Video Summary

I get asked questions from time to time about words that are used in wills or trusts. One of those words is the word “executor.” An executor is a Latin term, which denotes a person who takes care of administering the estate. That language has been changed with word processing any number of years ago.

Now, executors and executrixes are referred to as personal representatives, which is a neuter term and also makes the word processing of documents much easier, since you do not have to designate whether they’re male or female. Also, it is substituted for the word “administrator” or “administratrix”–the male and female gender. So, whenever you see your documents, you won’t see the word “executor.” You’ll see the word “personal representative.”

If you’d like to have your will or trust revised, prepared, please call at (727) 847-2288. Thank you.

Video Summary

I get asked from time to time about various terms and estate-planning documents. One of the big words that is feared throughout the community as far as estates and estate planning is the word “probate.” What does probate mean? Probate describes the administration of your estate; that you do have probate if you have any assets that are in your name alone, whether or not you have a will or not.

Also, it is not near as expensive as what many people believe it to be. Presently, the cost of handling a very small estate is in the neighborhood of $2,500.00 to $3,500.00 for assets of less than $100,000.00. Much of that cost has to do with attorney fees rather than any court costs or taxes. Presently, there are no estate taxes in the year 2010 in the State of Florida or with the federal government. There could possibly be estate taxes if you own real estate outside the State of Florida. If you’re interested in planning your estate to avoid probate, please call me at (727) 847-2288. Thank you.

Video Summary

I get asked questions from time to time about estate planning documents and the effect of a will or a trust. Many times, people are interested in, How do they avoid probate? Well, avoiding probate can be accomplished through planning. Whenever we have a husband and wife as the owners of assets, it is automatic if they hold their assets as husband and wife. That creates a tenancy by the entireties and provides the right of survivorship. If you’re alone – well, then, we can plan your estate and title your assets so that they avoid probate upon your death.

Also, you may want to set up a revocable trust whereby you place your assets in a trust and then that will provide that those assets will be distributed at your death to the designated beneficiaries without going through a probate proceeding. That would also require a trust administration, depending on the complexity of the trust and the nature of the assets. If you’re interested in planning your estate to avoid probate, please call at (727) 847-2288.