Probate Ensures the Decedent’s Estate Debts Are Paid

Probate decedents finances
One of the primary purposes of
probate is to ensure that the decedent’s estate debts are paid in an orderly fashion. The personal representative must use diligent efforts to give actual notice of the probate proceeding to “known or reasonably ascertainable” creditors. This gives the creditors an opportunity to file claims in the decedent’s probate estate, if any. Creditors who receive notice of the probate administration generally have three months to file a claim with the clerk of the circuit court. The personal representative, or any other interested persons, may file an objection to the statement of claim. If an objection is filed, the creditor must file a separate independent lawsuit to pursue the claim. A claimant who files a claim in the probate proceeding must be treated fairly as a person interested in the probate estate until the claim has been paid, or until the claim is determined to be invalid.

Trustee, personal representative dutiesThe legitimate debts of the decedent, specifically including proper claims, taxes, and expenses of the administration of the decedent’s probate estate, must be paid before making distributions from the will to the decedent’s beneficiaries.

Estate expenses: The personal representative can be compensated in FloridaThe court will require the personal representative to file a report to advise of any claims filed in the probate estate, and will not permit the probate estate to be closed unless those claims have been paid or otherwise disposed of.

For help or answers to estate-related questions, you can 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.
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 Because the law is continually changing, some provisions in this blog may be out of date.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.

Your Real Estate Transaction: 3 Main Benefits of Legal Representation

Attorney Randall D. Baskin

1. Before you sign the purchase and sale agreement: Whether you are the Buyer or the Seller, the need for attorney representation in a real estate transaction begins before you sign the purchase and sale agreement. While many real estate professionals claim to work with “standard contracts,”Personal representative compensation
there is no such thing as a standard contract. The boxes you fill in on those “standard contracts” can have a large impact on how costs associated with your real estate transaction are allocated between Buyer and Seller. For example, the contract will dictate which party will be obligated to pay any special assessments imposed upon the property that are due after closing. An attorney representing your best interests can provide advice on your contractual rights and obligations under a purchase and sale agreement before and after you sign on the dotted line.

Estate planning 2. During the escrow period: Once the purchase and sale agreement is signed, an attorney can help to ensure that your transaction goes smoothly by examining the title commitment to the property and by working to clear any clouds on the title that will affect your future use and enjoyment of the property.

Additionally, an attorney can advise on key issues affecting property ownership, such as choosing the right form of legal ownership and navigating the Florida Homestead Laws.

How ownership of property is taken can have vast legal consequences. When purchasing real estate, there are several ways to take legal title, such as jointly, individually, in a trust, or in a business entity. An attorney can analyze the facts of your particular situation and advise on which form of ownership is best for you.

The State of Florida affords unique legal protection to an individual’s real property through its Homestead Laws. An attorney can advise on Florida Homestead Laws and how to use these laws to protect your real property from liability, as well as how to maximize the tax benefits afforded to homestead property.

attorney real estate3. At closing: After all contingencies of the contract have been met, the closing can occur. At the closing table and after closing, an attorney will ensure that the transaction and all related documents are properly researched, executed, and recorded. If the property is in probate at the time of the sale, an attorney can help to ensure that the property is conveyed legally and all beneficiary interests in the property are extinguished.

For more information about real estate in St. Petersburg, Tampa, and Clearwater, call 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.

 

Proper Execution of a Will and What Happens When a Will Is Lost?

Estate Planning will signing listA will cannot dispose of any of the decedent’s property until it is admitted to probate. In order for a will to be admitted to probate, it must be executed in accordance with the formalities required by Florida law. The testator must sign his will at the end in the presence of two attesting witnesses. The attesting witnesses must sign in the presence of each other and in the presence of the testator. If the testator attaches a self-proof of will, the will may be admitted to probate without further proof. Without a self-proof of will, an oath of one of the attesting witnesses may be required before the will is admitted to probate.

What Happens When a Will Is Lost? Upon the testator’s death, if a will, executed by the testator and kept in his possession, cannot be found, there is a presumption, absent other evidence, that he destroyed it with the intention of revoking it. However, this presumption may be overcome and the will may be admitted to probate if an interested person is able to establish the full and precise terms of the lost or destroyed will. The content of the lost or destroyed will may be proven with a correct copy of the will and the testimony of one disinterested witness. Without a correct copy, the content may be established through the testimony of two disinterested witnesses.

Related video: Estate Planning documents you must have…

Baskin Fleece handles all aspects of estate planning, probate administration, and litigation. To schedule an appointment with a BaskinFleece attorney, call (727) 572-4545. For more information about BaskinFleece, please visit www.BaskinFleece.com.