Most in Hernando County may view the probate process as only dealing with the distribution of assets to an estate's beneficiaries. Yet the actual purpose is to settle all of a decedent's financial affairs. This includes any creditors claims that might have been pending against them at the time of their death. If you have been selected as the personal representative of the estate of family member or friend, you may cringe at the thought of having to worry about paying off bills for years and years to come. Fortunately, Florida's Probate Code addresses the amount of time creditors are afforded to make a claim against a person's estate.
The process of estate administration in Hernando County can be quite complex. Because of this, beneficiaries or other interested parties to an estate will want to time to research any and all estate planning instruments to fully understand the testator's intentions. At the same time, the personal representative may be anxious to initiate the probate process in order to avoid delays and additional expenses that could deplete the estate's overall value. This sense of urgency may prompt some to submit the estate to probate prior to all of the aforementioned concerns being addressed.
We here at The Day Law Office often see clients who have recently had loved one pass away in Hernando County and are now fearful about having to deal with the probate process. As you have delved deeper into your own estate planning, you have probably heard many experts say that probate should be avoided if possible. This advice is not necessarily due to problems with the process itself, but rather the costs associated with it. Probate expenses are paid directly from an estate's assets. Thus, an estate that you may be party to could see its value diminished from being probated.
You have likely been told more than once that the time to start your estate planning is now. One of the main reasons behind this advice is to the ensure that you retain control over who in Hernando County benefits from your estate. Typically, your beneficiaries will come directly from your pool of heirs. This might seem confusing given that like many, you may think the words "heir" and "beneficiary" are synonymous. Not only are they not, but there actually different types of heirs.
Some people in Florida believe that they don’t have enough assets to warrant the creation of a will. While some people can actually get away without any estate plan at all, the fact remains that most people should look into wills and trusts to ensure their estates are well-taken care of after they’re gone. The Huffington Post explains just what can occur if you don’t have an estate plan in place upon your demise.
It is never easy having to work your way through dealing with the death of a loved one in Hernando County. It may seem drawn out even further with the administration of his or her estate. Ideally, you and the others or she was closest to would like to have it wrapped up as quickly as possible. Of course, that is an impossibility given the slow pace of the probate process. Or is it?
While many in Hernando County may view the probate process as being extremely complex, there is likely one aspect of it that most would likely agree is fairly straightforward: For it to begin, one has to be dead. The idea of proving that someone is indeed dead may seem odd to some, but when dealing with the potential dispersal of an estate, it is a necessary step.
You may not be able to fully understand it now, but your loved one who recently died in Hernando County may have left quite a mess for you to deal with (particularly if he or she asked you to be the personal representative for his or her estate). People are often encouraged to entrust such a responsibility to those they can trust and that they feel are capable of fulfilling the task (hence your appointment). Yet if your experience in estate matters is lacking, you may quickly feel overwhelmed. Many in your same position have come to us here at Day Law with one simple question: What do I do?
Even if you are not familiar with the estate administration process, you likely understand that there are several things that need to be done in order to prepare your loved one's estate for probate in Hernando County. As all of the necessary steps are being taken, what happens with the estate's assets? Many have come to us here at The Day Law Office concerned that not having someone monitoring estate property in the absence of a confirmed personal representative could expose it to creditor's claims and other losses. If you share the same concerns, do not worry; in such cases, the court will often appoint a probate curator.
Much of the reason why you and others in Hernando County are encouraged to see to your estate matters early on in life is to retain control over how your estate property is dispersed when you are gone. The probate court is there to help in the distribution of your estate, yet after working so hard throughout your life to accumalate assets, would you not want to have a say in who gets them? If you fail to create a will, you will not. In such a situation, the dispersal of your estate becomes subject to the state's rules regarding intestate succession.