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Probate is a process that distributes assets to beneficiaries or heirs who inherit them under a will, or in accordance with the rules of an intestacy. A personal representative makes sure that creditors and taxes are paid, and that beneficiaries receive their assets in a clean title. It is important to hire a Tampa Probate Process Attorney to help you with this process. Contact our Tampa probate lawyers today.
It is easy to overlook the importance of estate planning and focus only on your current financial situation. It may be hard to think about your future estate, but it is important that you do. To ensure the financial security of your family and estate, it is important to draft a will, create trusts, and use other estate planning tools. Now is the time to consider your family’s future financial well-being. Contact Bonardi & Uzdavinis LLP, a Tampa Probate Process Attorney, for straightforward and practical legal advice. We will work with you closely to meet your estate planning objectives.
What is Probate?
The purpose of a Will is well known to most people. Like other estate planning instruments, wills allow people to decide what happens to their estate when they die. A person’s estate, in legal terms, is their total assets and property. Many Tampa residents are not familiar with the legal process of probate. This is how a deceased person’s assets are distributed.
In general, the probate process occurs whether or not a deceased person had a last will and testament. The probate process is used if the deceased had a valid will. It allows specified assets to be passed on to the heirs. State law will determine who inherits assets if the deceased died without a valid will. Florida’s intestacy law lists a list of the family members that will inherit the assets. The surviving spouse is listed first. Florida will take over the estate of the deceased if there are no living relatives.
In certain cases, it is not necessary to probate a will. Certain assets also do not require probate, as the ownership rights are automatically transferred to the deceased’s children. If you set up a trust for assets, they do not need to be probated. The type of assets and circumstances will determine whether or not a probate is necessary. Contact our Tampa Probate Process Attorney today for more information.
Representation of Executors and Administrators
A personal representative is responsible for administering the estate when a deceased’s property passes through a will to beneficiaries or under Florida intestacy laws. The executor is the representative named by the decedent in their will. If the decedent failed to leave a valid testament or no executor was named, the representative is appointed by the probate courts.
Personal representatives are responsible for paying off the debts and distributing assets. They also owe fiduciary duty to beneficiaries and creditors. The duties of the personal representative can be complex and difficult, and they may even be held liable if they make a mistake. Our Tampa Probate Process Attorney can guide you through Florida’s probate system and represent you if you face a lawsuit for improper administration.
Transferring Estate Assets
The first duty of an administrator or executor is to pay off all creditors and taxes. The representative then distributes the estate assets to the beneficiaries or heirs. This duty includes ensuring the beneficiaries have a clean title, meaning that they are free from any claims. Personal representatives are also responsible for retitling assets such as real estate or cars into the beneficiaries’ name.
If the personal representative follows all legal requirements and distributes all assets, then the beneficiaries are the sole owners of the distributions. An attorney can assist you if you are an executor or administrator. They will ensure that creditors are paid and assets are distributed. For more information, contact our Tampa Probate Process Attorney.
Federal Estate Tax
Florida residents are subjected to the federal estate taxes, even though the state doesn’t assess any estate or inheritance taxes. The large estate exemption will ensure that many estates never pay estate taxes. In 2015, the first five million dollars of an estate’s value or the first ten million dollars of a surviving spouse’s estate who has chosen portability are exempted from estate taxes. If the estate of a deceased person exceeds this amount, then any amount above that exemption is taxed by 40 percent. The personal representative must file an Estate Tax Return if the estate is greater than $5.43m or if the surviving spouse wants to elect portability. This form is extremely complicated and should only be filled out by experienced attorneys.
An experienced Tampa probate lawyer can guide you through Florida’s complicated probate process if you are appointed executor or administrator. Contact Bonardi & Uzdavinis LLP, a Tampa estate planning firm today to schedule a complimentary initial consultation.
What can an attorney do for me?
It can be emotionally and frustrating to deal with a probate case after a loved one has died. Nobody wants to see their family members dealing with difficult legal issues during a time of grief.
You and your family can have peace of mind in the future with proper estate planning. A Tampa probate lawyer can assist you in preparing your estate. Your probate attorney can guide your family and ensure that your wishes are followed when the time comes. Estate planning options are numerous. Consult a reputable lawyer about your options.
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Call a Tampa Probate Lawyer Today!
Bonardi &Uzdavinis LLP Attorneys at Law has assisted countless Tampa residents with the probate process. Bonardi & Uzdavinis LLP has over 17 years’ experience in the legal field and knows how to take advantage of Florida estate planning laws. He has dealt with even the most complex financial probate cases, while keeping his clients’ goals and needs in mind. Contact Bonardi &Uzdavinis LLP, a Tampa probate lawyer, if you have any questions regarding your estate planning or are dealing with a probate matter.
Address: 6408 E Fowler Ave, Tampa, FL 33617
Phone: 813-540-2019
Email: Team@bufirm.com
Hours of Operation: 8-4pm