Law Office of Isabel Betancourt-Levey

02/13/2023

FALSE, this is one of the biggest misconceptions with regard to a decedent’s debts. When a person in Florida dies with debt, creditors have two years to file claims against the estate or trust of a decedent. After opening a Probate estate, a Personal Representative (known as Executor in other states), can take action to shorten the two year window by notifying creditors of the debtor’s death. The creditor has the option to open up Probate if one is not already open, or file a statement of claim in a Probate opened by the decedent’s Personal Representative (known as ‘Executor’ in other states), and work through the Probate system to collect the debt owed to them from assets that belonged to the decedent (the decedent’s Estate). When the decedent’s Personal Representative through his/her attorney opens a Probate case and properly publishes notice to creditors serving all reasonably ascertainable creditors, including Agency for Health Care Administration if the decedent was 55 years of age or over, the creditors must file their claim within thirty (30) days after receiving a Notice to Creditors or three months from the date of publication of the Notice to Creditors, whichever is later. Therefore, while opening a Probate and serving notice to creditors, means having to pay court costs, publication costs, and attorney fees, it is sometimes advisable in order to close the two year window during which creditors would otherwise be able to make a claim.

01/19/2023

Did you know that if you predecease your minor child(ren) without an adequate Estate Plan that avoids Probate, a court-administered process called a Guardianship will be needed for assets that are to be distributed to a minor child(ren) depending on the value. An Estate Plan can help you avoid the court-administered Probate and Guardianship processes. Not only can YOU choose what, when and how your children will receive the assets you want them to receive, but you can also designate who you want to serve as Successor Trustee to administer such assets for them. You can also and you can also express your preferences for the person you would like the Court to name as guardian of their person.

01/12/2023

01/12/2023

While a properly drafted life estate Deed can be a practical vehicle to avoid Probate in certain situations, it is generally not advisable if you have minor children since they cannot own real estate, nor is it advisable if there is a mortgage on the property since the mortgage company’s written permission is advisable due to the due on sale clause contained in most mortgages. Additionally, the adult beneficiary (called a remainderperson) named in a life estate Deed will receives the property outright – there is no ability to control or manage real estate left in this manner, and, if a remainderperson is deceased at the time of the death of the Grantor then Probate will be required – oftentimes resulting in unintended beneficiaries receiving the real estate.

01/12/2023

While most people aren’t familiar with the oftentimes long and costly process of a Florida Probate, we’re here to help you avoid it with proper estate planning (remember: everyone has an estate – this refers to all the money and property owned by a particular person especially upon their death including a bank account, vehicle, real property and/or a business of any kind). While many people think that having a Last Will and Testament avoids Probate, unless you have other legal documents in place for each of your assets, a Will alone will not avoid Probate; additionally, if you have any minor children a court-administered Guardianship for assets left to them will likely be required depending on the value. A Revocable Trust provides many benefits, including the ability to administer your own assets during your life time just as you do now, it will allow you to control the timing and the assets to be distributed to your loved ones or for their benefit following your death, and it will also help avoid the court-administered Probate of your assets including your homestead. Additionally, a Revocable Trust will also allow you to designate a ‘Disability Trustee’ to administer your assets during any time in which you are incapacitated, and unlike a Will, a Revocable Trust is a private document which does not have to be recorded in the public records following your death. Want to know what documents fit your scenario the best? Give us a call for your free initial consultation: 786.262.5105 and let us help you protect the assets you want to leave to your loved ones.