Duties of an Executor

An executor is responsible for managing your estate after your passing. Their duties include paying outstanding debts and taxes, distributing assets according to your will, and handling probate proceedings. Executors must act in the best interest of your beneficiaries and follow all legal requirements closely to avoid unnecessary delays or disputes.

The executor also ensures that your final wishes are carried out properly, including charitable contributions, specific bequests, or guardianship arrangements for minor children. They are the main point of contact for attorneys, accountants, and financial institutions, making their role critical in executing your estate plan smoothly.

Choosing the Right Person

Selecting someone you trust is essential when naming an executor. They can be family members, friends, or a professional fiduciary. According to Florida probate law, an executor must be at least 18 years old and of sound mind. Choosing the right person often requires considering more than just trust—it is helpful to select someone who is organized, detail-oriented, and capable of handling complex responsibilities.

In some cases, naming a professional or corporate executor may be advantageous, especially for large or complicated estates. Professionals can navigate legal and financial processes with expertise, which can be particularly valuable if your estate includes business interests, multiple properties, or unique assets.

Responsibilities and Challenges

The role of an executor can be time-consuming and involves meticulous record-keeping, effective financial management, and regular communication with beneficiaries. Executors may encounter challenges such as resolving disputes among heirs, coordinating asset valuations, or navigating complex investments and real estate holdings.

Understanding the full scope of executor duties can help your chosen representative feel confident and capable. Executors may also need to manage taxes, insurance, and debt payments, all while ensuring that legal deadlines and court requirements are met. For families without a clear plan, these tasks can become overwhelming, potentially leading to delays or conflicts.

Getting Professional Support

Even experienced executors can benefit from professional guidance. France Law Firm assists both estate planners and executors throughout the probate and estate administration process. Our team ensures that all legal and financial responsibilities are handled correctly and efficiently.

By working with an experienced estate planning attorney, executors receive guidance on navigating Florida probate law, managing complex assets, and maintaining clear records. This support not only reduces stress for the executor but also provides peace of mind for the family, ensuring that your estate is managed according to your wishes.

Preparing Your Executor

It is also essential to prepare your executor in advance. Providing clear instructions, access to necessary documents, and an overview of your assets can help them perform their duties with confidence and efficiency. France Law Firm can help create estate plans that are easy to follow and legally robust, minimizing potential confusion or disputes.

Next Steps

Choosing the right executor is a key part of a well-structured estate plan. France Law Firm specializes in guiding clients through this process, from selecting a trustworthy person to providing ongoing support during estate administration. By planning carefully and seeking professional guidance, you can ensure your estate is handled smoothly and your loved ones are protected.

To learn more about selecting an executor and creating an effective estate plan, schedule a consultation with France Law Firm today.

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Creating an estate plan—or at least a detailed will—can prevent scenarios such as this from happening. The experienced probate attorneys at France Law Firm can help you create a will or an appropriate estate plan for your situation.

When Adults Should Create a Will

Every adult, regardless of age, should have a will. Even if you are still living with your parents at 18 or are just starting, you most likely have a bank account, a vehicle, and sentimental items you would like a particular person to have should something happen to you.

Anything could happen at any time in your life. An unexpected, sudden illness or an accident could easily take your life at 18 as it could at 80.

Reasons Every Adult Should Have a Will

Creating a will allows you to name a guardian to care for minor children and family members who may be unable to care for themselves. A well-drafted will also allow you to name an executor—someone you trust to oversee the distribution of your estate. Additional reasons to create a will early in your life include:

• Making bequests and donations to certain people and charities can decrease estate taxes.
• The possibility of avoiding probate, which is time-consuming and often expensive.
• Minimizing family stress during a difficult time.

As you add assets, you can easily change your will. Over your lifetime, as you start earning more, amassing more assets, and having children, you can create an estate plan that can help protect your assets and your family should you become incapacitated or die.

Information Required for a Will

Before you speak with an experienced estate planning attorney, it helps to gather the information required to draft a will. You will need:

Personal Information

You will need the legal names, birthdates, and addresses of you, your spouse, children, beneficiaries, and potential executors or guardians. Phone numbers are helpful, too. You will also need the date and place you married your current spouse, prenuptial and/or postnuptial agreements, divorce decree, and custody paperwork.

A List of Assets

All property you own, whether in your name only or jointly with your spouse, should be on the list. The list should include bank accounts, cash, life insurance policies, pension plans, retirement accounts, annuities, real estate, businesses, vehicles, jewelry, boats, items of sentimental value, and furniture. If you have pets that should go to a specific person, be sure to list them, too. Don’t forget book collections, coin collections, and tools.

