Personal Representative Compensation

Personal representative CompensationThe 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.

 personal representativeEstate expenses: The personal representative’s compensation is usually determined in one of five ways: (1) 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.

estate expenses and feesThe 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.

U.S. NewsBaskinFleece was named one of the Best Law Firms in US News & World Report’s 2017 rankings, receiving a tier two distinction for the Tampa metro area in the field of trusts and estates litigation. Firms included in the 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 the law firm. To be eligible, firms must also have at least one lawyer listed in the 19th edition of The Best Lawyers in America.

For help or answers to will and estate 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 Because the law is continually changing, some provisions in this blog may be out of date.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.

4 Ways Probate Can Help You

Probate administration laws1. Court Oversight of Personal Representative. Probate is a Court supervised process. The actions of the Personal Representative are reviewed by the Court. The Personal Representative has a duty to act in the best interest of your estate and is accountable to the Court for its actions.

2. Reduced Time for Creditors to File Claims. Under Florida statutes, during probate administration, a creditor is limited to a 3-month time period to file a claim with the Court. If the creditor fails to timely file a claim, then the creditor’s claim is forever barred. For comparison, if there is only a trust administration, a creditor has 2 years to file a claim.

3. Orderly distribution of assets pursuant to terms of Last Will and Testament, or laws of intestacy, if there is no Last Will and Testament. After payment of all claims and expenses of the Estate, the Personal Representative, (we recommend with the help of an attorney), prepares an accounting and plan of distribution which is provided to all beneficiaries. Each beneficiary has the right to object the accounting and plan of distribution. Once the accounting and plan of distribution is approved by all beneficiaries (or the time for objecting has expired), the Personal Representative distributes the remaining assets pursuant to the terms of the Last Will and Testament (or laws of intestacy if there was no Last Will and Testament). Prior to discharging the Personal Representative, the Court ensures all beneficiaries have signed a receipt for distribution.

4. Your Estate, while in probate, is a separate tax entity, which may afford income tax savings. Several of the expenses incurred during the probate process, including funeral and internment arrangements, probate administration expenses, personal representative fees, attorney fees, and CPA fees may be deductible against the income generated by the Estate assets.

Attorney Colleen Carson

Many of the tasks and duties listed above can be overwhelming for a Personal Representative. A qualified attorney can help make that process smoother and less daunting for you. If you need an experienced attorney in trust and probate matters, consider contacting BaskinFleece at 727.572.4545.

What is Probate Administration, and What if there’s No Will?

Wills

Probate administration is the process whereby a will is admitted to probate (and thereby deemed to be the “last will”) by the probate judge, who supervises the administration. During the probate of the decedent’s estate, creditors are paid by the personal representative, who is appointed by the judge and is normally someone nominated as personal representative in a will.

If there is no will, a family member is given priority to serve as personal representative. The personal representative then marshals/gathers all assets belonging to the decedent known to exist, and after paying all creditors, federal and state taxes owed and administrative expenses, the estate assets, including cash, are distributed to the beneficiaries. This process is automatically scheduled for one year by Florida law for a non-taxable estate and two years in the event a Form 706 Federal Estate Tax Return is required. Many times the estate administration of a will can be effected from start to finish in much less time.

BaskinFleece handles all aspects of wills and probate administration. For more information click BaskinFleece, or call us at 727.572.4545.

BaskinFleece was named one of the Best Law Firms in US News & World Report’s 2015 rankings, receiving a tier two distinction for the Tampa metro area in the field of trusts2015 Best Law firm and estates litigation. Firms included in the 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 the law firm. To be eligible, firms must also have at least one lawyer listed in the 19th edition of The Best Lawyers in America.

Does a Will Increase Probate Expenses?

No. If there is property to be administered or taxes to be paid or both, the existence of a will does not increase probate expenses. A will frequently reduces expenses. Find out how by watching the video below…

A will doesn't increase probate expenses. If there is property to be administered or taxes to be paid or both, the existence of a will does not increase probate expenses. A will frequently reduces expenses. If there is real or personal property to be transferred at your death, the probate court will have jurisdiction to ensure that it is transferred properly, either according to your will, or, if there is no will, in accordance with the inheritance statute. Thus, even if you have no will, your heirs must go to court to administer your estate, obtain an order determining your legal heirs, or obtain a determination that administration is unnecessary. These procedures are often more expensive than administering your will, since a properly drawn will names the beneficiaries and delineates procedures to simplify the administration process.If there is real or personal property to be transferred at your death, the probate court will have jurisdiction to ensure that it is transferred properly, either according to your will, or, if there is no will, in accordance with the inheritance statute. Thus, even if you have no will, your heirs must go to court to administer your estate, obtain an order determining your legal heirs, or obtain a determination that administration is unnecessary. These procedures are often more expensive than administering your will, since a properly drawn will names the beneficiaries and delineates procedures to simplify the administration process.

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.

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Is Your Will Official? Here are technicalities that could make it invalid…

A Will is a written document controlling the disposition of estate assets and cash at death. The laws of each state set the formal requirements for a wIll to be a legal will. Here are the laws in Florida regarding an official and valid will:

will and estate

Make sure your will is official.

1. The maker of the will (called the testator), must be at least 18 years old.

2. The testator must be of sound mind at the time they sign the will.

3. The will must be written to be an official document.

4. Important: The will must be witnessed and notarized in the special manner provided by law for wills.

5. It is necessary to follow exactly the formalities required for the execution of a will.

6. To be effective, the will must be proved in, and allowed by, the probate court.

Click on the image below to watch a short 1 minute video.

The Signing of a WillNo will becomes final until the death of the testator, and it may be changed or added to by the testator by drawing a new will or by a “codicil,” which is simply an addition or amendment executed with the same formalities of a will. A will’s terms cannot be changed by writing something in or crossing something out after the will is executed. In fact, writing on the will after its execution may invalidate part of the will or all of it.

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.

For help or answers to will and estate related questions, you can contact BaskinFleece at 727.572.4545.
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