I believe everyone would agree that surviving your spouse can be a traumatic experience. My mother passed away this year after being married to my father for 54 years. He’s obviously going through a tough time, as I’m sure many readers can commiserate. But when you lose a spouse who had a revocable trust, remember
When a loved one dies, the last thing family members want to do is field calls from debt collectors. If you are the personal representative (executor) of the estate or trustee of your love one’s revocable trust, chances are you will have to deal with your loved one’s debts and creditors. But is it your
It’s always a difficult time when you lose a loved one. Usually, one of the first places one visits will be the lawyer’s office who drew the will or trust. The will or trust isn’t usually read to a gathering of family “Hollywood style.” Rather, the lawyer discusses the administrative steps that the personal representative
Dear Attorney: Why Didn’t You Tell Me Sooner That Auntie Died – And Where’s My Inheritance Check Already?
You can’t make this stuff up. I received a letter just this week that said, in essence “Why didn’t you tell me sooner that my aunt died – and why haven’t I received my inheritance check yet?” I almost forwarded a reply that read, “Dear Nephew – You should be ashamed of yourself that you
A few months after the death of her mother, “Janice” continued to manage her mother’s trust as if she were still alive. “Mom used to give each of my kids $13,000 a year – which is tax free – so I thought I would continue that.” The problem is that once someone dies, the provisions
A couple of years ago, a very nice couple visited with me in my office. They had moved from Wisconsin, where their attorney was also licensed in Florida and had just completed a revision of their revocable trusts and related pour-over will, durable powers of attorney, health care surrogates and living wills. They wanted me
A common question that I’m asked involves which expenses the estate can and should pay when a loved one dies. The question sounds something like this: “Craig, my father just died and I’m his personal representative. I’m flying in my wife and children, my sister and her family are all coming too. Can I pay
When a loved one passes away owning securities, there are steps that the personal representative and/or the trustee of the decedent’s trust should immediately take to minimize investment risk during the estate administration. In today’s column I’m going to review these basic concepts. Most folks own securities in some form or another. They may own
Take this true story where a lady named Helen made a 1996 will that left her entire estate to her brother Edward, also naming Edward as the personal representative (executor). In 2001 Helen, who was a Florida resident, became sick and her brother traveled from his home in New Jersey several times to take care
May include both ongoing and necessary income distributions to the surviving spouse (if applicable) and/or other beneficiaries during the course of the administration. The distribution of specific bequests, including tangible personal property, and ultimate distribution of the estate/trust to the beneficiaries and/or establishment of continuing trusts for their benefit.