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Death Is Just The Beginning: Distributing Assets Through Probate
Death Is Just The Beginning: Distributing Assets Through Probate
The Process of Distributing Assets After Death Is Often More Complicated Than Most People Think
Plantation,
FL,
United States
(pr4links.com)
04/07/2011
A North Carolina man asked his family to bury him at sea as a dying wish. Upon his death, the family put the man’s deceased body on dry ice and drove him down to Fort Lauderdale, Florida, to the man’s favorite fishing spot. The man’s family then boarded a privately chartered boat with the body and sailed about 4 miles offshore from the Port Everglades. The body was wrapped in plastic tarp and weighed down. The family then tossed the body in the water, said their goodbyes, and proceeded to fish for the remainder of the day in memorial of the deceased man.
A day later, the man’s human body washed up on shore. Authorities originally suspected foul play. But it was later confirmed, after identifying the body and reading the man’s obituary that it was his dying wish to be buried at sea. As a result, his family faced legal ramifications from improper disposal of a human body.
Following proper legal procedures at a person’s death does not stop at making appropriate funeral arrangements. Upon a person’s death, there are several different types of legal regulations that must be followed, including certain state laws for Probate.
Michael Wild, the managing partner of Wild, Felice, and Pardo, PA., a firm specializing in Estate Planning, Asset Protection, and Probate explained, “The only things certain in life are death and taxes … and probate! Probate is inevitable. It is best for everyone to have a basic foundation of what probate is and it is even more important for everyone to have an estate plan in place for adequate asset protection. Like a proper burial that requires funeral arrangements, probate is a legal proceeding with very strict rules that must be adhered to.”
Michael explained, “In Summary Probate Proceedings, if the decedent had any intentions for the transferring of his or her estate to specific beneficiaries, there is no way of enforcing those intentions as they are at the mercy of statutory law. The interested parties of the estate will have to accept the pre-determined legal outcome.”
Conversely, if the decedent’s estate is valued at greater than $75,000 and he or she died testate, meaning with a valid Will, formal probate proceedings will ensue.
Michael continued, “A Will triggers formal probate, which can help alleviate some of the ruthless behavior of creditors that can plague estate beneficiaries. Without a formal probate hearing, creditors have 2 years to come forward with potential claims against the decedent’s estate, demanding certain assets. However, formal probate includes the proper notification of creditors, which diminishes their window of opportunity for asset claims to a mere 90 days, thus drastically reducing the chance of creditor collection.”
For an estate, there are many benefits to a formal probate process. First and foremost, it allows the decedent’s exact wishes for his or her estate to be fulfilled due to expressed written intent. Also, it provides creditors less opportunity to collect assets from an estate. Still a decedent’s estate is susceptible during probate to creditors and to other greedy interested parties.
Florida Law requires legal representation during probate proceedings when the estate is over $75,000. It is best to consult with an attorney as soon as a love one dies, if not much earlier than that when establishing an estate plan during life. Michael Wild and the lawyers at Wild Felice & Pardo, PA offer free consultations for both estate planning and probate administration.
To find out more about Michael Wild and the law firm of Wild Felice & Pardo PA, please visit: http://wfplaw.com, or call Michael Wild directly at: 954-944-2855.
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About
Wild Felice & Pardo is a law firm in the greater Fort Lauderdale that focuses in the areas of estate planning, asset protection and probate administration. The firm has been serving families and small businesses in South Florida since 2006.
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