A List of Debts

Include all debts such as credit cards, mortgages, promissory notes, and mortgages. You should also include account locations and the location of account access information.

Beneficiaries

Know who you plan to bequeath your assets to. Bank accounts and life insurance accounts may already have a beneficiary—be sure they are the same person on the account and in your will.

You should also add secondary beneficiaries if something happens to the primary beneficiary before your death, or if the primary beneficiary dies simultaneously.

Representatives

To protect your interests, you should have a list that includes an executor plus two alternatives, as the probate court must approve the named executor. You should also include:

• Lawyers
• Trustees
• Guardians for minor children and family members who require care

Contact France Law Firm

Create a will or an estate plan to protect your assets and your family. It does not matter how young you are—if you are an adult, even if you still live with your parents, you should have a will or an estate plan. Contact France Law Firm at 850-224-1040 or complete our contact form today to schedule a consultation.

The post Why Every Adult Needs a Will: A Guide to Protecting Your Wishes appeared first on France Law Firm.

Emancipation or “Removal the Disabilities of Nonage”

Florida Statutes §743.015 provide guidance to the court to “remove the disabilities of nonage” on a person that is at least 16 years of age. Once the minor goes through the court process, he or she is subject to all civil and criminal laws of Florida and has all of the rights of an adult 18 years or older.

Why You Should Write a Will at an Early Age

Having a will protects any assets that you may own. Florida has rules and probate statutes that determine how property is distributed if you should die without a will. Your property may not be distributed in the manner that you may wish if you die without a will.

If you are thinking that you are 18 or 20 or even 30, and that you have a lifetime to get an estate set up – a will, trust and other probate documents – you could be taking a huge chance. Just because you are healthy doesn’t mean that you will live to a ripe old age. A vehicle accident or a sporting accident could claim your life at a very early age.

Is a Will Enough?

If you do not have debt, a will may be enough. However, if you have debt, you will need a way to protect your assets. A living trust is a way to protect everything that you own. A living trust is in place even before you die or before you become unable to take care of your own financial affairs.

Keep in mind that if you are not of sound mind, you will not be able to make and sign a will or a trust. That has to be done while you are of sound mind. Should some infliction, such as Alzheimer’s, run in your family, it is always better to get your estate in order earlier in life. This way, you will be able to name the person you want to oversee your affairs. A living trust allows that person to take over your affairs almost immediately.

Subsequent Marriages

A will is also important if you have been married more than one and you have children with a previous wife. According to Florida Statutes §732.102 states that if you are survived by children from a prior marriage, and you die without a will, your current wife will only receive one half of your estate. The children from your first marriage will split the other half.

You may not think that this would be a problem, since you probably want to leave something to your children. However, if your children do not get along with your current spouse or vice versa, your estate could be held in probate for years. This could also cause your current spouse to lose your home if the children decide to sell the home and take the equity. Of course, there would probably be a lawsuit, but again, this wastes assets for both your children and your current spouse, and keeps your property in probate for an undetermined amount of time.

Protecting Your Assets

Your creditors are entitled to payment of any accounts you hold with them. The probate court will use any assets possible to pay some or all of what you owe. Creating a will and a trust helps to protect some of your assets from creditors. Furthermore, should you have no choice but to live in a nursing home, a living trust protects your assets from the nursing home.

Contact France Law Firm

Regardless of your age, contact France Law Firm to schedule an appointment to discuss your estate needs, whether you have minimal assets or many assets. You will learn how to protect your estate from creditors should something happen to you; and you will ensure that your property is disbursed to the family and friends of your choosing.

The post How Young Is Too Young to Write a Will? appeared first on France Law Firm.

State Sales Taxes

As of 2015, Congress made the sales tax deduction permanent. However, you may choose to deduct sales tax or state income tax, whichever best benefits you. However, many states don’t charge a state income tax, so you’ll only have the ‘choice’ of the sales tax. The IRS uses a table to show how much people in different states are allowed to deduct for sales tax; however, if you bought a big-ticket item, you may add that to what the IRS allows.

Medical and Dental Expenses

Dental and medical expenses may be deducted, but only if you meet certain criteria. The medical expenses for your spouse, dependents and yourself must be more than 10 percent of your adjusted gross income. If you or your spouse are over the age of 65, the expenses must exceed 7.5 percent of your adjusted gross income. If your medical expenses are less than either threshold, you will not be able to use them as a deduction.

Tax Prep Fees

If you pay someone to do your taxes, that amount, if it is more than 2 percent of your adjusted gross income, is deductible. You may also include electronic filing fees.

