Executors handling stocks in estates should consider stop-loss orders.
When it comes to inheritance, you only have one father or one mother.
Sometimes the executor of an Estate can ignore an old debt, because the Florida limitations period (usually four or five years, but not always) has expired. But that works both ways- an estate cannot collect on a promissory note made out to the deceased person if too many years have passed.
A common myth in Florida: in order to inherit from a parent, a child must survive the parent. In Florida that is not true.
People often ask us if we can recommend estate administration or estate planning services, software or books, and we’ve been looking, honestly. Meanwhile, we did find a good book on organizing all the information and records that many modern Americans come to possess. It’s called Get It Together – Organize Your Records So Your Family Won’t Have To, by Nolo Press.
Recently, a further complication has arisen in the form of Medicare set asides under federal law, and the obligations the law places on attorneys for both wrongful death claimants and the defendants and their insurers. The law is relatively new and still evolving.
There is a “glitch” in Florida law which creates legal exposure to a Trustee for two years following the settlor’s death if no probate is done.
It is important that the Personal Representative of a Florida estate, or those who inherited the house, contact an insurance agent immediately to discuss their options, and if necessary, obtain coverage for the house in Florida.