Normally a Florida Estate Planning Lawyer would advise against signing a deed conveying a home or other property without recording the deed.
What happens if a Florida deed or Florida Enhanced Life Estate Deed is signed but unrecorded?
Is the deed valid?
A paycheck of a decedent belongs to the Decedents estate. Florida Employers should not cancel nor refuse to issue paychecks for employees who die. Florida Employers should follow their normal procedures. If no one checks on the status of the paycheck, it would be a good idea to send notice to their address that the check is being held for their estate. This gets more complicated with direct deposit where the funds could go to the wrong person. The decedent could have a joint account with someone who was not the same person who would take under the will.
If you have questions about receiving or what to do with the earned but unpaid income of a decedent in Florida you should contact a Florida Estate Planning Lawyer who is familiar with Florida Business Law.
A number of Texarkana residents have filed suit against sellers of living trust documents in a class action accusing the salesmen of exploiting senior citizens. This is similar to what I reported happening in California in December.
A Plaintiff says he purchased a living trust after attending a lunch presentation at a restaurant. He states the document was misrepresented and that if he dies with only these estate-planning documents, his estate will still need to be probated because the living trust failed to factor in his real property in Arkansas.
The living trust sellers are facing allegations of “masquerading as qualified financial advisers, estate planners, lawyers, and paralegals” to “exploit and prey” upon senior citizens with the creation and selling of “unnecessary and often useless” living trusts.
Fox Business has an article on A New and Smart Way to Leave Your IRA to a Minor where they discuss the importance of reviewing beneficiaries on all acounts including insurance, annuities, and retirement plans.
They discuss leaving a percentage of the account rather than a dollar amount as this can cause complications if there are not enough assets in the account.
“If you don’t name someone in your will to act as “financial guardian” for your granddaughter, then your IRA will end up in probate court with a judge making the decision. And it might not be the person you’d want. (Your son-in-law, for instance.)”
Vanguard recently sent their clients a notice that they would no longer allow their clients to name different beneficiaries for multiple IRA accounts and would be changing the beneficiaries to whomever was named last.
If you have a Florida Estate Plan that uses POD or beneficiary designations, this could significantly change your estate planning.
It is important to check your designations on all accounts.
Florida residents should start the New Year off right, here are ten important Florida estate planning and Florida probate and tips for the New Year.
1. If you don’t have a Will, get one.
Florida estate planning and Florida Probate tip #1: Have a Florida Will. If you don’t have a Florida Will, get one. In particular, married couples with children from prior relationships should always have a Florida Will. Otherwise, the state will decide who gets the money at death.
The Florida Bar has released consumer information on Florida Probate.
One of the most common questions deals with the distributions of a persons estate when is no will in a Florida probate case.
Contrary to the belief of some, the decedent’s assets are not turned over to the State of Florida unless no intestate heirs can be found. If there is no will, the assets of the decedent will be distributed to the intestate heirs as follows:
• Surviving Spouse and No Lineal Descendants. If there is a surviving spouse and no lineal descendants, the surviving spouse takes all.
The Florida Bar has released consumer information on Florida Probate.
One of the most common questions deals with the personal representative and their role in a Florida probate case.
The personal representative is the person, bank or trust company appointed by the court to be in charge of the administration of the estate. The generic term “personal representative” has replaced such terms as “executor, executrix, administrator and administratrix.”
The Florida Bar has released consumer information on Florida Probate.
One of the most common questions is how creditors are dealt with in a Florida probate case.
Prior to commencement of probate proceedings, a creditor can file a caveat with the court. Upon publication of notice to creditors a creditor or other claimant may file a document called a “statement of claim” against the estate with the Clerk of the Circuit Court where the estate is being administered. This claim is generally required to be filed within the first three months of publication of a prescribed notice in a countywide newspaper. This three-month period is often referred to as the “non-claim period.” The personal representative or any other interested person may file an objection to the statement of claim, after which the claimant must file a separate independent lawsuit to pursue the claim.
The Florida Bar has released consumer information on Florida Probate.
One of the most common questions is how fees are determined in a Florida probate case.
The personal representative, the attorney and other professionals whose services may be required in administering the estate (such as appraisers and accountants) are entitled by law to reasonable compensation.
Florida Estate Planning Lawyer Blog