When someone dies, the estate of the deceased may go through the probate process to legally transfer the property to the heirs, pay any lingering debts and close the affairs of the deceased. While this sounds simple, the probate process can be complex, especially if issues or conflicts arise among the heirs. Barring these complications, however, estate administration generally follows a logical pattern.
Assets not funded to trusts lead to complications for heirs
Establishing a revocable living trust is a wise move for many in Florida who are planning their estates. Revocable trusts protect assets from taxes and probate and allow heirs to benefit from the assets according to the trustee's directives. However, establishing a trust is only the first step. Assets are not covered by the terms of the trust if the trustee does not fund them to the trust.
Who will hold fiduciary duty in relation to your estate?
As you consider your estate plan, you may realize that you have a number of positions to which you could appoint individuals. These positions can range from executor of your estate to guardian of your children, and you certainly want to make sure that you appoint the right person for each role.
