As set forth in a contract between the personal representative and the decedent;

3. As agreed among the personal representative and the persons who will bear the impact of the personal representative’s compensation;

4. The amount presumed to be reasonable as calculated under Florida law, if the amount is not objected to by any of the beneficiaries; or 

5. As determined by the judge.

personal representative feeThe fee for the attorney for the personal representative is usually determined in one of three ways: 1. As agreed among the attorney, the personal representative, and the persons who bear the impact of the fee; 2. The amount presumed to be reasonable calculated under Florida law, if the amount is not objected to by any of the beneficiaries; or 3. As determined by the judge.

For help with a will, estate planning and personal representative related questions, you can contact BaskinFleece at 727.572.4545.

Some of the content of this information is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

Have a Happy and Prosperous New Year!

Happy New Year

The New Year marks a time for reflecting on the past year and contemplating what we learned from the last 365 days to make the coming year even better. Yes, it’s a time to celebrate past success, but it’s also a time for bold moves and fresh starts. It’s a time for dreams and friendships both old and new. It’s an opportune time to raise a toast to those who share your business success and those who cherish your personal happiness and hopes for the future.

The New Year marks a new beginning. New people to meet, new adventures to enjoy, and new memories to create. Here’s wishing you the gift of peace and prosperity throughout 2017, and wishing you a Happy New Year!

Digital Assets Part 5: Estates – What happens to your Facebook account when you die?

FacebookFacebook is a pioneer in the digital asset arena with online tools that allows users to determine what happens to an account when someone dies. When Facebook is notified that someone has passed, the page is either “memorialized” or “deleted.” What happens to a Facebook account when someone passes? Learn in this short 5 minute video. When Facebook is notified that someone has passed, the page is either “memorialized” or “deleted.” Find out how those choices are made and by whom.

For additional information please contact BaskinFleece at 727.572.4545.