Charitable Deductions

It’s easy to remember to deduct large charitable gifts that you made using a check or a payroll deduction, but you might forget about some of those smaller out-of-pocket gifts. Those smaller charitable gifts add up, too. Don’t forget things such as ingredients for a dish you made for the soup kitchen, the clothing you donated or the stamps you used to mail out your child’s school fundraiser information.

Home Renovations

Most home renovations are not deductible. However, if the improvements are for medical reasons, such as a wheelchair ramp or lower cabinets, those are deductible as medical expenses. If the renovations are made to increase the value of your home, you won’t be able to deduct them.

Student Loan Interest

Even if your parents pay back student loans, the child is entitled to claim the interest as a deduction, as long as the child is not a dependent on his or her parents’ tax return. Up to $2,500 is deductible, and it doesn’t have to be itemized. Since the parents are not liable for the debt, even though they may be paying it, the child is responsible for the debt, and is the one who is entitled to claim the deduction.

Mortgage Insurance Premiums, Interest and Points

If your mortgage insurance policy is from 2007 or later, you may qualify for a deduction for the premiums. This deduction did end in 2016. You may be able to go back and amend your tax returns for earlier years to claim this deduction.

In most cases, you are also eligible to deduct the interest you pay on your mortgage loan, as long as the interest is $1 million or less. However, married couples filing separately may only claim up to $500,000.

And, if you paid points when you first bought your home, you may be eligible to deduct those points all at once. However, if you just refinanced, the points are deductible over the life of the loan. If the loan is a 30-year mortgage, you would deduct 1/30th of the points each year for 30 years. It may not seem like much; however, every little bit helps. Once you sell the house or refinance it again, you are able to deduct the rest of the points.

Contact France Law Firm

If you have tax questions or concerns, contact France Law Firm to set up a consultation to learn more about your tax situation.

The post What You Can and Can’t Write Off Of Your Taxes appeared first on France Law Firm.

Without specific instructions about what happens to your business, those decisions could end up in the hands of a Florida probate court. It’s important to work with an experienced attorney to create a will that fulfills your wishes and directs assets in a successful fashion.

What Happens Without a Will?

In Florida, when someone passes without a will or they don’t list certain assets, a probate judge will likely make the decision for you. Under a rule commonly known as “intestate succession,” spousal and children’s rights are primary. If your children are from the same marriage, the spouse inherits 100 percent. If they are from another union, 50 percent goes to the spouse, 50 percent to the children. After that, parents and then siblings receive assets. In the absence of relatives, the state will assume the estate. Being taxed your entire life only to have the state end up with the rest of your money is not a desirable outcome.

Business Options

There are several ways that you can leave a business to loved ones. But you may want to consider the nature of the operation and future ownership. For example, family members may not have the experience to run a complicated manufacturing outfit or construction company. A person-centered company such as a consulting business or physician’s practice requires individualized knowledge and relationships. You need to ask yourself if your will supports long-term success for these heirs.

• Buy-Sell Agreement: If you have partners in the company, creating an agreement that gives them the opportunity to buy out your shares after death can ensure that loved ones receive the cash value. Designate who inherits the operation and include the buy-sell agreement. It’s generally a good idea to explain your wishes to avoid disagreements after you pass. This option can ensure the business’ legacy and provide wealth to loved ones.
• Executor Sale: Another option may be to have the will’s executor make a public sale at the time of your death. This option can be very effective for companies that have publicly traded stocks or are sought after by others familiar with the industry. Liquidating real estate assets at the time of your passing may also be a simpler path. The basic idea is that you will be providing a benefit without potential undue stress.
• Put Business in Trust: There are two types of trusts that are commonly used to manage assets such as businesses, revocable and irrevocable. Revocable trusts allow you the flexibility of moving assets in and out of the trust or terminating it altogether. In an irrevocable trust, whatever assets to place into it must remain there. By putting the business into trust, you’ll have the option of naming an executor to oversee its operations. The executor could handle management, taxes, distribution of profits and many other items. This can be a good option if your goal is to keep the company operational until an heir is old enough to take the reins. They would also see an ongoing benefit from company profits.

Designating Executors

In terms of naming an executor for your will, an experienced attorney can handle the reading and distribution of assets. Being industry insiders to some degree, an attorney generally has the resources to facilitate your wishes. If you are leaving behind a functioning business, it’s important to have someone experienced with day-to-day operations and knowledge about the sector take the lead. Having two parties in charge of different assets is perfectly fine. You can even put a yearly review in place to be sure the business executor has done a reasonably good job of managing the company. Of course, everyone will need to be compensated for their work.

Post-Will Talk

Once you have successfully drawn up a will, take the time to discuss the details with family members and loved ones. At the time of your passing, emotions are likely to run high and getting everyone on the same page can help deter hard feelings. Creating a will and making decisions about the future of a business is a powerful and loving message. Be sure it is heard.

