29Nov 2022 by Pat Geddie
Does Every Estate Need Probate?

Does Every Estate Need Probate?

Estate Planning
Probate is a word that strikes fear into the hearts of many families when they learn that they will have to go through the process. There can be delays and hassles before an estate is finally able to be closed and the property transferred to the heirs. Not every estate has to go through the probate process. Probate is the name for the legal process that validates the will and transfers title in the property to the heirs. If the property has already been transferred, there is no need for probate. Specifically, if a trust has already been established, probate would not be required. The trust is already in operation and holds title to the property. As soon as the trust is established and funded with property, it becomes the…
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20Oct 2022 by Pat Geddie
When Do You Need an Attorney for Probate?

When Do You Need an Attorney for Probate?

Estate Planning
There is no requirement that you have an attorney for the probate process, but it would certainly make sense for your family under many circumstances. If your estate is complex, or if there are any gray areas, you would want an attorney. The executor may need advice about how to fulfill their role. They may have difficulty with a particular family member or want to know how they can fulfill their fiduciary duty to the estate. If the estate does not qualify for simplified procedures, you should certainly consider hiring an attorney. You would certainly need an attorney if there are any disagreements that could lead to a lawsuit. Family members could disagree over the will itself, with one possibly claiming that the will itself is invalid for one of…
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31Aug 2022 by Pat Geddie
Who Should be Your POA?

Who Should be Your POA?

Estate Planning
A person who holds power of attorney has a significant amount of responsibility. They act in your stead when you can no longer make certain key decisions. Therefore, you should be confident that the person you select has the ability and necessary skills to act in this critical role. Choosing someone to hold your power of attorney is not a decision that should be taken lightly. There are two primary types of power of attorney: Financial power of attorney Health Care power of attorney For someone to make financial decisions for you, they should have the required judgment and experience. They should both understand financial matters and know how to carry out what they believe to be your wishes. The person should be level-headed and financially savvy. For a health…
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24May 2022 by Pat Geddie
Requirements for a Valid Will

Requirements for a Valid Will

Estate Planning
Just because someone thinks they have a will in place does not mean that it will be valid and enforceable when the time comes. There are certain key requirements that, if they are not met, can render the will invalid. The first requirement is that the will be in writing and signed. Oral wills are not valid or enforceable. The will must be witnessed and signed by two people. You can have the will notarized, although it is not a requirement. A notarized will does not need further proof of its validity. The second requirement is that the testator has the legal capacity to make a will. First, they must be 18 years or older. Then, they must be of sound mind to make the will and not under the…
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27Apr 2022 by Pat Geddie
Is it Time to Amend Your Estate Plan?

Is it Time to Amend Your Estate Plan?

Estate Planning
Once you have established an estate plan, it should not be on autopilot for the rest of your life. Circumstances can change, whether it is because of the passage of time or a major life event. There are times when you must change your estate plan to reflect a new reality. From time to time, you should review your estate plan with an experienced attorney. Here are some reasons why you may need to change your estate plan: Someone listed in your estate has passed away You may have had a major life event like a marriage or divorce Your relationship with someone in your estate plan may have changed Your financial situation has changed You may have rethought your aims and what is important to you Estate Plans Are…
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28Mar 2022 by Pat Geddie
What is the Role of a Probate Judge?

What is the Role of a Probate Judge?

Estate Planning
Most estates will go through probate after someone dies before the family can close the estate. During this process, the will is validated, and creditors are paid back what they are owed. Each case will be assigned to a probate judge. In the best-case scenario, the role of the probate judge will be limited. If there is a will, the executor will handle the matters of the estate. The role of the probate judge will usually be to review and sign off on the paperwork. If the probate judge must take on a larger role, it is a sign that something is wrong in the process. The probate judge will become involved if there is litigation. For example, if an interested party is challenging the validity of the will, there…
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28Feb 2022 by Pat Geddie
Who Do You Want as Your POA?

Who Do You Want as Your POA?

Estate Planning
Choosing someone to act as your agent with power of attorney is a choice that should not be taken lightly. This is a person who will have an immense amount of power to make healthcare and financial decisions on your behalf. The wrong choice can cause problems for you and your family at a difficult time. Factors to Consider When Selecting a POA The first consideration is that the potential agent has the experience necessary to make decisions. For example, if the person has a financial power of attorney, they should be financially literate. The person with a medical power of attorney should be able to talk to doctors and process medical information. Second, you also want someone who is nearby to you to make decisions. This is extremely important…
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31Jan 2022 by Pat Geddie
What are Intestate Succession Laws?

What are Intestate Succession Laws?

Estate Planning
It is always better to prepare in advance and have a will in place if something were to happen to you. However, Florida has laws on the books that provide more certainty if a person dies without a will. Nonetheless, your family would rather not be in a position of needing these laws. Intestate succession laws will determine who inherits property when someone does not have a will. Oftentimes, these laws would not even apply to much of your property. For example, assets such as retirement accounts and life insurance proceeds do not go through the court. So long as you have designated beneficiaries, they will receive the property directly from the institution that holds the assets without the need for court intervention. Property Shares When There Is No Will…
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24Dec 2021 by Pat Geddie
Possible Complications During Probate

Possible Complications During Probate

Estate Planning
Estate planning attorneys usually advise clients who have the ability to establish trusts to keep their estates out of probate. There are reasons for this. There are many complications that could arise during probate that can delay the distribution of assets and increase your expenses. Will Contests The biggest possible difficulty is that someone will contest the will. They may claim that someone had undue influence on the testator or that there was a lack of capacity to sign and execute the will. If they succeed, the court would decline to enforce the terms of the will, and everything is then up to the probate court. These challenges can be expensive and nasty. Creditors Emerging with Large Debts Part of the probate process is settling debts owed to creditors. They…
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27Nov 2021 by Pat Geddie
Protecting Your Children with an Estate Plan

Protecting Your Children with an Estate Plan

Estate Planning
An estate plan is about much more than the distribution of property. Of course, dealing with your assets is a large part of estate planning, but the entire process should be used with an eye towards working to protect your family - especially the next generation. The Orderly Transfer of Assets The main features of an estate plan are wills and trusts. If anything happens, you want to keep your children from having to go into court and go through a burdensome legal process to inherit the estate. They may not have any control over the process and will end up spending money on legal fees. Your estate plan will ensure an orderly transfer of assets. Instructions for Raising Your Children Beyond property, your estate plan should also specify what…
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