In a Florida probate case, where there is more than $75,000 of non-exempt property and the decedent died less than 2 years ago a Full or Formal administration is required. A formal administration can be used when the assets are lower than $75,000 but one can also do a summary…
Fiduciary: This refers to a person (or entity) that serves in a representative capacity. Personal representatives, trustees, guardians, conservators, and agents under powers of attorney are all fiduciaries. A fiduciary stands in a position of confidence and trust with respect to each heir, devisee, and/or beneficiary. They are subject to…
In Florida Probate, when the spouse of children of the decedent were being supported by the decedent they may be entitled to a family allowance. Family Allowance: An allowance that a surviving spouse, minor or dependent children are entitled to from his or her deceased spouse’s estate. If there is…
Exempt property: Florida law (Florida Statute 732.402) provides the right of a surviving spouse or children to receive tangible personal property such as furniture and furnishings within the homestead property up to $10,000 as well as the automobiles regularly used by the decedent if they are not devised to someone…
In Florida probate and Florida Estate Planning the: Devise: To give away real, personal or intangible property under a will or trust. Devisee: An entity or a person selected in a will or trust to receive a devise. Donee: A person or entity who receives a gift. This can also…
In Florida Probate, if an individual acquired assets while living in a community property state, those assets, their proceeds, and income received from the assets may be subject to a different distribution than assets or income that was acquired while living in a non community property state such as Florida.…
Beneficiary: In Florida Estate Planning and Florida Probate context this is a person entitled to receive property that was left to them by a will or trust or as a named beneficiary. This is contrasted by a person who receives property merely because of their family or marital relationship to…
Attorney-in-Fact: The person selected to have the authority to act on the behalf of a principal. An attorney-in-fact can be any adult that the principal selects. (He or she need not be a Florida lawyer.) Typically, people appoint an attorney-in-fact in a power-of attorney, granting the attorney-in-fact the power to…
Assets Subject to Florida Probate Administration: Refers to assets that are in the sole name of the decedent and therefore need to go through probate so the title can be changed to those entitled to receive them. Assets owned jointly with another as joint tenants with right of survivorship or…
Annual Gift Tax Exclusion: Each person has an annual gift tax exclusion of $12,000 annually free of gift tax if it is a gift of a present interest such as cash, tickets to Jacksonville Jaguars football game that are currently being given or a new car. If you are not…