If you are interested in creating a will or making changes to an existing one, contact an experienced law professional at France Law Firm, P.A. today.

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Danger of Not Having a Will

In Florida, if you don’t leave a will or estate plan, your assets will be reviewed in probate court and divided by a judge in accordance with the state’s intestacy statute. Court costs and legal fees will be subtracted from your estate and there’s no guarantee things will be divided up in a fashion you’d like. Under the Florida statute regarding estates:

• A spouse could be awarded all the assets.
• A spouse could get only half, while the remaining 50 percent could be divided among other heirs.
• Your assets could be divided equally among relatives, regardless of your personal connection.
• If you have no heirs, the state could absorb your entire estate.

Creating a valid will or estate plan allows you to give loved ones the specific assets you want them to have.

Periodic Updates Are Important

Establishing a will isn’t a set-it-and-forget-it task. As time passes, things change. Your financial portfolio may increase, equity in homes grow and the needs of children evolve. A document created when a child was a toddler won’t reflect the needs of a teenager or one that has graduated college. Marriage, divorce, remarriage, health issues, all these things impact how wealth and assets should be distributed. That’s why it’s imperative that you review the will on a yearly basis or anytime an important financial or life change occurs. You’ll sleep better knowing your affairs are in order.

Personal Property Matters

When talking about will and estate plans, big ticket items seem like the major concern. To some degree they are. Homes, stocks, bonds, and automobiles may have significant monetary value. But the things that warm our hearts aren’t necessarily expensive. Think about the handmade decorations that you created with children or grandchildren. Heirlooms that have sentimental value may be more important to loved ones than any amount of money. When creating a will, it’s important to thoughtfully itemize cherished possessions and make sure they are passed along with love and care.

Future of Your Minor Children

It’s sad to think about, but someone will need to take care of your child if you pass early. Naturally, you’ll want that person to be caring and install important values and, perhaps, matters of faith.

People in a circle of family and friends know each other at an intimate level that outsiders do not. Habits, demeanor, perspectives on life, work and how they interact with other family members are important. However, the courts do not have such refined information at their disposal. If you fail to establish a will or estate plan detailing the child’s legal guardian, the court will use its standard assessment of candidates. These things include:

• Standing in the family
• Criminal record
• Work history
• Living environment

If you have someone in mind, it’s important to have a will that designates them as the future legal guardian.

A Parent’s Job Never Ends

While every parent loves their child, it’s important to be honest about their strengths and weaknesses. Some are terrific money managers and others lack a certain level of frugality. If you have a genuine concern that assets will be squandered due to lack of maturity, set up a trust with an experienced attorney that doles out money over time. For instance, you can set instructions for an executor to handle things such as:

• Living Expenses: A reasonable monthly amount can be distributed or a credit card with a hard limit can be issued and paid off each month by the estate.
• College: An executor can pay tuition directly and dole out resources for expenses such as books, housing and travel.
• Major Life Events: Significant life-changing events such as marriage can be accounted for and expenses distributed to pay for them.
• Major Purchases: Things like homes and other sound investments can be identified as things that the estate could purchase and maintain until the child reaches a designated age.

They say that you never stop being a parent. A strategically designed will or estate plan can help keep your child financially secure.

If you need to create a will or update and refine an existing one, it’s important to work with an experienced attorney. At the France Law Firm, we are here to help.

The post What You Need To Know About Wills in Florida appeared first on France Law Firm.

Here are five fast facts regarding wills in Florida.

1. A person desiring to create a will must be at least 18 years of age (or an emancipated minor) and of sound mind. This person is referred to as the ‘testator.’
2. Florida does not recognize oral wills (also called ‘noncupative’), or holographic wills (a will written entirely in the testator’s own handwriting and not signed by witnesses).
3. A will created by a non-resident of Florida will be considered valid in Florida, provided that the will was properly executed according to the laws of the state or country where it was created.
4. You can say what you want – as long as you cover your legal bases. No specific words or phrases are required in the language of a will – as long as it is properly executed according to Florida law.
5. Florida requires at least two witnesses – but it could be more. The witnesses must sign the will (in the presence of each other and the testator), attesting to the fact that they witnessed the testator signing the will (or acknowledging that he/she previously signed the will, or directing someone to sign the will in the presence of the testator and the witnesses, or acknowledging that this action was previously taken at the testator’s direction).

Though these five facts are the bullet points to the formation of a legal will in Florida, knowing what to put inside the will is just as important. An estate planning attorney can help you identify your assets, establish a plan to distribute these assets, and oversee the legal execution of the will.

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