Estate Planning | Probate And Trust Administration
Estate Planning | After a loved one dies, it is often necessary to endure the probate process. This is the time a court
must deal with a decedent’s property. A Probate Court deducts fees from the estate to ensure funeral expenses and other items are paid. To keep the probate process simple, proper estate planning is essential. If a deceased person had a funded Trust, it may be possible to avoid probate entirely. A knowledgeable probate attorney will be able to help grieving family members deal with probate or trust administration issues. A person’s family may believe the deceased individual properly prepared for death by drawing up a Last Will, funding a Trust, or designating certain beneficiaries. Under certain circumstances, a decedent’s plans may negatively affect the family. Estate taxes and Florida Medicaid issues may complicate things. To make the best choices that create favorable consequences for survivors, it is wise to consult with a lawyer who thoroughly understands Florida laws.
During probate, a decedent’s assets are distributed according to the terms of his or her Will. An attorney helps file the Will, handles all court proceedings, arranges for creditor payments, and performs administrative duties. If there are no designated beneficiaries, all assets titled only in the decedent’s name must be probated.
Florida Trust Administration
Even though probate is not required when a decedent has a funded Trust, the trustee must begin administering the Trust. This person must contact beneficiaries, gather assets, notify creditors, pay debts, and distribute assets. At certain times, it may be necessary to explain all matters to the IRS, so clear records must be kept. Mortellaro Law in Tampa keep clients up-to-date on the latest tax, trust, and estate laws so that estate planning objectives are successfully met. It is vital to prepare for the future so that family members are not overburdened by the death of a loved one.